①“There is one and only one social responsibility of business,” wrote Milton Friedman, a Nobel prize-winning economist, “That is, to use its resources and engage in activities designed to increase its profits.” But even if you accept Friedman’s premise and regard corporate social responsibility (CSR) policies as a waste of shareholders’ money, things may not be absolutely clear-cut. New research suggests that CSR may create monetary value for companies—at least when they are prosecuted for corruption.

②The largest firms in America and Britain together spend more than $15 billion a year on CSR, according to an estimate by EPG, a consulting firm. This could add value to their businesses in three ways. First, consumers may take CSR spending as a “signal” that a company’s products are of high quality. Second, customers may be willing to buy a company’s products as an indirect way to donate to the good causes it helps. And third, through a more diffuse “halo effect,” whereby its good deeds earn it greater consideration from consumers and others.

③Previous studies on CSR have had trouble differentiating these effects because consumers can be affected by all three. A recent study attempts to separate them by looking at bribery prosecutions under America’s Foreign Corrupt Practices Act (FCPA). It argues that since prosecutors do not consume a company’s products as part of their investigations, they could be influenced only by the halo effect.

④The study found that, among prosecuted firms, those with the most comprehensive CSR programmes tended to get more lenient penalties. Their analysis ruled out the possibility that it was firms’ political influence, rather than their CSR stand, that accounted for the leniency: Companies that contributed more to political campaigns did not receive lower fines.

⑤In all, the study concludes that whereas prosecutors should only evaluate a case based on its merits, they do seem to be influenced by a company’s record in CSR. “We estimate that either eliminating a substantial labour-rights concern, such as child labour, or increasing corporate giving by about 20% results in fines that generally are 40% lower than the typical punishment for bribing foreign officials,” says one researcher.

⑥Researchers admit that their study does not answer the question of how much businesses ought to spend on CSR. Nor does it reveal how much companies are banking on the halo effect, rather than the other possible benefits, when they decide their do-gooding policies. But at least they have demonstrated that when companies get into trouble with the law, evidence of good character can win them a less costly punishment. 

1.The author views Milton Friedman’s statement about CSR with _________

A tolerance.

B skepticism.

C approval.

D uncertainty.

解析：选B。B观点态度题。Milton Friedman和CSR定位到第一段，根据倒数第二句可知即便你接受弗里德曼的前提，认为企业社会责任（CSR）政策是在浪费股东的前，事情可能也不是绝对清楚的。可推知作者对此持怀疑态度，故选B。

2.According to Paragraph 2, CSR helps a company by _________

A guarding it against malpractices.

B protecting it from being defamed.

C winning trust from consumers.

D raising the quality of its products.

解析：选C。C根据题目定位到第二段，CSR可以从三个方面为公司增加业务价值：消费者可能将CSR支出视为公司产品质量高的“标志”；消费者可能更愿意购买该公司的产品，以此作为间接帮助该公司所致力的公益事业；通过更广泛的“晕轮效应”，该公司会赢得更多的关注。由此可见，CSR可以帮助一个公司获得消费者的信任，故选C。

3.The expression “more lenient” (Para.4) is closest in meaning to _________

A less controversial.

B more effective.

C more lasting.

D less severe.

解析：选D。D词义猜测题。根据题目定位到第四段，研究发现，在被起诉的公司中，那些拥有最全面的CSR计划的公司往往会得到more lenient的处罚，该研究排除了“企业的政治影响力（而非CSR）导致了宽大处理……”可知more lenient penalties意同“宽大处理”，D符合原文，故选D。

4.When prosecutors evaluate a case, a company’s CSR record _________

A has an impact on their decision.

B comes across as reliable evidence.

C increases the chance of being penalized.

D constitutes part of the investigation.

解析：选A。A细节理解题。根据evaluate定位到第五段，根据第一句可知，尽管检察官应该根据案件本身的是非曲直来评估案件，但他们似乎确实会收到CSR记录的影响，故选A。

5.Which of the following is true of CSR, according to the last paragraph?

A Its negative effects on businesses are often overlooked.

B The necessary amount of companies’ spending on it is unknown.

C Companies’ financial capacity for it has been overestimated.

D It has brought much benefit to the banking industry.

解析：选B。B细节理解题。根据题目定位到最后一段，根据第一句可知他们的研究并没有回答企业应该在CSR上花多少钱的问题，即公司应该在这方面指出多少未可知，故选B。