The creation of a specialized executive position that oversees sustainability activities represents a distinct shift in the structure of top management teams and their approach for addressing sustainability concerns. However, little is known about these management team members, namely the...

We examine two important channels through which corporate social responsibility (CSR) affects firm value: investment efficiency and innovation. We find that firms with higher CSR performance invest more efficiently: these firms are less prone to invest in negative NPV projects (overinvestment)...