Rivoli (2003)

Rivoli, Pietra. "Making a Difference or Making a Statement? Finance Research and Socially Responsible Investment." Business Ethics Quarterly, July 2003.

From the author's abstract:  "My objective in this paper is to apply mainstream finance research findings to the question of whether SRI may be expected to lead to superior social outcomes. I conclude that under the perfect markets assumptions underlying most finance theory, SRI will not affect social outcomes. However, given well documented imperfections in equity markets, the claim that SRI 'makes a difference' to society is a reasonable one that is consistent with current theoretical and empirical research in finance."


Link:  https://www.cambridge.org/core/journals/business-ethics-quarterly/article/div-classtitlemaking-a-difference-or-making-a-statement-finance-research-and-socially-responsible-investmentdiv/06C5B8B398C6E2F21E3D75B2EE5D6B4C