Servaes and Tamayo (2013)
Servaes, Henri, and Ane Tamayo. “The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness.” Management Science, May 2013.
From the Conclusion: "This paper makes four points. First, CSR activities can enhance firm value for firms with high public awareness, as proxied by advertising intensity. However, firms with high public awareness are also penalized more when there are CSR concerns. Second, for firms with low public awareness, the impact of CSR activities on firm value is either insignificant or negative. Third, advertising has a negative impact on the CSR–value relation if there is an inconsistency between the firm’s CSR efforts and the company’s overall reputa- tion. Fourth, after including firm fixed effects there is no direct relation between CSR and firm value."