384,867
Views
1,137
CrossRef citations to date
0
Altmetric
ARTICLES

ESG and financial performance: aggregated evidence from more than 2000 empirical studies

, &
Pages 210-233 | Received 22 Oct 2015, Accepted 09 Nov 2015, Published online: 15 Dec 2015

References

  • Aguinis, Herman, Dan. R. Dalton, Frank A. Bosco, Charles A. Pierce, and Catherine M. Dalton. 2011. “Meta-Analytic Choices and Judgment Calls: Implications for Theory Building and Testing, Obtained Effect Sizes, and Scholarly Impact.” Journal of Management 37 (1): 5–38. doi:10.1177/0149206310377113.
  • Albertini, Elisabeth. 2013. “Does Environmental Management Improve Financial Performance? A Meta-Analytical Review.” Organization & Environment 26 (4): 431–457. doi:10.1177/1086026613510301.
  • Aldag, Ramon J., and Kathryn M. Bartol. 1978. “Empirical Studies of Corporate Performance and Policy: A Survey of Problems and Results.” In Research in Corporate Social Performance and Policy, edited by L. E. Preston, 165–199. Greenwich: JAI Press.
  • Allouche, José, and Patrice Laroche. 2005. “A Meta-Analytical Investigation of the Relationship Between Corporate Social and Financial Performance.” Revue de Gestion Des Ressources Humaines 57: 1–18.
  • Ambec, Stefan, and Paul Lanoie. 2007. “When and Why Does It Pay To Be Green?” 20. Série Scientifique Scientific Series Montréal.
  • Arlow, Peter, and Martin J. Gannon. 1982. “Social Responsiveness, Corporate Structure, and Economic Performance.” Academy of Management Review 7 (2): 235–241. doi:10.5465/AMR.1982.4285580.
  • Aupperle, Kenneth E., Archie B. Carroll, and John D. Hatfield. 1985. “An Empirical Examination of the Relationship Between Corporate Social Responsibility and Profitability.” Academy of Management Journal 28 (2): 446–463. doi:10.2307/256210.
  • Authers, John. 2015. “Vice versus Nice.” Financial Times, Europe, June 25, 7.
  • Barber, Brad M., Terrance Odean, and Lu Zheng. 2005. “Out of Sight, Out of Mind: The Effects of Expenses on Mutual Fund Flows.” The Journal of Business 78 (6): 2095–2120. doi:10.1086/497042.
  • Barnett, Michael L. 2007. “Stakeholder Influence Capacity and the Variability of Financial Returns to Corporate Social Responsibility.” Academy of Management Review 32 (3): 794–816. doi:10.5465/AMR.2007.25275520.
  • Baron, David P. 2001. “Private Politics, Corporate Social Responsibility, and Integrated Strategy.” Journal of Economics & Management Strategy 10 (1): 7–45. doi:10.1162/105864001300122548.
  • Bauer, Rob, Kees Koedijk, and Rogér Otten. 2005. “International Evidence on Ethical Mutual Fund Performance and Investment Style.” Journal of Banking and Finance 29 (7): 1751–1767. doi:10.1016/j.jbankfin.2004.06.035.
  • van Beurden, Pieter, and Tobias Gössling. 2008. “The Worth of Values – a Literature Review on the Relation Between Corporate Social and Financial Performance.” Journal of Business Ethics 82 (2): 407–424. doi:10.1007/s10551-008-9894-x.
  • Bhojraj, Sanjeev, and Partha Sengupta. 2003. “Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors.” The Journal of Business 76 (3): 455–475. doi:10.1086/344114.
  • Blanco, Esther, Javier Rey-Maquieira, and Javier Lozano. 2009. “The Economic Impacts of Voluntary Environmental Performance of Firms: A Critical Review.” Journal of Economic Surveys 23 (3): 462–502. doi:10.1111/j.1467–6419.2008.00569.x.
  • Boaventura, João Maurício Gama, Ralph Santos da Silva, and Rodrigo Bandeira-de-Mello. 2012. “Corporate Financial Performance and Corporate Social Performance: Methodological Development and the Theoretical Contribution of Empirical Studies.” Revista Contabilidade & Finanças 23 (60): 232–245. doi:10.1590/S1519-70772012000300008.
