Timing corporate social responsibility investments: A dynamic investment model and empirical evidence
构建了一个考虑外部融资成本的动态投资模型，研究企业社会责任投资的最佳时机，并利用独特数据集进行实证分析，发现生产率、地理多元化、市场风险等因素显著影响投资时机。
We study the optimal timing of corporate social responsibility (CSR) investments, providing model-theoretical rationale as well as empirical evidence. Using a dynamic investment model under costly external financing, we can relate a production economic perspective to CSR investments. The approach allows us to investigate energy efficiency of production and, hence, the corresponding CSR measures. Our model suggests that external financing costs can delay investment, increasing production but reducing its energy efficiency for a given level of productivity increase. Using a unique dataset of CSR reporting supplemented by corporate governance and financial data, we calculate the maximum likelihood estimates of the hazard of investing in CSR projects. Empirical findings suggest that factors such as productivity, geographical diversification, market risks, investment and financing costs, ownership concentration, and technological risks significantly influence investment timing. • CSR increases output and hence energy usage, even under energy savings investments. • External financing costs can delay CSR investment, increasing production but lowering its energy efficiency for a given level of CSR commitment. • Higher productivity, cash growth, geographical diversification and market risks advance timing. • Higher investment and financing costs, ownership concentration and technological risks delay timing.