"by investing shareholder funds into activities that generate a...

"by investing shareholder funds into activities that generate a risk- related return which is higher than the cost of those funds."

This sounds good in theory but for companies like CSR their results and success are very much driven by factors beyond their direct control - the overall economic outlook and activity and factors such as consumer/business confidence, interest rates, changes in government regulations and global factors. Yes there are internal things they can do or perhaps acquisitions - but that is dependent on good targets being available and at a good price (not always the case).

I think it's a bit presumptuous to think management aren't aware of such economic "theories/concepts", I'm sure they are but they are the ones who know the business best and are attuned to the market and environment they are operating in.