  • Borgers, Arian, Jeroen Derwall, Kees Koedijk, and Jenke ter Horst. 2013. “Stakeholder Relations and Stock Returns: On Errors in Investors’ Expectations and Learning." Journal of Empirical Finance 22 (June): 159–175. doi:10.1016/j.jempfin.2013.04.003.
  • Busch, Timo, Rob Bauer, and Marc Orlitzky. 2015. “Sustainable Development and Financial Markets: Old Paths and New Avenues.” Business & Society 1–27. doi:10.1177/0007650315570701.
  • Bushman, Brad J. 1994. “Vote-Counting Procedures in Meta-Analysis.” In The Handbook of Research Synthesis and Meta-Analysis, edited by Harris Cooper and Larry V. Hedges, 193–213. New York: Russel Sage Foundation.
  • Bushman, Brad J., and Morgan C. Wang. 1995. “A Procedure for Combining Sample Correlation Coefficients and Vote Counts to Obtain an Estimate and a Confidence Interval for the Population Correlation Coefficient.” Psychological Bulletin 117 (3): 530–546. doi:10.1037/0033-2909.117.3.530.
  • Campbell, John Y., Martin Lettau, Burton G. Malkiel, and Yexian Xu. 2001. “Have Individual Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk.” The Journal of Finance 56 (1): 1–43. doi:10.1111/0022-1082.00318.
  • Capelle-Blancard, Gunther, and Stéphanie Monjon. 2014. “The Performance of Socially Responsible Funds: Does the Screening Process Matter?” European Financial Management 20 (3): 494–520. doi:10.1111/j.1468-036X.2012.00643.x.
  • Capon, Noel, John U. Farley, and Scott Hoenig. 1990. “Determinants of Financial Performance: A Meta-Analysis.” Management Science 36 (10): 1143–1159. doi: jstor.org/stable/2632657.
  • Carhart, Mark M. 1997. “On Persistence in Mutual Fund Performance.” Journal of Finance 52 (1): 57–82. doi:10.2307/2329556.
  • CFA Institute. 2015. Environmental, Social and Governance (ESG) Survey.
  • Clark, Gordon L., Andreas Feiner, and Michael Viehs. 2015. “From the Stockholder to the Stakeholder: How Sustainability Can Drive Financial Outperformance.” doi:10.2139/ssrn.2508281.
  • Clarke, Roger, Harindra de Silva, and Steven Thorley. 2002. “Portfolio Constraints and the Fundamental Law of Active Management.” Financial Analysts Journal 58 (5): 48–66. doi:10.2469/faj.v58.n5.2468.
  • Clarkson, Max B. E. 1995. “A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance.” Academy of Management Review 20 (1): 92–117. doi:10.5465/AMR.1995.9503271994.
  • Cochran, Philip L., and Robert A. Wood. 1984. “Corporate Social Responsibility and Financial Performance.” Academy of Management Journal 27 (1): 42–56. doi:10.2307/255956.
  • Cohen, Jacob. 1988. Statistical Power Analysis for the Behavioral Sciences. 2nd ed. New York: Academic Press.
  • Cohen, Jacob. 1992. “A Power Primer.” Psychological Bulletin 112 (1): 155–159. doi:10.1037/0033-2909.112.1.155.
  • Cohen, Jeffrey, Lori Holder-Webb, Leda Nath, and David Wood. 2011. “Retail Investors’ Perceptions of the Decision-Usefulness of Economic Performance, Governance, and Corporate Social Responsibility Disclosures.” Behavioral Research in Accounting 23 (1): 109–129. doi:10.2308/bria.2011.23.1.109.
  • Combs, James, Yongmei Liu, Angela Hall, and David Ketchen. 2006. “How Much Do High-Performance Work Practices Matter? A Meta-Analysis of Their Effects on Organizational Performance.” Personnel Psychology 59 (3): 501–528. doi:10.1111/j.1744-6570.2006.00045.x.
