{"id":"https://openalex.org/W7123349985","doi":"https://doi.org/10.3390/jrfm19010061","title":"Enforcing Good Deeds: Investment Efficiency of Indian Firms Going Through CSR Law","display_name":"Enforcing Good Deeds: Investment Efficiency of Indian Firms Going Through CSR Law","publication_year":2026,"publication_date":"2026-01-13","ids":{"openalex":"https://openalex.org/W7123349985","doi":"https://doi.org/10.3390/jrfm19010061"},"language":"en","primary_location":{"id":"doi:10.3390/jrfm19010061","doi":"https://doi.org/10.3390/jrfm19010061","is_oa":true,"landing_page_url":"https://doi.org/10.3390/jrfm19010061","pdf_url":"https://www.mdpi.com/1911-8074/19/1/61/pdf?version=1768272802","source":{"id":"https://openalex.org/S4210217951","display_name":"Journal of risk and financial management","issn_l":"1911-8066","issn":["1911-8066","1911-8074"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","poland-20","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Risk and Financial Management","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://www.mdpi.com/1911-8074/19/1/61/pdf?version=1768272802","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5090028772","display_name":"Swati Kumaria Puri","orcid":"https://orcid.org/0000-0001-9819-2693","observed_orcids":["https://orcid.org/0000-0001-9819-2693"]},"institutions":[{"id":"https://openalex.org/I138377626","display_name":"Wellington Institute of Technology","ror":"https://ror.org/03ycgmc41","country_code":"NZ","type":"education","lineage":["https://openalex.org/I138377626","https://openalex.org/I4387152882"]}],"countries":["NZ"],"is_corresponding":false,"raw_author_name":"Swati Kumaria Puri","raw_affiliation_strings":["School of Innovation, Design and Technology, Wellington Institute of Technology, Lower Hutt 5012, New Zealand"],"raw_orcid":"https://orcid.org/0000-0001-9819-2693","affiliations":[{"raw_affiliation_string":"School of Innovation, Design and Technology, Wellington Institute of Technology, Lower Hutt 5012, New Zealand","institution_ids":["https://openalex.org/I138377626"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5042077628","display_name":"Jiali Fang","orcid":"https://orcid.org/0000-0002-1537-4334","observed_orcids":["https://orcid.org/0000-0002-1537-4334"]},"institutions":[{"id":"https://openalex.org/I51158804","display_name":"Massey University","ror":"https://ror.org/052czxv31","country_code":"NZ","type":"education","lineage":["https://openalex.org/I51158804"]}],"countries":["NZ"],"is_corresponding":true,"raw_author_name":"Jiali Fang","raw_affiliation_strings":["School of Accountancy, Economics and Finance, Massey University, Auckland 0632, New Zealand"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Accountancy, Economics and Finance, Massey University, Auckland 0632, New Zealand","institution_ids":["https://openalex.org/I51158804"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5000056020","display_name":"Udomsak Wongchoti","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I51158804","display_name":"Massey University","ror":"https://ror.org/052czxv31","country_code":"NZ","type":"education","lineage":["https://openalex.org/I51158804"]}],"countries":["NZ"],"is_corresponding":false,"raw_author_name":"Udomsak Wongchoti","raw_affiliation_strings":["School of Accountancy, Economics and Finance, Massey University, Palmerston North 4442, New Zealand"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Accountancy, Economics and Finance, Massey University, Palmerston North 4442, New Zealand","institution_ids":["https://openalex.org/I51158804"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5028585382","display_name":"Wei Hao","orcid":"https://orcid.org/0000-0002-1842-3701","observed_orcids":["https://orcid.org/0000-0002-1842-3701"]},"institutions":[{"id":"https://openalex.org/I51158804","display_name":"Massey University","ror":"https://ror.org/052czxv31","country_code":"NZ","type":"education","lineage":["https://openalex.org/I51158804"]}],"countries":["NZ"],"is_corresponding":false,"raw_author_name":"Wei Hao","raw_affiliation_strings":["School of Accountancy, Economics and Finance, Massey University, Wellington 6140, New Zealand"],"raw_orcid":"https://orcid.org/0000-0002-1842-3701","affiliations":[{"raw_affiliation_string":"School of Accountancy, Economics and Finance, Massey University, Wellington 