How do firms repair their reputations after a serious accounting restatement? To answer this question, we review firms' press releases and identify 1,765 reputation-building actions taken by: (1) 94 restating firms in the periods before and after their restatement; and (2) a set of matched...

In 2013, a new law required Indian firms, which satisfy certain profitability, net worth, and size thresholds, to spend at least 2% of their net income on corporate social responsibility (CSR). We exploit this regulatory change to isolate the shareholder value implications of CSR activities....

In 2013, a new law required Indian firms, which satisfy certain profitability, net worth and size thresholds, to spend at least 2% of their net income on CSR. We exploit this regulatory change to isolate the shareholder value implications of CSR activities. Using an event study approach coupled...

Investment funds that claim to focus on socially responsible stocks have proliferated in recent times. In this paper, we verify whether ESG mutual funds actually invest in firms that have stakeholder-friendly track records. Using a comprehensive sample of self-labelled ESG mutual funds in the US...

We investigate the implementation of a government of India mandate that requires firms to spend at least 2% of their profits on corporate social responsibility (CSR). We find that mandated firms that voluntarily engaged in CSR before the mandate reduce their CSR spending significantly after the...