Abstract
We examine the impact of venture capital (VC) on corporate social responsibility (CSR) performance in China. Exploiting the timing of VC exit, we find that the CSR performance of VC-backed companies improves after the exit of VC. Using the age of VC funds as an instrument for VC exit, we find that the effect is likely to be causal. Further analyses suggest that the effect is largely driven by inexperienced, badly performing, and less reputable VCs.
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