Ethical Investing Research
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Investments in Ethical Funds and Indices: An
Overview of Performance, by Giuseppe Risalvato,
September 7, 2017, LIUC University, Italy.
Sin Stocks Revisited: Resolving the Sin Stock
Anomaly, by David Blitz and Frank J. Fabozzi,
August 7, 2017, The Journal of Portfolio Management,
The Price of Taste for Socially Responsible
Investment, by Rocco Ciciretti University of
Rome II, Ambrogio Dalo University of Rome, and
Lammertjan Dam University of Groningen, CEIS Working
Paper No. 413, July 2017, Italy.
Are Sustainability Rankings Consistent Across
Ratings Agencies? By Beixin (Betsy) Lin, PhD,
Silvia Romero, PhD, Agatha E. Jeffers, PhD, CPA,
Laurence DeGaetano, CPA and Frank Aquilino, CPA,
July 2017, The CPA Journal, USA.
Sustainability Scores for Investment Funds, by
Jeroen Bos, CFA Institute Magazine, March 2017,
Volume 28 Issue 1, USA.
ESG factors and risk-adjusted performance: a new
quantitative, by N. C. Ashwin Kumara, Camille
Smitha, Leïla Badisa, Nan Wanga, Paz Ambrosya, all
at IE Business School, Spain; and Rodrigo Tavaresb,
Granito & Partners; Journal of Sustainable Finance &
Investment 2016 vol. 6, no. 4, USA/UK.
Sustainable Investing Research Suggests No
Performance Penalty, by Jon Hale, November 10,
2016, Morningstar, USA.
ESG Issues among Fund Managers—Factors and Motives,
by: Justyna Przychodzen, University of Liverpool
Online Management Programmes, The Netherlands; and
Fernando Gómez-Bezares, Wojciech Przychodzen, Mikel
Larreina of University of Deusto, Spain. October 24,
2016, Sustainability 2016, Switzerland.
Financial Data Science for Responsible Investors,
by Andreas G. F. Hoepner, University of Reading -
ICMA Centre; Stockholm School of Economics - Mistra
Financial Systems (MFS), August 11, 2016, UK.
You Don't Have to Sacrifice Returns for
Sustainability, by Jon Hale, August 19, 2016,
Shareholder Activism on Sustainability Issues,
by Jyothika Grewal, Aaron S. Yoon, Harvard Business
School students, and Professor George Serafeim,
Harvard Business School, July 6, 2016, USA.
ESG Integration in Investment Management: Myths and
Realities, by Sakis Kotsantonis of KKS Advisors,
Chris Pinney at High Meadows Institute, and George
Serafeim of Harvard Business School, June 2016,
Journal of Applied Corporate Finance, USA.
The Financial and Societal Benefits of ESG
Integration: Focus on Materiality, by Calvert
Investments/George Serafeim, Associate Professor of
Business Administration at Harvard Business School,
June 13, 2016, USA.
Impact Investing, by Brad M. Barber, University
of California Davis; Adair, Morse University of
California; and Ayako Yasuda, University of
California, Davis. June 10, 2016, USA.
Frictional costs of fossil fuel divestment, by
Hendrik Bessembinder, Arizona State University, June
3, 2016, USA.
Ethical Dow Jones Indexes and Investment
Performance: International Evidence, by Mo
Sherif, Heriot-Watt University, Scotland, Investment
Management and Financial Innovations, Volume 13,
Issue 2, 2016.
Gender Diversity in Senior Positions and Firm,
by Lone Christiansen, Huidan Lin, Joana Pereira,
Petia Topalova, and Rima Turk, IMF Working Paper,
Corporate Social Responsibility and Shareholder
Wealth: The Role of Marketing Capability, by
Saurabh Mishra, McGill University, Canada, and
Sachin Modi, Iowa State University, USA. Journal of
Marketing, January 2016, USA.
