[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-31645":3,"doc-seo-31645":27},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"file_id":15,"file_url":16,"file_type":17,"file_size":18,"view_count":19,"is_deleted":4,"is_public":19,"is_downloadable":19,"audit_status":19,"page_count":20,"language":21,"language_code":22,"table_of_contents":23,"faqs":24,"seo_title":13,"seo_description":14,"update_tm":25,"read_time":26},31645,2336464648746,"Skyler","https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c",8,"Research & Report","Mandatory CSR Spending and Firm Risk: New Evidence from Regulation","The document investigates whether mandatory Corporate Social Responsibility (CSR) regulation changes the systematic risk of affected firms, addressing the unresolved empirical link between CSR and performance, value, and risk. It contrasts the “doing well by doing good” view with profit-maximization and moral hazard criticisms, and highlights identification challenges in voluntary CSR studies. Using India’s 2013 Companies Act Clause 135 as a quasi-natural experiment and a difference-in-differences design, it argues exogenous treatment enables cleaner causal inference than prior work.","cbCaiok5wSwnvuXX","https://ap.wps.com/l/cbCaiok5wSwnvuXX","pdf",1272765,1,29,"English","en","# Introduction\n## CSR and firm outcomes: competing views\n## Identification challenges in voluntary CSR research\n## India’s 2013 mandatory CSR regulation as a quasi-natural experiment\n## Theoretical mechanisms linking CSR to systematic risk\n## Empirical approach and data setup","[{\"question\":\"Why is the CSR–firm risk relationship considered unresolved in prior research?\",\"answer\":\"Prior studies reach no consensus because voluntary CSR adoption is difficult to link causally to outcomes, given confounding factors that can affect both CSR engagement and firm performance or risk.\"},{\"question\":\"What change did India introduce in 2013 regarding CSR?\",\"answer\":\"India enacted mandatory CSR under Clause 135 of the Companies Act 2013, requiring firms above specified thresholds to allocate at least 2% of their average net profit from the prior three years to CSR-related activities, with sanctions for noncompliance.\"},{\"question\":\"How does the study aim to improve causal inference about mandatory CSR and systematic risk?\",\"answer\":\"By using the 2013 mandate as a plausibly exogenous shock in a difference-in-differences framework, the treatment assignment is argued to be driven by broad policy objectives rather than firms’ pre-existing risk exposure.\"}]",1779829325,73,{"code":4,"msg":28,"data":29},"ok",{"site_id":30,"language":22,"slug":31,"title":13,"keywords":32,"description":14,"schema_data":33,"social_meta":85,"head_meta":87,"extra_data":89,"updated_unix":25},105,"mandatory-csr-spending-and-firm-risk-new-evidence-from-regulation","",{"@graph":34,"@context":84},[35,52,67],{"@type":36,"itemListElement":37},"BreadcrumbList",[38,42,46,49],{"item":39,"name":40,"@type":41,"position":19},"https://docshare.wps.com","Home","ListItem",{"item":43,"name":44,"@type":41,"position":45},"https://docshare.wps.com/document/","Document",2,{"item":47,"name":12,"@type":41,"position":48},"https://docshare.wps.com/document/research-report/",3,{"item":50,"name":13,"@type":41,"position":51},"https://docshare.wps.com/document/mandatory-csr-spending-and-firm-risk-new-evidence-from-regulation/31645/",4,{"url":50,"name":13,"@type":53,"author":54,"headline":13,"publisher":56,"fileFormat":59,"description":14,"dateModified":60,"datePublished":61,"encodingFormat":59,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":55},"Person",{"url":39,"name":57,"@type":58},"DocShare","Organization","application/pdf","2026-06-17","2026-05-26",true,{"@type":64,"interactionType":65,"userInteractionCount":19},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80],{"name":71,"@type":72,"acceptedAnswer":73},"Why is the CSR–firm risk relationship considered unresolved in prior research?","Question",{"text":74,"@type":75},"Prior studies reach no consensus because voluntary CSR adoption is difficult to link causally to outcomes, given confounding factors that can affect both CSR engagement and firm performance or risk.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"What change did India introduce in 2013 regarding CSR?",{"text":79,"@type":75},"India enacted mandatory CSR under Clause 135 of the Companies Act 2013, requiring firms above specified thresholds to allocate at least 2% of their average net profit from the prior three years to CSR-related activities, with sanctions for noncompliance.",{"name":81,"@type":72,"acceptedAnswer":82},"How does the study aim to improve causal inference about mandatory CSR and systematic risk?",{"text":83,"@type":75},"By using the 2013 mandate as a plausibly exogenous shock in a difference-in-differences framework, the treatment assignment is argued to be driven by broad policy objectives rather than firms’ pre-existing risk exposure.","https://schema.org",{"og:url":50,"og:type":86,"og:title":13,"og:site_name":57,"og:description":14},"article",{"robots":88,"canonical":50},"index,follow",{"doc_id":7,"site_id":30}]