  • Crook, T. Russell, Samuel Y. Todd, James G. Combs, David J. Woehr, and David J. Ketchen. 2011. “Does Human Capital Matter? A Meta-Analysis of the Relationship Between Human Capital and Firm Performance.” Journal of Applied Psychology 96 (3): 443–456. doi:10.1037/a0022147.
  • Dalton, Dan R., Catherine M. Daily, Jonathan L. Johnson, and Alan E. Ellstrand. 1999. “Number of Directors and Financial Performance: A Meta-Analysis.” Academy of Management Journal 42 (6): 674–686. doi:10.2307/256988.
  • D'Antonio, Louis, Tommi Johnsen, and R. Bruce Hutton. 1997. “Expanding Socially Screened Portfolios.” The Journal of Investing 6 (4): 79–86. doi:10.3905/joi.1997.408434.
  • Darnall, Nicole, and Stephen Sides. 2008. “Assessing the Performance of Voluntary Environmental Programs: Does Certification Matter?” The Policy Studies Journal 36 (1): 95–117. doi:10.1111/j.1541-0072.2007.00255.x.
  • Derwall, Jeroen, Kees Koedijk, and Jenke Ter Horst. 2011. “A Tale of Values-Driven and Profit-Seeking Social Investors.” Journal of Banking & Finance 35 (8): 2137–2147. doi:10.1016/j.jbankfin.2011.01.009.
  • Devinney, Timothy M. 2009. “Is the Socially Responsible Corporation a Myth? The Good, the Bad, and the Ugly of Corporate Social Responsibility.” Academy of Management Perspectives 23 (2): 44–56. doi:10.5465/AMP.2009.39985540.
  • Dixon-Fowler, Heather R., Daniel J. Slater, Jonathan L. Johnson, Alan E. Ellstrand, and Andrea M. Romi. 2013. “Beyond ‘Does It Pay to Be Green?’ A Meta-Analysis of Moderators of the CEP–CFP Relationship.” Journal of Business Ethics 112 (2): 353–366. doi:10.1007/s10551-012-1268-8.
  • Eichholtz, Piet, Nils Kok, and John M. Quigley. 2010. “Doing Well by Doing Good? Green Office Buildings.” American Economic Review 100 (5): 2492–2509. doi:10.1257/aer.100.5.2492.
  • Endrikat, Jan, Edeltraud Guenther, and Holger Hoppe. 2014. “Making Sense of Conflicting Empirical Findings: A Meta-Analytic Review of the Relationship Between Corporate Environmental and Financial Performance.” European Management Journal 32 (5): 735–751. doi:10.1016/j.emj.2013.12.004.
  • EY. 2015. Tomorrow's Investment Rules 2.0. Emerging Risk and Stranded Assets Have Investors Looking for More from Nonfinancial Reporting (EY Climate Change and Sustainability Services).
  • Fama, Eugene F. 1970. “Efficient Capital Markets: A Review of Theory and Empirical Work.” The Journal of Finance 25 (2): 383–417. doi:10.1111/j.1540-6261.1970.tb00518.x.
  • Fama, Eugene F. 1991. “Efficient Capital Markets: II.” The Journal of Finance 46 (5): 1575–1617. doi:10.1111/j.1540-6261.1991.tb04636.x.
  • Faul, Franz, Edgar Erdfelder, Albert-Georg Lang, and Axel Buchner. 2007. “G*Power 3: A Flexible Statistical Power Analysis Program for the Social, Behavioral, and Biomedical Sciences.” Behavior Research Methods 39 (2): 175–191. doi:10.3758/bf03193146.
  • Feri. 2009. Nachhaltige Investments Und Nachhaltigkeitsfonds Aus Anlegerperspektive – Studie 2009 (Feri Euro Rating Services). Bad Homburg.
  • Fifka, Matthias S. 2013. “Corporate Responsibility Reporting and Its Determinants in Comparative Perspective – a Review of the Empirical Literature and a Meta-Analysis.” Business Strategy and the Environment 22 (1): 1–35. doi:10.1002/bse.729.
  • Friedman, Milton. 1970. “The Social Responsibility of Business is to Increase Its Profits.” The New York Times Magazine. doi:10.1007/978-3-540-70818-6_14.