How Ethical Compliance Affects Portfolio Performance
And Flows: Evidence From Mutual Funds, by Sadok El
Ghoul, University of Alberta and Aymen Karoui,
University of Quebec at Montreal (UQAM), December 4,
ESG and Financial Performance: Aggregated Evidence
from More than 2000 Empirical Studies, by Gunnar
Deutsche Asset & Wealth Management; Timo Busch,
University of Hamburg, and Alexander Bassen
University of Hamburg/University of Reading. Journal
of Sustainable Finance & Investment, Volume 5, Issue
4, October 22, 2015, UK.
Passive Investors, Not Passive Owners, by Ian
Appel Boston College - Carroll School of Management;
Todd A. Gormley, University of Pennsylvania - The
Wharton School; and Donald B. Keim, also at the
University of Pennsylvania - Wharton School.
Published SSRN, September 15, 2015, USA.
The ‘Price of Sin’ Aversion: Ivory Tower Illusion or
Real Investable Alpha? By Hampus Adamsson and
Andreas G. F. Hoepner, University of Reading,
September 11, 2015, UK.
Climate Change and Firm Valuation: Evidence from a
Quasi-Natural Experiment, by Philipp Krueger,
University of Geneva, February 15, 2015,
Switzerland. (Winner of the 2015 Moskowitz Prize for
Socially Responsible Investing.)
Performance of Socially Responsible Portfolios - Do
Economic Conditions Matter? By Vanita Tripathi
and Varun Bhandari, Journal of Commerce & Accounting
Research, Vol. 04, 2015, India.
Can ESG Add Alpha? By MSCI.Inc researchers,
Zoltán Nagy, Altaf Kassam, Linda-Eling Lee, June
Canadian Responsible Investment Mutual Funds, by
Tessa Hebb, Carleton Centre for Community Innovation
at Carleton University, May 1, 2015, Canada.
Are Ethical Investments Good? By Gariet Chow
(University of Western Australia), Robert B. Durand
(Curtin University of Technology), and SzeKee Koh
(Singapore Institute of Technology), Australian Journal of Management, Vol. 39, No.
4, 2014, November 13, 2014, Australia.
Stockholder To Stakeholder, by the Smith School
of Enterprise and the Environment at the University
of Oxford and Arabesque Asset Management, September
15, 2014, UK.
Socially Responsible Firms, by Allen Ferrell,
Harvard Law School; and Hao Liang and Luc Renneboog,
Tilburg University, July 10, 2014. (2014 Moskowitz
Is Sin Always a Sin? The Interaction Effect of
Social Norms and Financial Incentives on Market
Participants’ Behavior, by Yanju Liu, Singapore
Management University - School of Accountancy; Hai
Lu, University of Toronto - Rotman School of
Management; and Kevin J. Veenstra, McMaster
University - DeGroote School of Business.
Accounting, Organizations and Society, May 2014, Canada/Singapore.
Corporate Social Responsibility and Stock Price
Crash Risk, by Yongtae Kim, Haidan Li, and Siqi
Li, all at Santa Clara University - Leavey School of
Journal of Banking and Finance (Forthcoming),
February 14, 2014, USA.
Do Socially Responsible Investment Funds
Under-Perform the Market? Evidence from China,
by Ting Zhang, University of Baltimore, USA,
International Journal of Management Research and
Business Strategy (IJMRBS), January 2014, India.
The Unintended Effect of Corporate Social
Responsibility Performance on Investors' Estimates
of Fundamental Value, by Mark E. Peecher of the
University of Illinois at Urbana-Champaign, W.
Brooke Elliott and Kevin E. Jackson of the
University of Illinois, and Brian J. White of the
University of Texas at Austin, The Accounting
Review, January 2014, USA.
Social Norms in Pension Funds, by Arian C.T.
Borgers and Rachel A. J. Pownall, Tilburg
University, November 2013, Netherlands.
Does Corporate Social Responsibility Lead to
Superior Financial Performance? A Regression
Discontinuity Approach, by Caroline Flammer,
Ivey Business School, University of Western Ontario,
October 2013, Canada.
Voluntary Corporate Social Responsibility Disclosure
and Religion, by Paul A. Griffin (University of
California, Davis) and Yuan Sun (Boston University),
September 18, 2013, USA.
Review of Evidence: Database of SRI Academic Studies,
Compiled by UC Davis Graduate School of Management,
June 2013, USA.
