In this paper, we examine whether corporate social responsibility (CSR) is value-enhancing in the presence of product market competition. Using a comprehensive sample of 22,527 firm-year observations from 62 countries, we find that the value-enhancing effect of CSR is prevalent in the non-competitive industries. We examine the channels through which firms earn positive benefits of CSR and document a strong positive link between firm profitability, productivity, total factor productivity, efficiency, and CSR in non-competitive industries. Our results withstand various robustness checks and endogeneity concerns.

中文翻译：

---

企业社会责任、竞争与企业价值

在本文中，我们考察了在产品市场竞争的情况下，企业社会责任 (CSR) 是否具有价值提升作用。使用来自 62 个国家的 22,527 个公司年度观察的综合样本，我们发现企业社会责任的价值提升效应在非竞争性行业中普遍存在。我们研究了企业从企业社会责任中获得积极利益的渠道，并记录了企业盈利能力、生产力、全要素生产力、效率和非竞争行业企业社会责任之间的强烈正相关关系。我们的结果经受住了各种稳健性检查和内生性问题。