primarily used to enhance managers' private benefits at the expense of shareholders. Rather, lucky CEOs appear to view CSR …

Motivated by the on-going debate on the costs and benefits of CSR, we explore how talented managers view CSR … managers view CSR investments favorably. However, only those with especially strong talent are in favor of CSR investments. For … investments, suggesting that these strongly talented managers perceive CSR as enhancing firm performance. By contrast, for those …

deviation reduces CSR investments by about 8.22%. Further analysis shows that managers raised CSR investments during the crisis …, consistent with the risk-mitigation view, where managers invest in CSR to reduce their risk exposure. However, managers appear to … of the CSR investments during the crisis is motivated by managers' own risk preference. Additional robustness checks …