Investor Attitudes, Investment Screen Use, and
Socially Responsible Investment Behavior, by
William N. Dilla and Diane Joyce Janvrin (both of
Iowa State University - Department of Accounting and
Finance), Jon D. Perkins (Iowa State University),
and Robyn Raschke (University of Nevada, Las Vegas),
May 2, 2013, USA.
Ethical Investment and Portfolio Theory: Using
Factor Analysis to Select a Portfolio, by John
Simister and Richard Whittle, Accounting, Finance
and Economics Department, Manchester Metropolitan
University, Manchester, UK, February 2013.
Optimizing Environmental, Social and Governance
Factors in Portfolio Construction: Analysis of Three
ESG-Tilted Strategies, by MSCI.Inc researchers,
Zoltán Nagy, Douglas George Cogan, and Dan Sinnreich,
February 20, 2013,
Ethical and Socially Responsible Investment, by
Julia M. Puaschunder, November 12, 2012, Harvard
High Net Worth Individuals (HNWI) & Sustainable
Investment Study 2012, by EuroSif, November
Misadventures of An Irresponsible Investor, by
Jack Gray, University of Technology, Sydney (UTS),
September 17, 2012, Australia.
Performances of Socially Responsible Investment and
Environmentally Friendly Funds, by Yutaka Ito,
Shunsuke Managi, and Akimi Matsuda, August 15, 2012,
Tohoku University, Japan.
Environmental, Social and Governance Investing by
College and University Endowments in the United
States, July 18, 2012, The IRRC Institute, USA.
Investing sustainably is a ‘clear win’ says
(Deutsche Bank) study,
by Alex Blackburne, June 18, 2012, Blue & Green
The Financial Performance and Investment Style of
French Ethical Funds, by Khaled Saadaoui, June
7, 2012, Ecole de Management de Normandie, France.
of ethical equity investing in the UK: active,
passive and criteria, Ph.D thesis by
Nitin Deshmukh, Middlesex
University, May 24, 2012, UK.
Is socially responsible investing just screening?
Evidence from mutual funds, by Markus
Hirschberger, Ralph E. Steuer, Sebastian Utz, and
Maximilian Wimmer, Humbold University, March 2012,
Do Socially Responsible Investment
Indexes Outperform Conventional Indexes?
By Shunsuke Managi (Tohoku University), Tatsuyoshi
Okimoto (Hitotsubashi University), and Akimi Matsuda
(Nomura Securities Co., Ltd.), February 14, 2012,
Finding Common Ground on the Metrics that Matter, by
Peter A. Soyka and Mark E. Bateman, IRRC Institute,
February 2012, USA.
Resource strategy put to the test,
by Ruth Sullivan, February 19, 2012, Financial Times,
Going Green: Market Reaction to CSR
Newswire Releases, by Paul
A. Griffin and Yuan Sun, University of California,
From Preaching to Investing: Attitudes of Religious
Organisations Towards Responsible Investment, by
Céline Louche, Daniel Arenas and Katinka C. van
Cranenburgh, Journal of Business Ethics, DOI
Efficiently weighted indices can lead to SRI
outperformance – EDHEC, by Nina Röhrbein,
January 17, 2012, IPE, France.
Socially Responsible Investing, by Olivia S.
Jung, January 12, 2012, Wharton, University of
Socio-Psychological Motives of Socially Responsible
Investors, by Julia M. Puaschunder, December 30,
2011, Harvard University, USA.
The Performance of Socially Responsible Investment -
A Review of Scholarly Studies Published 2008-2010,
by Emma Sjöström, October 17, 2011, Stockholm School
of Economics; Nuwa AB, Sweden.
Market Interest in Nonfinancial Information, by
Robert G. Eccles, Michael P. Krzus, and George
Serafeim, September 2011, Harvard Business School,
Determinants of customer satisfaction with socially
responsible investments: Do ethical and
environmental factors impact customer satisfaction
with SRI profiled mutual funds? By Jonas Nilsson
Johan Jansson, Sofia Isberg, Anna-Carin Nordvall,
August 2011, Umeå School of Business at Umeå University, Umeå,
Socially Responsible Investments in Europe: The
Effects of Screening on Risk and the Clusters in the
Fund Space, by Daniela Laurel, July 11, 2011,
Politecnico di Milano, Italy.
