The aim of this study is to examine: (i) whether investment efficiency is associated with CSR performance and (ii) whether this relationship varies with the strength of investor protection. Using firm level data from Western European countries, we document a positive association between CSR score and investment efficiency. We further find that the effect of CSR on investment efficiency is driven by the areas Human Ressources, Business Behavior, Corporate Governance, and Human Rights. Finally, we find that the documented association is statistically and economically more significant in countries with stronger investor protection.

中文翻译：

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西欧国家的企业社会责任与投资效率

本研究的目的是检验：（i）投资效率是否与企业社会责任绩效相关，以及（ii）这种关系是否随着投资者保护的强度而变化。使用来自西欧国家的企业级数据，我们记录了企业社会责任得分与投资效率之间的正相关关系。我们进一步发现，企业社会责任对投资效率的影响受人力资源、商业行为、公司治理和人权领域的驱动。最后，我们发现记录在案的关联在具有更强投资者保护的国家在统计上和经济上更显着。