6140, New Zealand","institution_ids":["https://openalex.org/I51158804"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5042077628"],"corresponding_institution_ids":["https://openalex.org/I51158804"],"apc_list":{"value":1400,"currency":"CHF","value_usd":1689},"apc_paid":{"value":1400,"currency":"CHF","value_usd":1689},"fwci":3.2153,"has_fulltext":true,"cited_by_count":1,"citation_normalized_percentile":{"value":0.86721718,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":91,"max":95},"biblio":{"volume":"19","issue":"1","first_page":"61","last_page":"61"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.9369999766349792,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.9369999766349792,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.05550000071525574,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12225","display_name":"Political Influence and Corporate Strategies","score":0.0008999999845400453,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/mandatory-corporate-social-responsibility","display_name":"mandatory corporate social responsibility","score":0.8090000152587891},{"id":"https://openalex.org/keywords/investment-efficiency","display_name":"investment efficiency","score":0.8500000238418579},{"id":"https://openalex.org/keywords/principal-agent-problem","display_name":"principal-agent problem","score":0.6169999837875366},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.9990000128746033},{"id":"https://openalex.org/keywords/institutional-investors","display_name":"institutional investors","score":0.9929999709129333},{"id":"https://openalex.org/keywords/human-development-index","display_name":"Human Development Index","score":0.7889999747276306},{"id":"https://openalex.org/keywords/indian-listed-firms","display_name":"Indian listed companies","score":0.6570000052452087}],"concepts":[{"id":"https://openalex.org/C141261163","wikidata":"https://www.wikidata.org/wiki/Q218600","display_name":"Corporate social responsibility","level":2,"score":0.7646999955177307},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5692999958992004},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.5558000206947327},{"id":"https://openalex.org/C2777382242","wikidata":"https://www.wikidata.org/wiki/Q6017816","display_name":"Index (typography)","level":2,"score":0.5105000138282776},{"id":"https://openalex.org/C2777632292","wikidata":"https://www.wikidata.org/wiki/Q315515","display_name":"Discretion","level":2,"score":0.48500001430511475},{"id":"https://openalex.org/C108170787","wikidata":"https://www.wikidata.org/wiki/Q3951828","display_name":"Agency (philosophy)","level":2,"score":0.4781000018119812},{"id":"https://openalex.org/C2776943663","wikidata":"https://www.wikidata.org/wiki/Q165687","display_name":"Human capital","level":2,"score":0.4472000002861023},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.4253000020980835},{"id":"https://openalex.org/C2778137410","wikidata":"https://www.wikidata.org/wiki/Q2732820","display_name":"Government (linguistics)","level":2,"score":0.38339999318122864},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.3580999970436096},{"id":"https://openalex.org/C109332788","wikidata":"https://www.wikidata.org/wiki/Q615445","display_name":"Economic efficiency","level":2,"score":0.335099995136261},{"id":"https://openalex.org/C514928085","wikidata":"https://www.wikidata.org/wiki/Q6206","display_name":"Capitalism","level":3,"score":0.3255000114440918},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3246000111103058},{"id":"https://openalex.org/C100001284","wikidata":"https://www.wikidata.org/wiki/Q2248246","display_name":"Public economics","level":1,"score":0.32120001316070557},{"id":"https://openalex.org/C2776847301","wikidata":"https://www.wikidata.org/wiki/Q44918","display_name":"Rule of law","level":3,"score":0.3183000087738037},{"id":"https://openalex.org/C36673458","wikidata":"https://www.wikidata.org/wiki/Q392896","display_name":"Agency cost","level":4,"score":0.296999990940094},{"id":"https://openalex.org/C154600224","wikidata":"https://www.wikidata.org/wiki/Q5449728","display_name":"Financial market efficiency","level":3,"score":0.296099990606308},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.29170000553131104},{"id":"https://openalex.org/C2781316041","wikidata":"https://www.wikidata.org/wiki/Q1230584","display_name":"Diversity (politics)","level":2,"score":0.289900004863739},{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.2865000069141388},{"id":"https://openalex.org/C147598955","wikidata":"https://www.wikidata.org/wiki/Q3427818","display_name":"Social responsibility","level":2,"score":0.2856999933719635},{"id":"https://openalex.org/C25253098","wikidata":"https://www.wikidata.org/wiki/Q2609670","display_name":"Corporate law","level":3,"score":0.28279998898506165},{"id":"https://openalex.org/C2779530757","wikidata":"https://www.wikidata.org/wiki/Q1207505","display_name":"Quality (philosophy)","level":2,"score":0.2797999978065491},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.27889999747276306},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2639000117778778},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.2603999972343445},{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.2574999928474426},{"id":"https://openalex.org/C200707436","wikidata":"https://www.wikidata.org/wiki/Q1053211","display_name":"Principal\u2013agent problem","level":3,"score":0.2556999921798706},{"id":"https://openalex.org/C195487862","wikidata":"https://www.wikidata.org/wiki/Q850210","display_name":"Revenue","level":2,"score":0.2517000138759613}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.3390/jrfm19010061","doi":"https://doi.org/10.3390/jrfm19010061","is_oa":true,"landing_page_url":"https://doi.org/10.3390/jrfm19010061","pdf_url":"https://www.mdpi.com/1911-8074/19/1/61/pdf?version=1768272802","source":{"id":"https://openalex.org/S4210217951","display_name":"Journal of risk and financial management","issn_l":"1911-8066","issn":["1911-8066","1911-8074"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","poland-20","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Risk and Financial Management","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.3390/jrfm19010061","doi":"https://doi.org/10.3390/jrfm19010061","is_oa":true,"landing_page_url":"https://doi.org/10.3390/jrfm19010061","pdf_url":"https://www.mdpi.com/1911-8074/19/1/61/pdf?version=1768272802","source":{"id":"https://openalex.org/S4210217951","display_name":"Journal of risk and financial management","issn_l":"1911-8066","issn":["1911-8066","1911-8074"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","poland-20","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Risk and Financial Management","raw_type":"journal-article"},"sustainable_development_goals":[{"score":0.666700005531311,"id":"https://metadata.un.org/sdg/16","display_name":"Peace, justice, and strong institutions"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7123349985.pdf","grobid_xml":"https://content.openalex.org/works/W7123349985.grobid-xml"},"referenced_works_count":85,"referenced_works":["https://openalex.org/W1677595927","https://openalex.org/W1738524706","https://openalex.org/W1847892995","https://openalex.org/W1970218265","https://openalex.org/W1971425870","https://openalex.org/W1994451842","https://openalex.org/W1995153576","https://openalex.org/W2000837384","https://openalex.org/W2003498350","https://openalex.org/W2007946665","https://openalex.org/W2010033510","https://openalex.org/W2016808053","https://openalex.org/W2017972860","https://openalex.org/W2031873845","https://openalex.org/W2035551893","https://openalex.org/W2040816020","https://openalex.org/W2041790104","https://openalex.org/W2052168037","https://openalex.org/W2068851638","https://openalex.org/W2079143095","https://openalex.org/W2081668060","https://openalex.org/W2099737377","https://openalex.org/W2104908005","https://openalex.org/W2108605156","https://openalex.org/W2110434128","https://openalex.org/W2111558694","https://openalex.org/W2113942631","https://openalex.org/W2119711407","https://openalex.org/W2121588178","https://openalex.org/W2131538393","https://openalex.org/W2131850093","https://openalex.org/W2134142947","https://openalex.org/W2146200864","https://openalex.org/W2147363709","https://openalex.org/W2164639462","https://openalex.org/W2176195673","https://openalex.org/W2239713937","https://openalex.org/W2396645775","https://openalex.org/W2510996973","https://openalex.org/W2588753226","https://openalex.org/W2597496650","https://openalex.org/W2602594608","https://openalex.org/W2612153614","https://openalex.org/W2742869262","https://openalex.org/W2752617332","https