Pava and Krausz (1996)

Pava, Moses and Joshua Krausz. "The Association Between Corporate Social-Responsibility and Financial Performance: The Paradox of Social Cost." Journal of Business Ethics 15, 1996.

From the authors' abstract:  "It is generally assumed that common stock investors are exclusively interested in earning the highest level of future cash-flow for a given amount of risk. This view suggests that investors select a well-diversified portfolio of securities to achieve this goal. Accordingly, it is often assumed that investors are unwilling to pay a premium for corporate behavior which can be described as 'socially-responsible”'

"Recently, this view has been under increasing attack. According to the Social Investment Forum, at least 538 institutional investors now allocate funds using social screens or criteria."

Link:  https://link.springer.com/article/10.1007/BF00382958