Shareholder Voting and Corporate Governance Around
the World. Authors: Peter Iliev, Pennsylvania
State University; Karl V. Lins, University of Utah;
Darius P. Miller, Southern Methodist University;
Lukas Roth, January 13, 2011, University of Alberta,
Does Shareholder Proxy Access Improve Firm Value?
Evidence from the Business Roundtable Challenge,
by Bo Becker, Daniel Bergstresser, and Guhan
Subramanian, November 22, 2010, Harvard Business
The Ethical and Non Ethical Mutual Funds Comparison,
by Rosa Adamo, Angela Coscarelli, Domenica Federico
and Antonella Notte, American Journal of Economics
and Business Administration, Volume 2, Issue 4, USA.
Yes, Indeed, Idiosyncratic Risk Matters to Socially
Responsible Investments! By Huimin Li, Adrian (Wai-kong)
Cheung, and Eduardo Roca, November 6, 2010,
Griffith University, Australia.
Investigation of Socially Responsible Investment
Markets (SRI) Using Dynamic Conditional Correlation
(DCC) Method: Implications for Diversification,
by Gurudeo AnandTularam, Eduardo Roca and Victor S.
H. Wong. November 4, 2010, Journal of Mathematics
and Statistics, USA.
Morality in the financial market? A look at
religiously affiliated mutual funds in the USA,
Jared L. Peifer, September 2010, Socio-Economic
Review 2010 1–25, USA.
The Performance of Socially Responsible Investment
and Sustainable Development in France: An Update
after the Financial Crisis, by Noël Amenc and
Véronique Le Sourd of the EDHEC-Risk Institute,
September 2010, France.
Impact of Corporate Social Responsibility on
Investment Recommendations, by Ioannis Ioannou
(London Business School) and George Serafeim (Harvard
Business School), September 10, 2010.
Exploring the Cost of Investing in Socially
Responsible Mutual Funds: An Empirical Study, by
David M. Blanchett, Fall 2010, The Journal of
Corporate Environmental Management and Credit Risk,
by Rob Bauer and Daniel Hann, Maastricht University,
June 30, 2010, Netherlands.
Responsible Investment: A Vehicle for
Environmentally Sustainable Economic Growth in South
Africa, by Lise Pretorius, Martine Visser, and
Stephanie Giamporcaro, University of Cape Town, June
2010, South Africa.
The Impact of Faith-Based Screens on Investment
Performance, by Esmeralda O. Lyn and Edward J.
Zychowicz of the Frank G. Zarb School of Business,
Hofstra University, Hempstead, NY, USA.
Exploring the Cost of Investing in Socially Responsible
Mutual Funds: An Empirical Study, by David M.
Blanchett, July 21, 2010, The Journal of Investing,
A Tale of Values-Driven and Profit-Seeking Social
Investors, by Jeroen Derwall, Kees Koedijk, and
Jenke Ter Horst, July 13, 2010, School of Economics
and Management, Tilburg University, The Netherlands.
Socially Responsible Investment Fund Performance:
The Impact of Screening Intensity, by Darren
David Lee, Jacquelyn Humphrey, and Karen L.
Benson--all at University of Queensland, Australia,
and Jason Ahn. June 2010, Accounting and Finance,
Portfolio Diversification and Environmental, Social
or Governance Criteria: Must Responsible Investments
Really Be Poorly Diversified? By Andreas G. F.
Hoepner, University of St. Andrews - School of
Management, Principles for Responsible Investment,
From Fiduciary Duties to Fiduciary Relationships for
Socially Responsible Investment, by Benjamin J.
Richardson, Osgoode Hall Law School, York University,
Canada, May 2010.
Ethical investment and Shari'ah-compliant investment
compared: can investors benefit from diversification?
By Mejda Bahlous, Salina H. Kassim, and Rosylin Mohd
Yusof, Sestante Edizioni-Bergamo University Press Issue
3, Vol. XXXIV, 2010, Italy.
