Utilizing comprehensive business news data, we examine the link between corporate social responsibility (CSR) and shareholder wealth through the information spillovers of news announcements. Specifically, we leverage competitor's news as an exogenous shock to peer firms' stock returns and explore how the resulting abnormal returns may be explained by their respective CSR performance. Our findings not only confirm an inverse relationship between CSR engagement and the size of stock market reactions but also suggest that such dampening effect may extend beyond the traditional product differentiation strategy and can be magnified with respect to the types and salience of news.

中文翻译：

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企业社会责任与股东财富：信息溢出的新见解

利用全面的商业新闻数据，我们通过新闻公告的信息溢出来检验企业社会责任 (CSR) 与股东财富之间的联系。具体来说，我们利用竞争对手的消息作为对同行公司股票回报的外生冲击，并探讨由此产生的异常回报如何通过它们各自的 CSR 表现来解释。我们的研究结果不仅证实了企业社会责任参与与股市反应规模之间的反比关系，而且表明这种抑制效应可能超出传统的产品差异化策略，并且可以在新闻的类型和显着性方面被放大。