King, Michael. "Sustainability: advantaged or disadvantaged?" PriceWaterhouse Coopers, Manchester, UK. Working Paper, 2001.

Identifies 11 "target companies" with top sustainability scores, as determined by SAM sustainability Group of Zurich. These were then compared with 95 peers from 11 industry groups. Finds that "a $10,000 in the sustainable companies delivers greater average returns than the same investment in the sector indexes, the S&P 500 or the peers" although peer companies were actually better for the one- and three-year time horizons. However peer companies had a risk level (std deviation of returns) 1.7x higher than the target group, suggesting that much of the performance difference could be explained by higher risk levels.

"...[C]an organizations deliver a sustainable agenda and still be profitable? The short answer is yes."