  • Frooman, Jeff. 1997. “Socially Irresponsible and Illegal Behavior and Shareholder Wealth: A Meta-Analysis of Event Studies.” Business & Society 36 (3): 221–249. doi:10.1177/000765039703600302.
  • Gillan, Stuart L., and Laura T. Starks. 2007. “The Evolution of Shareholder Activism in the United States.” Journal of Applied Corporate Finance 19 (1): 55–73. doi:10.1111/j.1745-6622.2007.00125.x.
  • Golicic, Susan L., and Carlo D. Smith. 2013. “A Meta-Analysis of Environmentally Sustainable Supply Chain Management Practices and Firm Performance.” Journal of Supply Chain Management 49 (2): 78–95. doi:10.1111/jscm.12006.
  • Griffin, Jennifer J., and John F. Mahon. 1997. “The Corporate Social Performance and Corporate Financial Performance Debate: Twenty-Five Years of Incomparable Research.” Business & Society 36 (1): 5–31. doi:10.1177/000765039703600102.
  • Grossman, Sanford J., and Joseph E. Stiglitz. 1980. “On the Impossibility of Informationally Efficient Markets.” The American Economic Review 70 (3): 393–408. doi: jstor.org/stable/1805228.
  • GSIA. 2013. “Global Sustainable Investment Review 2012.” 1–46. Accessed August 3 http://gsiareview2012.gsi-alliance.org/.
  • Günther, Edeltraud, Holger Hoppe, and Jan Endrikat. 2011. “Corporate Financial Performance and Corporate Environmental Performance: A Perfect Match?” Zeitschrift Für Umweltpolitik Und Umweltrecht 34 (3): 279–296.
  • Hamilton, Sally, Hoje Jo, and Meir Statman. 1993. “Doing Well While Doing Good? The Investment Performance of Socially Responsible Mutual Funds.” Financial Analysts Journal 49 (6): 62–66. doi:http://dx.doi.org/10.2469/faj.v49.n6.62.
  • Hedges, Larry V., and Ingram Olkin. 1980. “Vote-Counting Methods in Research Synthesis.” Psychological Bulletin 88 (2): 359–369. doi:10.1037/0033-2909.88.2.359.
  • Hedges, Larry V., and Ingram Olkin. 1985. Statistical Methods for Meta-Analysis. San Diego: Academic Press.
  • Hoepner, Andreas G. F. 2013. Environmental, Social, and Governance (ESG) Data: Can It Enhance Returns and Reduce Risks? Deutsche AWM Global Financial Institute.
  • Hoepner, Andreas G. F., and David G. McMillan. 2009. “Research on ‘Responsible Investment’: An Influential Literature Analysis Comprising a Rating, Characterisation, Categorisation and Investigation.” SSRN Electronic Journal: 1–84. doi:10.2139/ssrn.1454793.
  • Horváthová, Eva. 2010. “Does Environmental Performance Affect Financial Performance? A Meta-Analysis.” Ecological Economics 70 (1): 52–59. doi:10.1016/j.ecolecon.2010.04.004
  • Humphrey, Jacquelyn E., and David T. Tan. 2014. “Does It Really Hurt to Be Responsible?” Journal of Business Ethics 122 (3): 375–386. doi:10.1007/s10551-013-1741-z.
  • Hunter, John E., and Frank L. Schmidt. 2004. Methods of Meta-Analysis: Correcting Error and Bias in Research Findings. 2nd ed. Newbury Park: Sage.
  • Hunter, John E., Frank L. Schmidt, and Gregg B. Jackson. 1982. Meta-Analysis: Cumulating Research Findings Across Studies. Beverly Hills: Sage.
  • Khorana, Ajay, Henri Servaes, and Peter Tufano. 2009. “Mutual Funds Fees Around the World.” Review of Financial Studies 22 (3): 1279–1310. doi:10.1093/rfs/hhn042.
  • Kleine, Jens, Matthias Krautbauer, and Tim Weller. 2013. Nachhaltige Investments Aus Dem Blick Der Wissenschaft: Leistungsversprechen Und Realität. Research Center for Financial Services Steinbeis-Hochschule Berlin.
