Evaluate the Economic Consequences of the Social Responsibility of Firms (With Emphasis on Investment Efficiency)

With the rapid development of economic relations as well as reducing the state role in the economy, companies have more attention to society and social responsibility (CSR) for strengthening economic and trade relations. In this regard, the present study investigates the effect of corporate social responsibility on the investment efficiency for companies listed in stock over the period 2011 to 2015. To measure corporate social responsibility reporting is used Barzegar Chech list (1392). The results show high social responsibility has reduced inefficient investment and thus has increased the investment efficiency. In fact, these findings suggest that social responsibility by reducing the information asymmetry between management and investors and resolving agency problems, has led to increased investment efficiency.