Davidson and Worrell (1990)

Davidson, Wallace N. III, and Dan Worrell. "A Comparison and Test of the Use of Accounting and Stock Market Data in Relating Corporate Social Responsibility and Financial Performance." Akron Business and Economic Review, Fall 1990.

From the article:  "The relationship between corporate social responsibility (CSR) and financial performance is a topic that merits careful interdisciplinary examination. In this paper we explore the problems inherent in employing accounting data as a measure of financial performance, and we test the appropriateness of using accounting data in CSR research. We compare the results of a recent stock market based study employing an event test[18] with accounting returns computed from the same sample and show that the accounting returns are not sensitive to CSR performance."

Link:  https://www.questia.com/read/1G1-8986444/a-comparison-and-test-of-the-use-of-accounting-and