Bihr, Marie-Hélène. “Are financial and extra-financial information all the same?” Working paper (ESDES/UCL, Lyon), 2012.
From the author's abstract: "We suggest that taking care of its stakeholder, helping having a good social performance should have an impact on several accounting and market ratio. We use the ratings of two of the most renowned extra-financial rating agencies (KLD for the US and Vigeo for Europe) and a logit regression to conduct our analysis. Our results suggest that a relationship between financial and extra-financial information is hard to systematically bring to light and that it reinforces the role of extra- financial rating agencies as provider of extra-financial information."