Our study reveals that companies with higher Corporate Social Responsibility (CSR) ratings exhibit superior stock returns compared to their counterparts with lower ratings during periods of political uncertainty. This phenomenon is more pronounced in a closely contested election with a higher degree of unpredictability. Our results remain robust after addressing potential endogeneity issue and are not affected by the ex-post election outcome or the political donations made by firms. Further analysis indicates that the increase in returns could be attributed to the improved relationship between firms and their internal stakeholders. Overall, our research supports the notion that investing in social capital can facilitate the establishment of stronger relationships with stakeholders, which can ultimately lead to beneficial outcomes during periods of adversity.

中文翻译：

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政治不确定性、企业社会责任和公司绩效


我们的研究表明，在政治不确定时期，企业社会责任 (CSR) 评级较高的公司比评级较低的公司表现出更高的股票回报。这种现象在竞争激烈且不可预测性较高的选举中更为明显。在解决潜在的内生性问题后，我们的结果仍然强劲，并且不受事后选举结果或公司政治捐赠的影响。进一步分析表明，回报的增加可能归因于公司与其内部利益相关者之间关系的改善。总体而言，我们的研究支持这样一种观点，即投资社会资本可以促进与利益相关者建立更牢固的关系，从而最终在逆境期间带来有益的结果。