terHorst et al (2008)

ter Horst, Jenke R., Zhang, Chendi and Luc Renneboog (2008), “Socially responsible investments: Institutional aspects, performance, and investor behavior”, Journal of Banking and Finance, September 2008.

From the authors' abstract:  "A number of questions are reviewed in this paper on the causes and the shareholder-value impact of corporate social responsibility (CSR), the risk exposure and performance of SRI funds and firms, as well as fund subscription and redemption behavior of SRI investors. We conclude that the existing studies hint but do not unequivocally demonstrate that SRI investors are willing to accept suboptimal financial performance to pursue social or ethical objectives."


Link:  https://www.sciencedirect.com/science/article/pii/S0378426607004220?via%3Dihub