://openalex.org/W3000182085","https://openalex.org/W3049032936","https://openalex.org/W3081619394","https://openalex.org/W3082577616","https://openalex.org/W3121176335","https://openalex.org/W3121313582","https://openalex.org/W3121550950","https://openalex.org/W3122220309","https://openalex.org/W3122233184","https://openalex.org/W3122300128","https://openalex.org/W3122389139","https://openalex.org/W3122604999","https://openalex.org/W3122638935","https://openalex.org/W3122904176","https://openalex.org/W3123667852","https://openalex.org/W3124040989","https://openalex.org/W3124082399","https://openalex.org/W3124114405","https://openalex.org/W3124123998","https://openalex.org/W3124144603","https://openalex.org/W3124859647","https://openalex.org/W3125293776","https://openalex.org/W3125469707","https://openalex.org/W3125686936","https://openalex.org/W3125861882","https://openalex.org/W3125947162","https://openalex.org/W3168740185","https://openalex.org/W3171056048","https://openalex.org/W3180123302","https://openalex.org/W4205605490","https://openalex.org/W4206649970","https://openalex.org/W4229938819","https://openalex.org/W4232286240","https://openalex.org/W4236015334","https://openalex.org/W4313596561","https://openalex.org/W4321241627","https://openalex.org/W4386028010","https://openalex.org/W4386898512","https://openalex.org/W4388162240","https://openalex.org/W4416648518"],"related_works":["https://openalex.org/W7046294135","https://openalex.org/W4383737735","https://openalex.org/W2996930855","https://openalex.org/W4385213657","https://openalex.org/W4387009150","https://openalex.org/W2742938322","https://openalex.org/W4400580215","https://openalex.org/W7140284821","https://openalex.org/W3130961370","https://openalex.org/W1495955759"],"abstract_inverted_index":{"With":[0],"the":[1,4,16,43,46,77,81,91,95,100,116,124,187],"enactment":[2],"of":[3,45,80,106,127,151,190],"2013":[5],"government":[6],"mandate,":[7],"Indian":[8,62],"corporations":[9],"meeting":[10],"specific":[11],"criteria":[12],"no":[13],"longer":[14],"have":[15,24],"discretion":[17],"to":[18,30,66,120],"forgo":[19],"CSR":[20,47,82,107,117,192,206],"expenditures.":[21],"Previous":[22],"studies":[23],"reported":[25],"negative":[26],"capital":[27],"market":[28],"reactions":[29],"this":[31,57],"regulatory":[32],"intervention.":[33],"In":[34],"contrast,":[35],"our":[36],"study":[37,58],"offers":[38],"a":[39,54,69,148,173],"long-term":[40,101],"perspective":[41],"on":[42,49,98,194],"impact":[44,79,189],"law":[48,83,118,193],"firms\u2019":[50],"investment":[51,125],"efficiency.":[52],"Using":[53],"difference-in-differences":[55],"framework,":[56],"examines":[59],"publicly":[60],"listed":[61],"firms":[63,146,168],"from":[64],"2011":[65],"2018,":[67],"capturing":[68],"clean":[70],"pre-":[71],"and":[72,87,103,137,159,179,196,205,211],"post-mandate":[73],"window":[74],"that":[75,115],"isolates":[76],"structural":[78,104],"while":[84],"excluding":[85],"confounding":[86],"shocks":[88],"such":[89,155],"as":[90,156,203],"COVID-19":[92],"crisis.":[93],"Thus,":[94],"paper":[96],"focuses":[97],"identifying":[99],"institutional":[102,160],"effects":[105],"rather":[108],"than":[109],"short-term":[110],"cyclical":[111],"fluctuations.":[112],"We":[113],"find":[114],"leads":[119],"an":[121],"increase":[122],"in":[123,134,170],"efficiency":[126,163],"affected":[128],"firms,":[129],"driven":[130],"primarily":[131],"by":[132],"reductions":[133],"agency":[135],"conflicts":[136],"information":[138],"asymmetry.":[139],"This":[140],"effect":[141],"is":[142,164],"more":[143],"pronounced":[144],"among":[145,167],"with":[147,172],"strong":[149],"presence":[150],"active":[152],"monitoring":[153],"groups,":[154],"Hindu-owned":[157],"promoters":[158],"investors.":[161],"Improved":[162],"also":[165],"profound":[166],"located":[169],"areas":[171],"lower":[174],"Human":[175],"Development":[176],"Index":[177,182],"(HDI)":[178],"Gender":[180],"Diversity":[181],"(GDI).":[183],"Our":[184],"findings":[185],"demonstrate":[186],"positive":[188],"mandatory":[191],"capitalism":[195],"present":[197],"insights":[198],"for":[199,201],"policymakers":[200],"regulators":[202],"ESG":[204],"mandates":[207],"are":[208],"increasingly":[209],"debated":[210],"adopted.":[212]},"counts_by_year":[{"year":2026,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2026-01-14T00:00:00"}