We examine the value impact of mandatory Corporate Social Responsibility (CSR) spending required by the Indian Companies Act of 2013 for large and profitable Indian firms. We find that the external mandate is value decreasing, even after controlling for prior voluntary CSR activity by firms affected by the mandate. We also find that there is systematic crosssectional variation across firms. Firms that are profitable and firms in the Fast Moving Consumer Goods sector that voluntarily engaged in CSR, benefit from CSR. Industrial firms and firms with high capital expenditures are negatively impacted by the mandate. We conclude that a one-size-fits-all approach to CSR is sub-optimal and value decreasing.

我们研究了2013年《印度公司法》要求的强制性企业社会责任（CSR）支出对大型且盈利的印度公司的价值影响。我们发现，即使在受受该任务影响的企业控制了先前的自愿性CSR活动之后，外部任务的价值仍在下降。我们还发现，各公司之间存在系统的横截面差异。获利的公司和自愿从事企业社会责任的快速消费品行业的企业都将从企业社会责任中受益。工业企业和高资本支出的企业受到授权的不利影响。我们得出结论，企业社会责任的一刀切方法是次优的，价值递减。