Oikonomou, Brooks, and Pavelin (2013)
Oikonomou, Ioannis, Chris Brooks, and Stephen Pavelin. “The financial effects of uniform and mixed corporate social performance.” Working paper (University of Reading, UK), 2013.
From the authors' abstract: "Firms typically present a mixed picture of corporate social performance (CSP), with positive and negative indicators exhibited by the same firm. Thus, stakeholders’ judgements of corporate social responsibility (CSR) typically evaluate positives in the context of negatives, and vice versa... [O]ur US panel study finds that firms that exhibit uniformly positive or uniformly negative indicators in particular dimensions of CSP outperform firms that exhibit a mixed picture of positives and negatives – which supports the notion that stakeholders’ judgements of CSR reward uniformity."
Link (SSRN link to published version): https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2477198