Beyond disclosure: Can firms be forced to spend their way to social responsibility?
研究了印度强制企业设立CSR委员会并支出2%利润用于环保和社区发展的法规，发现真正增加支出并设立独立专家委员会的企业在环境和社会评级上显著提升，而敷衍合规的企业效果微弱。
Abstract We study India’s regulation requiring firms to create board-level CSR committees and spend 2% of profits on CSR initiatives targeting environmental sustainability and local socioeconomic development. We examine whether such a mandate can meaningfully enhance corporate social responsibility. We find significant improvements in environmental and social ratings of Indian firms relative to matched global peers, particularly in community engagement and natural resource stewardship. Outcome-based measures, such as waste and resource use, also indicate real effects. Notably, improvements occur only in firms that substantially increase CSR spending and establish independent, expert committees; firms that merely comply superficially show muted effects. Our findings suggest that, despite criticisms of mandated CSR as paradoxical or potentially rent-seeking, such regulations can effectively promote socially responsible business practices when implemented with sufficient commitment and oversight.