E.S.G. Risk Factors in a Portfolio Context. by
Dr Steffen Hörter, Dr. Wolfgang Mader and Barbara
Menzinger, risklab (a division of Allianz Global
Investors), March 2010.
Who lets ethics guide his economic decision-making? An
empirical analysis of individual investments in ethical
funds, by Jenny Säve-Söderbergh, The Swedish
Institute for Social Research, Stockholm University,
February 2010, Sweden.
Socially Responsible Investing vs. Vice Investing,
by Hoje Jo, Roopali Sharma and Sylvie Wright, all at
Santa Clara University, and Tamanna Saha of New York
University, February 2010, USA.
Information Asymmetry and Socially Responsible
Mark Jonathan Rhodes, December 20, 2009, Journal of
Business Ethics, Netherlands.
Shareholder Activism and Socially Responsible Investors:
Equilibrium changes in asset prices and corporate
behavior, by Christian Gollier and Sébastien Pouget,
September 7, 2009, Toulouse School of Economics,
Vice versus virtue, by Sebastian Lobe, Stefan Roithmeier,
and Christian Walkshäusl, August 2009, University of Regensburg,
The Wages of Social Responsibility, by Meir
Statman and Denys Glushkov, July/August, 2009,
Financial Analysts Journal, Vol. 65, No. 4:
Are Ethical Investments Good? By Gariet Chow,
Robert B. Durand, and SzeKee Koh, University of
Western Australia, Australia.
Sin Stock Returns Over the Business Cycle, by
Julie M. Salaber,
University of Bath School of Management, UK.
EDHEC: No alpha from SRI funds for Europeans, by
Barry B. Burr, March 9, 2009, Pensions &
Achieving Consistency and Coherence in Socially
Responsible Investment, by Ville-Pekka Sorsa,
December 19, 2008, School of Geography and the
Environment, University of Oxford, UK.
‘SRI funds not outperforming.’ (Though not
underperforming either.) By Sophie Grene, December
14, 2008, Financial Times, UK.
Green investing proves a winning strategy - study,
by Martin de Sa'Pinto,
November 13, 2008, Reuters, Switzerland.
Is Socially Responsible Investment Profitable? by
Jiro Yoshida, October 2008, University of Tokyo, Japan.
Higher Dividends and Lower Volatility in Values
Based Investing, commentary by Jose Rasco,
October 2008, Merrill Lynch, USA.
Sin Stock Returns, by Frank J. Fabozzi, K.C. Ma,
and Becky J. Oliphant, fall 2008, The Journal of
Portfolio Management, USA.
The Cost of Socially Responsible Investing, by Mark
Kritzman and Tim Adler, Summer 2008, Windham Capital
Management, LLC, USA.
Ethical funds on level footing with counterparts,
by Stefanie Ives, March 27, 2008, FT Advisor,
UNEP Finance Initiative - Demystifying Responsible
Investment Performance. (PDF -1.2 MB) Key academic and broker
research on environmental, social and governance (ESG)
factors and investment performance.
Board connections and mutual fund returns, by
Lauren Cohen, Andrea Frazzini, and Christopher
Malloy, February 2008, National Bureau of Economic Research, USA.
Imitate or Differentiate? Evaluating the validity of
corporate social responsibility ratings, by
Aaron K. Chatterji, Fuqua School of Business, Duke
University and David I. Levine, Haas School of
Business, University of California, Berkeley,
February 2008, USA.
Ethical funds' exposure not so green, by Tom
Stevenson, February 6, 2008, The Daily Telegraph,
IMCA Journal of Investment Consulting Publishes New
Paper on Socially Responsible Investments,
November 7, 2007, Marketwire.com, USA.
The Impact of Ethical Rating on Canadian Security
Performance: Portfolio Management and Corporate
Governance Implications, by Klaus P. Fischer,
and Nabil Khoury of the University of Quebec at
Montreal - Faculty of Management, September 24,
The Price of Ethics: Evidence from Socially
Responsible Mutual Funds, by Luc Renneboog,
Jenke ter Horst, Chendi Zhang, published by the
Social Science Research Network.
