Tsoutsoura (2004)

Tsoutsoura, Margarita. "Corporate Social Responsibility and Financial Performance." University of California, Berkeley, Working Paper, March 2004.

Examines the relationship between corporate social responsibility (based on KLD data) and financial performance for 422 S&P 500 companies during the 1996-2000 time period. Financial performance is measured using return on equity (ROE), return on assets (ROA), and return on sales (ROS). Includes adjustments for industry, but not R&D intensity. Finds a highly significant (p<.001) positive association between the social factors and ROA and ROS, but a much weaker association for ROE (p<0.1).

Similar to Waddock and Graves (1997a) in study design and findings, but covers a later time period.


Link:  https://pdfs.semanticscholar.org/ece0/ac42df48ec224765ecf4d65df5fd79b549b5.pdf