題目：The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China

摘要：We examine how mandatory disclosure of corporate social responsibility (CSR) impacts firm performance and social externalities. Our analysis exploits China’s 2008 mandate re- quiring firms to disclose CSR activities, using a difference-in-differences design. Although the mandate does not require firms to spend on CSR, we find that mandatory CSR report- ing firms experience a decrease in profitability subsequent to the mandate. In addition, the cities most impacted by the disclosure mandate experience a decrease in their industrial wastewater and SO 2 emission levels. These findings suggest that mandatory CSR disclosure alters firm behavior and generates positive externalities at the expense of shareholders.

研究問題：強制要求披露企業(yè)社會責(zé)任（CSR）相關(guān)信息對企業(yè)績效和地區(qū)環(huán)境的影響

研究動機(jī)：已有CSR信息披露的經(jīng)濟(jì)后果研究大多是基于自愿披露場景，沒有考慮強制披露要求下披露行為帶來的影響和后果

研究設(shè)計：利用2008年上交所和深交所分別將部分公司納入要求強制披露CSR信息的政策，構(gòu)建對照組和控制組，運用雙重差分法考察上述問題

研究發(fā)現(xiàn)：強制CSR信息披露后，企業(yè)的業(yè)績降低，但是地區(qū)環(huán)境有所改善（正外部性）

PS：個人解讀可能存在偏誤和錯漏，僅供參考哦