Waddock and Graves (1997b)

Waddock, Sandra A., and Samuel B. Graves. "Finding the Link Between Stakeholder Relations and Quality of Management." Journal of Investing, Winter 1997.

Compares SRI data from KLD with Fortune magazine reputational data, and finds a high degree of correlation. The authors argue that "perceived quality of management can be explained by the quality of performance with respect to specific primary stakeholders: owners, employees, customers, and (marginally) communities," but finds that environmental ratings are not a significant factor. 

LK comment:  Won 1997 Moskowitz Prize.

Link:  http://joi.iijournals.com/content/6/4/20