"Companies that try to ’do good’ are likely to find that Corporate Social Responsibility (CSR) is bad for their bottom lines, according to a new study from Florida Atlantic University’s College of Business. ’We found that emphasizing Corporate Social Responsibility is not good for shareholders,’ said David Javakhadze, Ph.D., assistant professor of finance, who investigated the relationship between CSR and efficiency with which firms allocate their capital resources. ’If you’re an investor you should think twice before you invest in those firms that emphasize CSR.’"

[COMMENTARY] Since numerous studies including those from elite universities such as Harvard and Oxford have shown that companies excelling in ESG (CSR?) perform as well or better financially and in stock returns, this new study is an outlier. Nonetheless, it’s worth reviewing and critiquing.
FAU Study Says Corporate Social Responsibility Does Not Prove to Be a Profitable Investment for Most Companies, press release, June 1, 2017, Florida Atlantic University College of Business, USA.