Peterson and Vredenburg (2009)
Peterson, Henry L., and Harrie Vredenburg. “Morals or Economics? Institutional Investor Preferences for Corporate Social Responsibility.” Journal of Business Ethics, November 2009.
From the authors’ abstract: “[We] analysed whether social responsibility had any bearing on the decision making of institutional investors. Being that institutional investors prefer socially aligned organizations, this study explored to what extent the corporate actions and/or social/environmental investments influenced their decisions. Our results suggest that there are specific variables that affect the perceived value of the organization, leading to decisions to not only invest, but whether to hold or sell the shares, and therefore having a consequential impact on the capital market’s valuation.”