Exploiting a novel measure of firm-level political risk based on earnings conference calls, we explore the effect of political exposure on corporate social responsibility (CSR). We show that firms more exposed to political risk invest significantly more in CSR activities. This finding is consistent with the risk-mitigation hypothesis, which posits that CSR produces moral capital that safeguards the firm in case of a negative event. Hence, firms exposed to more political risk engage in more CSR activities to take advantage of its insurance-like effect. An increase in political exposure by one standard deviation raises CSR engagement by 27.95%.

中文翻译：

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企业层面的政治风险是否影响企业社会责任 (CSR)？收益电话会议的证据

利用基于收益电话会议的公司层面政治风险的新衡量标准，我们探讨了政治风险对企业社会责任 (CSR) 的影响。我们表明，更容易暴露于政治风险的公司对企业社会责任活动的投资显着增加。这一发现与风险缓解假设一致，该假设假设企业社会责任产生道德资本，在发生负面事件时保护公司。因此，面临更多政治风险的公司会参与更多的企业社会责任活动，以利用其类似保险的效应。政治风险增加一个标准差会使企业社会责任参与度提高 27.95%。