Cao, Liang, and Zhan (2015)

Cao, Jie, Hao Liang, and Xintong Zhan.  “Peer Effects of Corporate Social Responsibility:  Peer Effects of an RDD.”  Working paper (Chinese University of Hong Kong), 2015.

From the authors' abstract:  "We investigate how firms react to the adoption of CSR by their peers by using a regression discontinuity design... [W]e find peers of a voting firm that passed a close call CSR proposal experience lower announcement returns and higher following-year CSR scores compared to those of the voting firm which marginally failed a CSR proposal. Such effects are stronger in firms with higher competitive pressure, better CSR performance relative to the voting firm, and better corporate governance.  We find a more pronounced negative CAR and a less positive CSR improvement in peer firms with higher financial constraints."

Link:  https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2634100