Before revision:  Image gains do not pass-through to institutional shareholders, who instead preferred to donate themselves rather than having the firms in their portfolios donate. Our results cast doubts on large corporations' willingness to enforce CSR measures for firms in their portfolio .
After revision:  Image gains do not pass-through to institutional shareholders, who instead preferred to donate themselves rather than having the firms they invested in donate. Taken together, our results cast doubts on large corporations' willingness to enforce CSR measures for firms in their portfolio .