Beyond Good Intentions: Peer E&S Incidents and the Unravelling of CSR Value
研究发现，同行发生负面环境与社会事件后，高企业社会责任（CSR）的非涉事公司反而遭受更大价值损失（3.2%），通过现金流和资本成本两条渠道，挑战了CSR的“保险”作用。
Abstract This paper investigates the impact of peer environmental and social (E&S) incidents on the value of corporate social responsibility (CSR) for non-incident firms. We find that high-CSR engagement backfires in the presence of peer E&S incidents. Following negative peer events, non-incident firms with high-CSR ratings experience a 3.2% greater decline in firm value than those with low CSR ratings. The negative impact of peer E&S incidents on the value of CSR operates through two mechanisms: (1) cash flow effect, driven by reduced sales growth and profitability, and (2) cost of capital effect, evidenced by increased implied cost of equity and decreased institutional ownership for high-CSR firms. Cross-sectional analyses further reveal that the impact is more pronounced among larger firms, when incident peers have high-CSR standing, and in industries characterized by stronger CSR norms, greater competitive intensity, and more standardized products. Our findings challenge the view of CSR as an "insurance-like" mechanism during uncertain times, showing that peer E&S incidents can trigger the industry-wide spillovers of mistrust and raise concerns about industry ethics, ultimately diminishing the value of CSR.