Home    About Us    Services    Archives    Books    Links   

                    Contact Us         Ethical Investing & CSR Studies        Free Newsletter

Listen now to our podcast:
 Ethical & Sustainable Investing News to Profit By!

Still 50% off on our 1-hour
DIY Ethical-Sustainable Investing Pays Tutorial


      & Analyst

Follow ron_robins on Twitter


Media Coverage of
Investing for the Soul


  • Wall Street Journal
  • MarketWatch
  • BNN (Business News Network)
  • The Financial Post
  • Rogers Television’s Money Line
  • CBC One’s Metro Morning
  • 680 News Radio
  • Environmental News Network
  • The Catholic Register
  • More…

The Web This Site



Shareholder Values

"Forty-five percent of U.S. households prefer an environmental, social and governance (ESG) approach to investing… Among those between the ages of 30 and 39, this increases to 64%, and for those younger than 30, it is 67%."
-- Cerulli Associates
    October 2018

"The vast majority of Canadian investors are interested in responsible investments (RI) that incorporate environmental, social and governance (ESG) issues, and they would be more likely to choose responsible investments if their financial advisor suggested suitable RI options for them."
-- Responsible
    Association (RIA)
    June 2017

"70% of people [in UK] want to invest ethically but the financial services industry is failing to respond." Referencing research by Abundance.
-- Acquisition
(UK) June 2015



Research Studies

Ethical Investing

Corporate Social Responsibility


Ethical Investing Research

Key findings -- by release date

If a link does not work, please e-mail us. Link may only be valid a limited time. 

Does corporate social responsibility affect shareholder value? Evidence from the COVID-19 crisis, by Somya Arora, Jagan Kumar Sur, Yogesh Chauhan, at the Indian Institute of Management Raipur, Raipur, India, May 26, 2021. International Review of Finance.

Keeping Promises? Carbon Risk (CR) Disclosure and Mutual Fund Portfolios, by John R. Nofsinger, University of Alaska Anchorage and Abhishek Varma, Illinois State University. April 27, 2021.

ESG AND FINANCIAL PERFORMANCE: Uncovering the Relationship by Aggregating Evidence from 1,000 Plus Studies Published between 2015 -- 2020. By Tensie Whelan, Ulrich Atz, Tracy Van Holt and Casey Clark, CFA. February 2021, Rockefeller Asset Management, NYU Stern Center for Sustainable Business, USA.

Sustainable Investing in Equilibrium, by Lubos Pastor University of Chicago; Robert F. Stambaugh University of Pennsylvania; and Lucian A. Taylor University of Pennsylvania. August 12, 2020, Journal of Financial Economics (JFE), USA.

ESG Matters, by Dr. G Kevin Spellman, CFA, January 2020, Institutional Shareholder Services Inc., USA.

Institutional Investors and Corporate Social Responsibility, by John R. Nofsinger (University of Alaska), Johan Sulaeman (National University of Singapore), and Abhishek Varma (Illinois State University), August 9, 2019, Journal of Corporate Finance.

Sustainable Reality: Analyzing Risk and Returns of Sustainable Funds, by Morgan Stanley Institute for Sustainable Investing, July 2019.

Index Funds and the Future of Corporate Governance: Theory, Evidence and Policy, co-authored by Lucian Bebchuk, Harvard Law School and Scott Hirst, Boston University School of Law. IRRC Insitute, December 6, 2018, USA.

Are Sustainability Factors Associated with Stock Price Informativeness? By Zabihollah Rezaee, University of Memphis and Anthony C. Ng, Deakin University, Australia. IRRC Insitute, December 6, 2018, USA.

Public Sentiment and the Price of Corporate Sustainability, by George Serafeim, October 28, 2018, Working Paper, Harvard Business School, USA.

Outperformance through Investing in ESG in Need, by Jason Hsu, Xiaoyang Liu, Keren Shen, Vivek Viswanathan, and Yanxiang Zhao, The Journal of Index Investing, Fall 2018, UK.

Methods for Selecting Ethical Investments: Some Sociological Explanations, by Caterina Galluccio, Advances in Applied Sociology, April 2018.

Total Societal Impact: A New Lens for Strategy, by Douglas Beal, Robert Eccles, Gerry Hansell, Rich Lesser, Shalini Unnikrishnan, Wendy Woods, and David Young, October 25, 2017, Boston Consulting Group, USA.

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, USA.

Asset Owners and the Diffusion of Responsible Investment. What Explains the Low Rate of Adoption? By Stephanie Mooij, July 31, 2017, University of Oxford, UK.

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, Morningstar, USA.

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, March 2016.

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, 2015, Canada.

ESG and Financial Performance: Aggregated Evidence from More than 2000 Empirical Studies, by Gunnar Friede, 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 2015.

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.

From 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 Prize winner.)

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 Business, 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 University, USA.

High Net Worth Individuals (HNWI) & Sustainable Investment Study 2012, by EuroSif, November 2012, Belgium.

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 Tomorrow, UK.

The Financial Performance and Investment Style of French Ethical Funds, by Khaled Saadaoui, June 7, 2012, Ecole de Management de Normandie, France.

Performance 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, Germany.

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, Japan.

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, UK.

Going Green: Market Reaction to CSR Newswire Releases, by Paul A. Griffin and Yuan Sun, University of California, USA.

