“This is because some activist investors view CSR as a sign that a company is wasting money rather than focusing on shareholder returns, according to research conducted by Pennsylvania State University’s Mark DesJardine, Erasmus University’s Emilio Marti and HEC Paris business school’s Rodolphe Durand.”

[COMMENTARY] Note this study included years as far back as 2000. Attitudes have changed recently and I wonder if the propensity for investor activism of this type is still occurring at the same rate?
Ethical CSR focus triggers hostile investor activism, study finds, by Laurence Fletcher, August 3, 2020, Financial Times, UK.