An Economic View of Corporate Social Impact
将企业社会影响定义为企业退出造成的福利损失，通过新调查和模型量化了12个行业74家企业的社会影响，发现消费者剩余是主要组成部分，且现有ESG评级与经济衡量无关。
ABSTRACT Growing discussions of impact investing and stakeholder capitalism have increased interest in measuring companies' social impact. We conceptualize corporate social impact as the welfare loss that would be caused by a firm's exit. To illustrate, we quantify the social impacts of 74 firms in 12 industries using a new survey measuring consumer and worker substitution patterns combined with models of product and labor markets. We find that consumer surplus is the primary component of social impact, suggesting that consumer impacts deserve more attention from impact investors. Existing environmental, social, and governance (ESG) and social impact ratings are essentially unrelated to our economically grounded measures.