Waddock, Sandra A., and Samuel B. Graves. "Finding the Link Between Stakeholder Relations and Quality of Management." Journal of Investing, Winter 1997b.

Compares SRI data from KLD with Fortune magazine reputational data, and finds a high degree of correlation. The authors argue that "perceived quality of management can be explained by the quality of performance with respect to specific primary stakeholders: owners, employees, customers, and (marginally) communities," but finds that environmental ratings are not a significant factor.

This study won the 1997 Moskowitz Prize competition for the best quantitative study of socially responsible investing.