An Economic View of Corporate Social Impact

We thank Josh Angrist, David Autor, Sydnee Caldwell, Allan Collard-Wexler, Greg Fischer, Ray Fisman, Matt Gentzkow, Harrison Hong, Greg Lewis, Ben Roth, Andrei Shleifer, George Serafeim, Isaac Sorkin, Adi Sunderam, seminar participants at Johns Hopkins, the NBER Summer Institute, New York University, and HBS, as well as many other colleagues for helpful feedback. We thank Jimmy Lin for exceptional research assistance. Part of the work on this paper was done while Hunt Allcott worked for Microsoft Research, and we thank Microsoft Research for funding the surveys and certain data purchases. Required disclaimer: “Researcher(s) own analyses calculated (or derived) based in part on data from Nielsen Consumer LLC and marketing databases provided through the NielsenIQ Datasets at the Kilts Center for Marketing Data Center at The University of Chicago Booth School of Business. The conclusions drawn from the NielsenIQ data are those of the researcher(s) and do not reflect the views of NielsenIQ. NielsenIQ is not responsible for, had no role in, and was not involved in analyzing and preparing the results reported herein.” We have no other relevant disclosures. Replication files and survey instruments are available from allcott.stanford.edu/research. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• October 17, 2023