Socially Responsible Investments, by Meir
Statman, Glenn Klimek Professor of Finance, Santa
Clara University, California, June 2007, USA.
THOMSON EXTEL AND THE UK SOCIAL INVESTMENT FORUM
ANNOUNCE RESULTS OF THE SRI & SUSTAINABILITY SURVEY,
June 29, 2007, UK. (Analyzes the ethical investing
research capabilities of investment banks and
SRI screens have little impact on returns: study
by Steven Lamb, March 12, 2007, Advisor.ca, Canada.
Determinants of Sin Stock Returns: Evidence on the European Market,
by Julie M. Salaber, University of Bath School of Management, November
1, 2007, UK.
investment managers see SRI (Socially Responsible Investing or Ethical
Investing) practices becoming mainstream, Mercer
Investment Consulting, Press Release, April 7, 2005, Canada.
responsible investors different from conventional investors? A
comparison across six countries, by Geoffrey Williams, Associate
Professor of Financial Economics,
Nottingham University Business School, December 2005.
Many more studies are available at:
findings -- by release date
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Higher Highs and Lower Lows: The Role of Corporate
Social Responsibility in CEO Dismissal, by Tim
Hubbard (Notre Dame’s Mendoza College of Business),
Dane Christensen(University of Oregon), and Scott
Graffin (University of Georgia). Strategic
Management Journal, November 2017, USA.
How Media Coverage of Corporate Social
Irresponsibility Increases Financial Risk, by
Julian F. Kölbel (ETH Zurich/MIT), Timo Busch
(University of Hamburg), and Leonhardt M.
Jancso (ETH Zurich), Strategic Management Journal,
March 23, 2017, USA.
The Evolution of Corporate Social Responsibility
Assurance – A Longitudinal South African Study,
by Barry Ackers, Social and Environmental
February 25, 2017, UK.
Do Institutional Investors Drive Corporate Social
Responsibility? International Evidence, by I. J.
Alexander Dyck, University of Toronto; Karl V. Lins,
University of Utah; Lukas Roth, University of
Alberta; and Hannes F. Wagner Bocconi University.
December 20, 2016, Rotman School of Management,
Washing Away Your Sins? Corporate Social
Responsibility, Corporate Social Irresponsibility,
and Firm Performance, by Charles Kang, Tulane
University; Frank Germann, University of Notre Dame;
and Rajdeep Grewal, University of North Carolina.
Marketing, March 2016, USA.
The Materiality of Human Capital to Corporate
Financial Performance, by Aaron Bernstein and
Larry Beeferman, Pensions and Capital Stewardship
Project, April 2015, Harvard Law School, USA.
Good Neighbors but Bad Employers: Two Faces of
Corporate Social Responsibility Programs, by
Heung-Jun Jung and Dong-One Kim, March 2015, Korea
University Business School, Korea.
Corporate Sustainability: First Evidence on
Materiality, by Mozaffar Khan, George Serafeim,
and Aaron Yoon, March 2015, all at Harvard Business
State of Corporate Citizenship Finds Executive
Support for Corporate Citizenship, December
2014, Carroll School of Management Center for
Corporate Citizenship at Boston College, USA.
Speaking of Corporate Social Responsibility, by
Tilburg University; Christopher Marquis, Harvard
University; Luc Renneboog, Tilburg University; and
Sunny Li Sun, University of Missouri. March 2014,
The Intentions with Which the Road is Paved:
Attitudes to Liberalism as Determinants of
Greenwashing, by Thomas J Roulet, University of
Oxford - Novak Druce Centre, and Samuel Touboul HEC
Paris (ParisTech), School of Management, IPAG
Business School. February 2014. UK/France.
Corporate Social Responsibility and Firm Risk:
Theory and Empirical Evidence, by Rui Albuquerque and
Yrjo Koskinen of Boston University, and Art Durnev,
University of Iowa, June 2013, USA.
Does Product Market Competition Foster Corporate
Social Responsibility? By Caroline Flammer,
August 2012, MIT Sloan School of Management, USA.
Corporate Social Responsibility and Asset Pricing in
Industry Equilibrium, by Rui Albuquerque and
Yrjo Koskinen of Boston University, and Art Durnev,
University of Iowa, June 2012, USA.
