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This paper provides an empirical investigation of the hypothesis that companies engage in Corporate Social Responsibility (CSR) in order to offset Corporate Social Irresponsibility (CSI). The authors find general support for the causal relationship: when companies do more "Harm," they also do more "Good." The empirical analysis is based on an extensive 15-year panel dataset that covers nearly 3,000 publicly traded companies. In addition to the overall finding that more CSI results in more CSR, they find evidence of heterogeneity among industries, where the effect is stronger in industries where CSI tends to be the subject of greater public scrutiny.
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