We propose that stakeholder demand can explain firms’ corporate social responsibility (CSR) activities and empirically test our proposition using 2002–2016 panel data from multiple countries. We select the Olympic Games as our experimental context and use a difference-in-differences design. We find that firms domiciled in countries that host the Olympic Games subsequently experience a significantly smaller increase in CSR commitment than firms in countries that unsuccessfully bid to host the Olympics. We also find that firms domiciled in cities that host the Olympic Games exhibit a significantly smaller increase in CSR than those domiciled in other cities in the same country. Additional tests indicate that firms in host countries with greater increases in the levels of happiness tend to experience an even smaller increase in CSR. Our findings are consistent with the stakeholder demand explanation, as stakeholders are less likely to require local firms to invest in CSR if utilities, such as those from environmental improvement, increase.

Running head: Olympic Games and CSR.

我们认为利益相关者的需求可以解释企业的企业社会责任（CSR）活动，并使用来自多个国家的 2002-2016 年面板数据对我们的主张进行实证检验。我们选择奥运会作为实验背景并采用双重差异设计。我们发现，与申办奥运会失败的国家的公司相比，位于奥运会主办国的公司随后在企业社会责任承诺方面的增幅要小得多。我们还发现，位于奥运会举办城市的企业在企业社会责任方面的增幅明显小于位于同一国家其他城市的企业。其他测试表明，幸福水平提高较大的东道国企业的企业社会责任增幅往往更小。

跑头：奥运会与企业社会责任。