Beal, Diana and Michelle Goyen. "Are Ethical Investors Real?" The Investment Research Guide to Socially Responsible Investing, The Colloquium on Socially Responsible Investing, 1998.

Surveys 689 shareholders in Earth Sanctuaries Limited, "Australia's only public land conservation company." Finds that shareholders own the stock primarily for social reasons, with 97% stating that "Conservation of endangered animals" was considered important in purchasing the shares. By contrast, only 20% stated that "Share price (capital) growth" was considered important in their decision.