Griffin and Sun (2013)

Griffin, Paul A. and Yuan Sun.  “Voluntary Corporate Social Responsibility Disclosure and Religion.”  Working paper (University of California, Davis), 2013.

From the authors' link:  "Based on a comprehensive data set from the CSRwire news service, we find that companies disclose less in geographic areas with strong religious beliefs... [Our] regressions show that strong religious beliefs associate positively with investors’ returns around CSR disclosures; and portfolios constructed on the basis of religious attributes generate significant net excess returns over one to three months following such disclosures. Collectively, these results suggest that religious organizations might promote corporate disclosure as a feasible pathway for changing company individuals’ norms and attitudes about environmental and social welfare."

Link (published version):  https://www.emeraldinsight.com/doi/abs/10.1108/SAMPJ-02-2017-0014