Waddock and Graves (1997a)

Waddock, Sandra A., and Samuel B. Graves. "The Corporate Social Performance-Financial Performance Link." Strategic Management Journal, 1997.

Reviews financial characteristics of 486 firms and finds numerous significant relationships between an index of corporate social responsibility and profitability measures such as ROA and return on sales. Particularly interesting with respect to Clayman [1987]. The authors argue that corporate social responsibility and slack resource availability are correlated, a finding that is highly relevant in light of Myers [1984].

Link:  https://onlinelibrary.wiley.com/doi/abs/10.1002/%28SICI%291097-0266%28199704%2918%3A4%3C303%3A%3AAID-SMJ869%3E3.0.CO%3B2-G