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 10.1007/s10551-011-1155-8.

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 Pennsylvania, USA.

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, USA.

Determinants of customer satisfaction with socially responsible investments: Do ethical and environmental factors impact customer satisfaction with SRI profiled mutual funds? By Jonas Nilsson (Corresponding author)
Johan Jansson, Sofia Isberg, Anna-Carin Nordvall, August 2011, Umeå School of Business at Umeå University, Umeå, Sweden.

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,  USA/Canada.

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 School, USA.

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.

The 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 Investing, USA.

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, USA.

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, Australia.

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, United Nations.

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 Investment, by 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,  France.

Vice versus virtue, by Sebastian Lobe, Stefan Roithmeier, and Christian Walkshäusl, August 2009, University of Regensburg, Germany.

The Wages of Social Responsibility, by Meir Statman and Denys Glushkov, July/August, 2009, Financial Analysts Journal, Vol. 65, No. 4: 33-46, USA.

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 & Investments, USA.

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, UK.

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, UK.

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, 2007, Canada.

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 stock-brokerages.)

SRI screens have little impact on returns: study by Steven Lamb, March 12, 2007, Advisor.ca, Canada.

The Determinants of Sin Stock Returns: Evidence on the European Market, by Julie M. Salaber, University of Bath School of Management, November 1, 2007, UK.

Most investment managers see SRI (Socially Responsible Investing or Ethical Investing) practices becoming mainstream, Mercer Investment Consulting, Press Release, April 7, 2005, Canada.

Are socially 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: SRI Studies

Corporate Social Responsibility

Key findings -- by release date

If a link does not work, please e-mail us. Link may only be valid a limited time. 

Married CEOs and corporate social responsibility, by Shantaram P. Hegdea (University of Connecticut), and Dev R. Mishra (University of Saskatchewan), Journal of Corporate Finance, October 2019, USA.

Toward an Understanding of Corporate Social Responsibility: Theory and Field Experimental Evidence, by Daniel Hedblom (University of Chicago), Brent Hickman (Washington University in St. Louis), and John A. List (University of Chicago), NBER Working Paper No. w26222, September 2019, USA.

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 (Bocconi University), Journal of Financial Economics, January 2018, USA.

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.

Corporate Governance & Rise of Integrating Corporate Social Responsibility Criteria in Executive Compensation, by Dylan Minor (Northwestern University), Bryan Hong (University of Western Ontario), and Caroline Flammer (Boston University), October 2017.

Corporate Disclosure of Human Capital Metrics, by Aaron Bernstein and Larry Beeferman, Harvard Law School, October 2017, USA.

Peer Effects of Corporate Social Responsibility, by Jie Cao, Chinese University of Hong Kong; Hao Liang, Singapore Management University; Lee Kong, Chian School of Business; and Xintong Zhan, Erasmus University Rotterdam. 28th Australasian Finance and Banking Conference Paper, July 5, 2017.

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 Accountability Journal, 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, Canada.

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 School, USA.

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 Hao Liang, Tilburg University; Christopher Marquis, Harvard University; Luc Renneboog, Tilburg University; and Sunny Li Sun, University of Missouri. March 2014, USA/Belgium.

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, USA.

Hard to tell whether CSR has a positive effect on profitability or not, by Cristiana Manescu,  University of Gothenburg, December 6, 2010, Sweden.

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.

The 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, Ceres, USA.

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. Download all or part of this Ph.D 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.

Social Responsibility, International Standards Association, May 2007.

Study slams ‘trivial′ corporate social responsibility reports, by Rob Edwards, Environment Editor, June 25, 2006, Sunday Herald (Scotland).

ASQ Poll 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.

If you are a spiritual investor, or believe in ethical investing and socially responsible investing, get the latest relevant news in your inbox. Sign-up now for our free e-newsletter, The Soul Investor. 

Ethical Investing News & Commentary | Archives | Books | Important Links | Events | Ron Robins

Ethical Investing Workshops | Services For Investors & Investment Professionals

Who Should Invest My Money? | Press Kit | Editorials | Spiritual Quotes Related to Money

Privacy Policy | Contact Us | Free Newsletter/Unsubscribe| Sitemap



Disclaimer: This website does not make investment recommendations. Nothing in this site should be interpreted as a recommendation or solicitation to buy/sell any securities or investments. Investing for the Soul is a source of general information and resources for ethical investing and socially responsible investing (SRI). Investors should consider their actions thoroughly and consult their financial advisers and other professionals, prior to taking any investment action. This website does not necessarily agree with the opinions expressed in articles on its pages or offered on the web pages to which it might be linked. Such opinions are the responsibility of the writers themselves. Furthermore, this site does not offer or provide any warranties, representations, guarantees, implied or otherwise, as to the accuracy, legality, copyright compliance, timeliness or usefulness of the information, materials or services on this, or other sites, to which it is linked. Also, Mr. Ron Robins is not an investment advisor, nor is he licensed with any professional investment related body, and thus is not able to, nor does he make, any investment recommendations.


Investing for the Soul is a registered business name in the Province of Ontario, Canada.

Sunburst image in logo complements of https//:freeimages.co.uk             Copyright © 2002-2019 Ron Robins. All rights reserved.