Driven by the dynamic corporate social responsibility (CSR) environment, which is encouraging movement from self-regulation to co-regulation, this study empirically investigates the impact of CSR on the efficiency of capital investments of firms in India, given its remarkable legislation that mandates firms surpassing a threshold to invest 2 per cent of their profits in CSR activities. The study is based on firms listed on NSE 500 from the year 2008 to 2019, and the results suggest that CSR significantly improves investment efficiency in the post-mandate regime. There exists an optimal CSR level that instigates an inverse U-shaped relationship. We also investigate the impact of CSR on the speed of adjustment of capital investments towards the target in case of deviations. High-CSR firms are found to adjust swiftly to their targets since such firms tend to deviate less and incur low adjustment costs. Only the governance dimension of CSR seems to affect the firms’ speed of adjustment in the current context. The positive association between CSR and adjustment speed is pronounced only in the post-mandate period. Also, CSR seems to affect the speed of adjustment only when firms are operating above the target.

在充满活力的企业社会责任（CSR）环境的推动下，鼓励从自我监管转向共同监管，本研究实证调查了企业社会责任对印度企业资本投资效率的影响，因为印度显着的立法强制要求企业社会责任超过门槛的公司将其利润的 2% 投资于企业社会责任活动。该研究基于 2008 年至 2019 年 NSE 500 指数上市公司，结果表明企业社会责任显着提高了托管后制度下的投资效率。存在一个最佳的企业社会责任水平，该水平会引发倒 U 形关系。我们还研究了企业社会责任对出现偏差时资本投资调整速度的影响。人们发现，企业社会责任高的公司能够迅速调整到目标，因为此类公司的偏差往往较小，调整成本也较低。在当前背景下，似乎只有企业社会责任的治理维度会影响企业的调整速度。企业社会责任与调整速度之间的正相关关系仅在任务结束后才显现出来。此外，企业社会责任似乎只有当企业运营高于目标时才会影响调整速度。