  • Light, R. J., and P. V. Smith. 1971. “Accumulating Evidence: Procedures for Resolving Contradictions among Different Research Studies.” Harvard Educational Review 41 (4): 429–471. doi:10.17763/haer.41.4.437714870334w144.
  • Lipsey, Mark W., Kelly Puzio, Cathy Yun, Michael A. Hebert, Kasia Steinka-Fry, Mikel W. Cole, Megan Roberts, Karen S. Anthony, and Matthew D. Busick. 2012. Translating the Statistical Representation of the Effects of Education Interventions into More Readily Interpretable Forms. National Center for Special Education Research (NSCER 2013-3000).
  • Love, Inessa. 2010. “Corporate Governance and Performance Around the World: What We Know and What We Don't.” The World Bank Research Observer 26 (1): 42–70. doi:10.1093/wbro/lkp030.
  • Luo, Xueming, and C. B. Bhattacharya. 2009. “The Debate over Doing Good: Corporate Social Performance, Strategic Marketing Levers, and Firm-Idiosyncratic Risk.” Journal of Marketing 73 (6): 198–213. doi:10.1509/jmkg.73.6.198.
  • Margolis, Joshua D., Hillary A. Elfenbein, and James P. Walsh. 2009. “Does It Pay to Be Good … and Does It Matter? A Meta-Analysis of the Relationship Between Corporate Social and Financial Performance.” SSRN Electronic Journal: 1–68. doi:10.2139/ssrn.1866371.
  • Margolis, Joshua D., and James P. Walsh. 2003. “Misery Loves Companies: Rethinking Social Initiatives by Business.” Administrative Science Quarterly 48 (2): 268–305. doi:10.2307/3556659.
  • Markowitz, Harry. 1952. “Portfolio Selection.” Journal of Finance 7 (1): 77–91. doi:10.2307/2329297.
  • del Mar Miras-Rodríguez, María, Amalia Carrasco-Gallego, and Bernabé Escobar-Pérez. 2015. “Are Socially Responsible Behaviors Paid Off Equally? A Cross-Cultural Analysis.” Corporate Social Responsibility and Environmental Management 22 (4): 237–256. doi:10.1002/csr.1344.
  • Mayer-Haug, Katrin, Stuart Read, Jan Brinckmann, Nicholas Dew, and Dietmar Grichnik. 2013. “Entrepreneurial Talent and Venture Performance: A Meta-Analytic Investigation of SMEs.” Research Policy 42 (6–7): 1251–1273. doi:10.1016/j.respol.2013.03.001.
  • McGuire, Joseph W. 1969. “The Changing Nature of Business Responsibilities.” The Journal of Risk and Insurance 36 (1): 55–61. doi:10.2307/251140.
  • McWilliams, Abagail, Donald S. Siegel, and Patrick M. Wright. 2006. “Corporate Social Responsibility: Strategic Implications.” Journal of Management Studies 43 (1): 1–18. doi:10.1111/j.1467-6486.2006.00580.x.
  • Molina-Azorín, José F., Enrique Claver-Cortés, Maria D. López-Gamero, and Juan J. Tarí. 2009. “Green Management and Financial Performance: A Literature Review.” Management Decision 47 (7): 1080–1100. doi:10.1108/00251740910978313.
  • Nagy, Zoltán, Altaf Kassam, and Linda-Eling Lee. 2015 . “Can ESG Add Alpha? An Analysis of ESG Tilt and Momentum Strategies (MSCI ESG Research Inc.).”
  • Orlitzky, Marc. 2001. “Does Firm Size Confound the Relationship Between Corporate Social Performance and Firm Financial Performance?” Journal of Business Ethics 33 (2): 167–180. doi:10.1023/A:1017516826427.
  • Orlitzky, Marc. 2011. “Institutional Logics in the Study of Organizations: The Social Construction of the Relationship Between Corporate Social and Financial Performance.” Business Ethics Quarterly 21 (3): 409–444. doi:10.5840/beq201121325.
  • Orlitzky, Marc. 2013. “Corporate Social Responsibility, Noise, and Stock Market Volatility.” Academy of Management Perspectives 27 (3): 238–254. doi:10.5465/amp.2012.0097.