Many companies fall short of social responsibility
promises. Study authors are Alwyn Lim and
Kiyoteru Tsutsui, University of Michigan. Reporting
by Jared Wadley, February 8, 2012, University of
Michigan News Service, USA.
Do Markets Value Corporate Social Responsibility in
the United Kingdom? By Graham Buckingham, Alan
Gregory, and Julie M. Whittaker, December 2011,
University of Exeter, UK.
The Impact of a Corporate Culture of Sustainability
on Corporate Behavior and Performance, by Robert
Eccles and George Serafeim of the Harvard Business
School and Ioannis Ioannou, London Business School,
November 4, 2011. USA/UK.
Does Corporate Social Responsibility Affect the Cost of Capital?
(2011 Moskowitz Prize winner.) By
Sadok El Ghoul, Omrane Guedhami, Chuck C. Y. Kwok, and Dev R. Mishra,
Journal of Banking & Finance, September 2011, USA.
Corporate Social Responsibility for Irresponsibility, by Matthew J.
Kotchen and Jon Jungbien Moon, National Bureau of Economic
Research (NBER), July 2011, USA.
Environmental Externalities and Cost of Capital, by
Sudheer Chava, Georgia Institute of Technology - College of Management,
June 2011, USA.
Do Corporations Invest Enough in Environmental Responsibility? By Yongtae Kim and Meir Statman, Journal of Business Ethics, June 2011,
Hard to tell whether CSR has a positive effect on
profitability or not, by Cristiana Manescu, University of Gothenburg,
December 6, 2010,
French Corporate Social Responsibility: Which Dimension Pays More?
by Abraham Lioui, Professor of Finance, EDHEC Business School and
Member, EDHEC-Risk Institute, and Laetitia Drusch, Assistant, Mazars,
June 2010, France.
Economics and Politics of Corporate Social Performance, by David P.
Baron, Stanford Graduate School of Business; Maretno A. Harjoto,
Pepperdine University - Graziadio School of Business and Management; and
Hoje Jo, Santa Clara University. April 9, 2009, USA. This study won the
prestigious 2009 Moskowitz Prize for Socially Responsible Investing.
IBM, Tesco and Dell Receive Top Scores in First-Ever Ranking of Consumer
& Tech Companies on Climate Change Strategies, December 11, 2008,
A European Survey on Corporate Social Responsibility, by Jan
Stentoft Arlbjørn, Professor, PhD; Bent Warming-Rasmussen, Associate
Professor, PhD; Dennis van Liempd, PhD student; and Ole Stegmann
Mikkelsen, external lecturer—University of Southern Denmark, December
8, 2008, Denmark.
How Firms Respond to Being Rated, by Aaron K. Chatterji, Fuqua
School of Business, Duke University and Michael W. Toffel, Harvard
Business School, August 28, 2008, USA.
Corporate Social Responsibility through an Economic Lens, Harvard University, Kennedy School of Government, Faculty Research
Working Paper Series, April 2008, USA.
Corporate social responsibility increases company
value, February 11, 2008, Innovations Report.
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thesis by Lammertjan Dam, "Corporate social responsibility and financial
markets," University of Groningen, Netherlands.
US firms fall behind Europe in ethical standards,
says Eiris, by Sean O'Grady, September 15, 2007,
The Independent, UK.
How Well do Social Ratings Actually Measure Corporate Social
Responsibility? By Aaron K. Chatterji, Fuqua
School of Business, Duke University; David I. Levine, Haas School of
Business, University of California at Berkeley; Michael W. Toffel,
Harvard Business School, June 7, 2007, USA.
International Standards Association, May 2007.
Study slams ‘trivial’
corporate social responsibility reports, by Rob Edwards, Environment Editor,
June 25, 2006, Sunday Herald (Scotland).
Shows U.S. Companies Lag, but Executives See the Advantage of Using
Corporate Social Responsibility, March 08, 2006,
Moskowitz Prize Study Links Strong
Corporate Social Performance with Financial Results, by William
Baue, CSRWire, October 26, 2004, USA.
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