Ruf, Bernadette M., Krishnamurty Muralidhar, Robert M. Brown, and Karen Paul. "An Empirical Investigation of the Relationship Between Change in Corporate Social Performance and Financial Performance: A Stakeholder Theory Perspective." Working paper, 1998.

Analyzes the relationship between stock performance and changes in the social records of 488 companies from 1991-92. Finds that the relationship is positive, leading the authors to conclude that "an investment in [corporate social responsibility] can have financial benefits." This study uses a notably advanced aggregate social rating by applying weighted averages (based on responses to a questionnaire mailed to investors) to raw KLD issue ratings.