We examine the effect of CSR information on stakeholder decision-making, specifically on supply-chain contracting. To obtain plausibly exogenous variation in CSR information, we exploit the 2017 expansion of CSR rating coverage from Russell 1000 to Russell 2000 firms (hereafter, “treated firms”) by Thomson Reuters Asset4. Using a difference-in-differences design with the previously covered Russell 1000 supplier firms as the control group, we find a negative effect of the CSR information shock for treated suppliers with comparatively low CSR ratings. On average, these suppliers experience reductions in their number of contracts and corporate customers. In cross-sectional analyses, we document variation in our treatment effects consistent with two underlying mechanisms: (i) benchmarking of suppliers' CSR by corporate customers and (ii) CSR-related public pressure on customer-supplier contracting. Collectively, our findings provide novel evidence on the causal effect of CSR information on stakeholder decision-making.

我们研究了 CSR 信息对利益相关者决策的影响，特别是对供应链合同的影响。为了获得 CSR 信息中看似合理的外生变化，我们利用了 2017 年 Thomson Reuters Asset4 将 CSR 评级范围从 Russell 1000 扩大到 Russell 2000 公司（以下简称“处理过的公司”）。使用之前涵盖的 Russell 1000 供应商公司作为对照组的差异设计，我们发现 CSR 信息冲击对 CSR 评级相对较低的供应商有负面影响。平均而言，这些供应商的合同数量和企业客户数量都在减少。在横断面分析中，我们记录了与两种基本机制一致的处理效果的变化：(i) 供应商的基准 企业客户的企业社会责任和 (ii) 与企业社会责任相关的公众对客户-供应商合同的压力。总的来说，我们的研究结果提供了关于企业社会责任信息对利益相关者决策的因果影响的新证据。