Corporate social responsibility (CSR) is increasingly demanded by investors worldwide. In this article, we study whether foreign firms listed on U.S. capital markets are competitive to U.S. firms in providing better CSR disclosure. We also examine whether such transparency allows foreign firms to achieve a competitive advantage relative to their U.S. counterparts. Using environmental, social, and governance disclosure scores, we find that foreign firms disclose more than comparable U.S. firms, particularly in the environmental and social dimensions of CSR. Furthermore, we find consistent evidence that foreign stocks experience lower idiosyncratic volatility, better liquidity, and higher institutional ownership relative to other comparable U.S. stocks due to a higher CSR disclosure of foreign firms.

全球投资者对企业社会责任（CSR）的要求越来越高。在本文中，我们研究了在美国资本市场上市的外国公司在提供更好的企业社会责任披露方面是否具有与美国公司竞争的能力。我们还研究了这种透明度是否使外国公司相对于美国同行具有竞争优势。使用环境，社会和治理披露得分，我们发现外国公司比美国公司披露的信息更多，特别是在企业社会责任的环境和社会方面。此外，我们发现一致的证据表明，由于对外国公司的企业社会责任披露增多，与其他美国同类股票相比，外国股票经历了更低的波动性，更好的流动性以及更高的机构所有权。