As the literature of responsible investment grows and develops, we can now see clusters of papers on a number topics evolving over time.  Papers in these clusters are often from different academic disciplines, and - given the intermittent attention academics have brought to the field - some of the "conversations" span decades.  The lists below represent my first try at naming some of these topics, and identifying some studies I believe made important contributions in each area.  I have tried to keep the lists reasonably short and focus on well-regarded papers, and give credit to early researchers where possible.


Active Ownership / Shareholder Engagement

  • Nesbitt (1994), "Long-Term Rewards from Shareholder Activism: A Study of the CalPERS Effect." - link

  • Barber (1996), “Monitoring the Monitor: Evaluating CalPERS' Shareholder Activism” - link

  • Dimson et al (2015), “Active Ownership” - link

  • Flammer (2013), “Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach” - link

  • Junkin (2013), “Update to The ‘CalPERS Effect’ on Targeted Company Share Prices” - link

  • Hoepner et al (2016), “ESG Shareholder Engagement and Downside Risk” - link in process

  • Barko, Cremers, and Renneboog (2017), “Activism on Corporate Social Responsibility” - link


Employees / Human Capital

  • Abowd (1989), "The Effect of Wage Bargains on the Stock Market Value of the Firm." - link

  • Huselid (1995), "The Impact of Human Resource Management Practices on Turnover, Productivity, and Corporate Financial Performance - link

  • Graves and Waddock (2000), "Beyond Built-to-Last... Stakeholder Relations in 'Built to Last' Companies." - link

  • Gorton and Schmid (2000), "Class Struggle Inside the Firm: A Study of German Codetermination." - link

  • Edmans (2007 / 2010), “Does the Stock Market Fully Value Intangibles?” - link

  • Derwall and Verwijmeren (2007), "Employee Well-Being, Firm Leverage, and Bankruptcy Risk." - link

  • Flammer (2013), “Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach” - link

    • (This is often thought of as an engagement study, but most of the engagements reviewed pertained to human capital. -lk)

  • Edmans et al (2017), “Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around the World” - link


Environment / Climate

  • Russo and Fouts (1997), "A Resource-Based Perspective on Corporate Environmental Performance and Profitability." - link

  • Dowell, Hart, and Yeung (2000), "Do Corporate Environmental Standards Create or Destroy Market Value?" - link

  • Derwall, Guenster, Bauer, and Koedijk (2005), "The Eco-Efficiency Premium Puzzle." - link

  • Guenster, Derwall, Bauer, and Koedijk (2005 / 2010), “The Economic Value of Corporate Eco-Efficiency.” - link

  • Kim and Statman (2011), “Do Corporations Invest Enough in Environmental Responsibility?” - link

  • Krueger (2015), “Climate Change and Firm Valuation: Evidence from a Quasi-Natural Experiment” - link

  • Daniel, Litterman, and Wagner (2015), “Applying Asset Pricing Theory to Calibrate the Price of Climate Risk” - link


Fixed Income

  • D'Antonio, Johnson, and Hutton (1997), "Expanding Socially Screened Portfolios: An Attribution Analysis of Bond Performance." - link

  • Derwall and Koedijk (2006), "Socially Responsible Fixed-Income Funds." - link

  • Goss (2007), “Corporate Social Responsibility and Financial Distress” - link

  • Goss and Roberts (2007), “The Cost of Virtue: Corporate Social Responsibility and the Cost of Debt Financing” - link

  • Bauer and Hann (2010), “Corporate Environmental Management and Credit Risk” - link

  • DiBartolomeo (2010), “Equity Risk, Credit Risk, Default Correlation and Corporate Sustainability” - link

  • Chava (2011), “Environmental Externalities and Cost of Capital” - link

  • Goss and Roberts (2011), “The Impact of Corporate Social Responsibility On the Cost of Bank Loans” - link


Governance and Incentives

  • Gompers, Ishii, and Metrick (2001), “Corporate Governance and Equity Prices” - link

  • Lee and Ng (2002), “Corruption and International Valuation: Does Virtue Pay?” - link

  • Barber (2006), “Monitoring the Monitor: Evaluating CalPERS' Shareholder Activism” - link

  • Jo, Song, and Tsang (2013), “Corporate Social Responsibility and Stakeholder Governance Around the World” - link

  • Ferrell, Liang, and Renneboog (2014), “Socially Responsible Firms” - link

  • Flammer and Bansal (2016), “Does a Long-Term Orientation Create Value? Evidence from a Regression Discontinuity” - link

  • Flammer et al (2017), “Corporate Governance and the Rise of Integrating Corporate Social Responsibility Criteria in Executive Compensation” - link
    ctive on Corporate Environmental Performance and Profitability." - link


Performance - Indexes

  • Luck and Pilotte (1993), "Domini Social Index Performance” - link in process

  • Kurtz and diBartolomeo (1996), “Socially Screened Portfolios: An Attribution Analysis of Relative Performance” - link in process

  • Statman (2005) - "Socially responsible indexes: Composition, performance, and tracking errors." - link

  • Kurtz and DiBartolomeo (2011), “The Long-Term Performance of a Social Investment Universe” - link in process

  • Trunow and Lindner (2015), Perspectives on ESG Integration in Equity Investing: An opportunity to enhance long-term, risk-adjusted investment performance. - link


Performance – Mutual Funds

  • Hamilton, Jo, and Statman (1993), "Doing Well While Doing Good? The Investment Performance of Socially Responsible Mutual Funds." - link

  • Bauer, Koedijk, and Otten (2002), “International Evidence on Ethical Mutual Fund Performance and Investment Style” - link

  • Gil-Bazo, Pablo Ruiz-Verdu, and Santos (2008), “The Performance of Socially Responsible Mutual Funds: The Role of Fees And Management Companies” - link

  • Nofsinger and Varma (2013), “Socially responsible funds and market crises” - link

  • Brière, Peillex, and Ureche-Rangau (2017), “Do Social Responsibility Screens Matter When Assessing Mutual Fund Performance?” - link


Performance - Sin Stocks

  • Hong and Kacperczyk (2006), "The Price of Sin: The Effects on Social Norms on Markets." - link

  • Fabozzi and Oliphant (2008), "Sin Stock Returns." - link

  • Statman and Glushkov (2008), “The wages of social responsibility” - link

  • Kim and Venkatachalam (2011), "Are Sin Stocks Paying the Price for Accounting Sins?” - link in process

  • Luo and Balvers (2015 / 2017), "Social Screens and Systematic Investor Boycott Risk." - link in process


Portfolio Risk

  • Moskowitz (1972), “Choosing Responsible Stocks” - link in process

  • Alexander and Buchholtz (1978), "Corporate Social Responsibility and Stock Market Performance." - link

  • Rudd (1979), “Divestment of South African Equities: How Risky?” - link

  • Grossman and Sharpe (1986), “Financial Implications of South Africa Divestment” - link

  • Angel and Rivoli (1997), “Does Ethical Investing Impose a Cost Upon the Firm? A Theoretical Examination” -link

  • Guerard (1997), “Is There a Cost to Being Socially Responsible in Investing?” - link

  • Teoh, Welch, and Wazzan (1997), “The Effect of Socially Activist Investment Policies on the Financial Markets: Evidence from the South African Boycott” - link

  • Markowitz (2012), “Can You Do Well While Doing Good?” - link in process

  • Nofsinger and Varma (2013), “Socially responsible funds and market crises.” - link

  • Kim et al (2014) – “Corporate social responsibility and stock price crash risk.” - link