DiGiuli and Kostovetsky (2011)
DiGiuli, Alberta, and Leonard Kostovetsky. “Are Red or Blue Companies More Likely to go Green? Politics and Corporate Social Responsibility.” Working paper (ESCP Europe), December 2011.
From the authors' abstract: "We examine whether the political leanings of a firm’s stakeholders affect its behavior in terms of corporate social responsibility (CSR). Using firm-level CSR ratings from Kinder, Lydenberg, Domini (KLD), we find that firms score higher on CSR when they have Democratic rather than Republican founders, CEOs, and directors, and when they are headquartered in Democratic rather than Republican-leaning states... We find little evidence that our results can be explained by reverse causality or self-selection."