Margolis, Joshua D., Hillary Anger Elfenbein, and James P. Walsh. "Do Well by Doing Good? Don't Count on It." Social Responsibility. HBS Centennial Issue. Harvard Business Review 86, no. 1 (January 2008): 19.

Brief summary from Harvard Business Review website:

Research over 35 years shows only a weak link between socially responsible corporate behavior and good financial performance. However, there's no evidence of risk in doing good, only in being exposed for misdeeds.

Available at

This citation taken from ECCE's 2007-2008 Top Studies on ESG