  • Orlitzky, Marc, Frank L. Schmidt, and Sarah L. Rynes. 2003. “Corporate Social and Financial Performance: A Meta-Analysis.” Organization Studies 24 (3): 403–441. doi:10.1177/0170840603024003910.
  • Orlitzky, Marc, and John D. Benjamin. 2001. “Corporate Social Performance and Firm Risk: A Meta-Analytic Review.” Business & Society 40 (4): 369–396. doi:10.1177/000765030104000402.
  • Paetzold, Falko, and Timo Busch. 2014. “Unleashing the Powerful Few: Sustainable Investing Behaviour of Wealthy Private Investors.” Organization & Environment 27 (4): 347–367. doi:10.1177/1086026614555991.
  • Paetzold, Falko, Timo Busch, and Marc Chesney. 2015. “More than Money: Exploring the Role of Investment Advisors for Sustainable Investing.” Annals in Social Responsibility 1 (1): 195–223. doi:10.1108/ASR-12-2014-0002.
  • Pava, Moses L., and Joshua Krausz. 1996. “The Association Between Corporate Social-Responsibility and Financial Performance: The Paradox of Social Cost.” Journal of Business Ethics 15 (3): 321–357. doi:10.1007/BF00382958.
  • Pavie, Juliana Junqueira Esmeraldo, and Luiz Alberto Nascimento Campos Filho. 2008. “Corporate Social Responsibility and Financial Performance: A Meta-Analysis.” Paper presented at the 34th EIBA annual conference paper, Tallinn, December 11–13. http://eiba2008.ttu.ee/public/Papers/67.pdf.
  • Peloza, John. 2009. “The Challenge of Measuring Financial Impacts from Investments in Corporate Social Performance.” Journal of Management 35 (6): 1518–1541. doi:10.1177/0149206309335188.
  • PRI (Principles for Responsible Investment). 2015a. “Signatory Base AUM Hits $59 Trillion.” http://www.unpri.org/whatsnew/signatory-base-aum-hits-59-trillion/.
  • PRI (Principles for Responsible Investment). 2015b. “The Principles for Responsible Investment – Report on Progress 2015.”
  • Rathner, Sebastian. 2013. “The Influence of Primary Study Characteristics on the Performance Differential Between Socially Responsible and Conventional Investment Funds: A Meta-Analysis.” Journal of Business Ethics 118 (2): 349–363. doi:10.1007/s10551-012-1584-z.
  • Revelli, Christophe, and Jean-Laurent Viviani. 2013. “The Link Between SRI and Financial Performance: Effects and Moderators.” Management International 17 (2): 105–122. doi:10.7202/1015403ar.
  • Revelli, Christophe, and Jean-Laurent Viviani. 2015. “Financial Performance of Socially Responsible Investing (SRI): What Have We Learned? A Meta-Analysis.” Business Ethics: A European Review 24 (2): 158–185. doi:10.1111/beer.12076.
  • Reynolds, Fiona. 2014. “Mainstream Slow to Accept Benefits of Responsible Investment.” Financial Times, Europe, November 17, 22.
  • Richard, F. D., Charles F. Bond, and Juli J. Stokes-Zoota. 2003. “One Hundred Years of Social Psychology Quantitatively Described.” Review of General Psychology 7 (4): 331–363. doi:10.1037/1089-2680.7.4.331.
  • Richardson, Alan J., Michael Welker, and Ian R. Hutchinson. 1999. “Managing Capital Market Reactions to Corporate Social Responsibility.” International Journal of Management Reviews 1 (1): 17–43. doi:10.1111/1468-2370.00003.
  • Riedl, Arno, and Paul Smeets. 2015. “ Why Do Investors Hold Socially Responsible Mutual Funds?” SSRN Working Paper Series. doi:10.2139/ssrn.2354905.
  • Roman, Ronald M., Sefa Hayibor, and Bradley R. Agle. 1999. “The Relationship Between Social and Financial Performance: Repainting a Portrait.” Business & Society 38 (1): 109–125. doi:10.1177/000765039903800105.
