The Politicization of Social Responsibility

For helpful comments, we thank Boone Bowles, William Cassidy, Ramona Dagostino, Slava Fos, Leonard Kostovetsky, Renping Li, Michelle Lowry, Nadya Malenko, David Matsa, Maarten Meeuwis, Lukas Roth, Antoinette Schoar, Mila Getmansky Sherman, Sophie Shive, Margarita Tsoutsoura, Nishant Vats, and the seminar participants at 2025 AFA Annual Meeting, 18th Annual Corporate Governance Academic Conference at Drexel University, 1st Annual Isenberg School of Management Finance Conference, Clemson ESG and Policy Research Conference, Edinburgh Corporate Finance Conference, European Finance Association, 2024 NBER Summer Institute – Corporate Finance Program, Georgia State University, London Business School, Northwestern Law School, Texas A&M, University of Alabama, University of British Columbia, University of Georgia, University of Toronto, University of Virginia, Villanova University, and Washington University in St. Louis. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• August 21, 2024
• October 10, 2025