Alexander and Buchholtz (1978)

Alexander, G. and R. Buchholtz. "Corporate Social Responsibility and Stock Market Performance." Academy of Management Journal, 21, 1978.

One of the first papers to formally assess the relationship between social responsibility and stock returns.  "Rank order correlations were calculated between survey rank and differential return rank. These correlations indicate a low insignificant relationship between risk-adjusted performance and degree of social responsibility."

Cites Moskowitz (1972).