  • Rosenthal, Robert. 1979. “The File Drawer Problem and Tolerance for Null Results.” Psychological Bulletin 86 (3): 638–641. doi:10.1037/0033-2909.86.3.638.
  • Rosenthal, Robert. 1991. Meta-Analytic Procedures for Social Research. 2nd ed. Newbury Park: Sage.
  • Rosenbusch, Nina, Andreas Bausch, and Anne Galander. 2007. “The Impact of Environmental Characteristics on Firm Performance: A Meta-Analysis.” Academy of Management Annual Meeting Proceedings: 1–6. doi:10.5465/AMBPP.2007.26530718.
  • Rosenbusch, Nina, Jan Brinckmann, and Andreas Bausch. 2011. “Is Innovation Always Beneficial? A Meta-Analysis of the Relationship Between Innovation and Performance in SMEs.” Journal of Business Venturing 26 (4): 441–457. doi:10.1016/j.jbusvent.2009.12.002.
  • Rowley, Tim, and Shawn Berman. 2000. “A Brand New Brand of Corporate Social Performance.” Business & Society 39 (4): 397–418. doi:10.1177/000765030003900404.
  • Rubera, Gaia, and Ahmet H. Kirca. 2012. “Firm Innovativeness and Its Performance Outcomes: A Meta-Analytic Review and Theoretical Integration.” Journal of Marketing 76: 130–147. doi:10.1509/jm.10.0494.
  • Salzmann, Oliver, Aileen Ionescu-Somers, and Ulrich Steger. 2005. “The Business Case for Corporate Sustainability: Literature Review and Research Options.” European Management Journal 23 (1): 27–36. doi:10.1016/j.emj.2004.12.007.
  • Schafer, Joseph L., and John W. Graham. 2002. “Missing Data : Our View of the State of the Art.” Psychological Bulletin 7 (2): 147–177. doi:10.1037//1082-989X.7.2.147.
  • Schmidt, Frank L., and In-Sue Oh. 2013. “Methods for Second Order Meta-Analysis and Illustrative Applications.” Organizational Behavior and Human Decision Processes 121 (2): 204–218. doi:10.1016/j.obhdp.2013.03.002.
  • Schmidt, Frank L., and John E. Hunter. 2015. Methods of Meta-Analysis: Correcting Error and Bias in Research Findings. 3rd ed. Newbury Park: Sage.
  • Schröder, Michael. 2014. “Financial Effects of Corporate Social Responsibility: A Literature Review.” Journal of Sustainable Finance & Investment 4 (4): 337–350. doi:10.1080/20430795.2014.971096.
  • Schultze, Wolfgang, and Ramona Trommer. 2012. “The Concept of Environmental Performance and Its Measurement in Empirical Studies.” Journal of Management Control 22 (4): 375–412. doi:10.1007/s00187-011-0146-3.
  • Sjöström, Emma. 2011. “The Performance of Socially Responsible Investment – A Review of Scholarly Studies Published 2008–2010.” SSRN Electronic Journal: 1–19. doi:10.2139/ssrn.1948169.
  • Slavin, Robert E. 1986. “Best-Evidence Synthesis: An Alternative to Meta-Analytic and Traditional Reviews.” Educational Researcher 15 (9): 5–11. doi:10.3102/0013189X015009005.
  • Stam, Wouter, Souren Arzlanian, and Tom Elfring. 2014. “Social Capital of Entrepreneurs and Small Firm Performance: A Meta-Analysis of Contextual and Methodological Moderators.” Journal of Business Venturing 29 (1): 152–173. doi:10.1016/j.jbusvent.2013.01.002.
  • Tamim, Rana M., Robert M. Bernard, Eugene Borokhovski, Philip C. Abrami, and Richard F. Schmid. 2011. “What Forty Years of Research Says About the Impact of Technology on Learning: A Second-Order Meta-Analysis and Validation Study.” Review of Educational Research 81 (1): 4–28. doi:10.3102/0034654310393361.
  • Tsikriktsis, Nikos. 2005. “A Review of Techniques for Treating Missing Data in OM Survey Research.” Journal of Operations Management 24 (1): 53–62. doi:10.1016/j.jom.2005.03.001.
  • