Overstating Corporate Social Responsibility boosts firm value, understating decreases it.
The study looked at how companies talking about being socially responsible affects their value. They found that when companies talk a lot about being socially responsible, their value goes up. But when they don't talk much about it, their value goes down. The study also found that when the rules in a country are strict, companies that talk a lot about being socially responsible see their value go down.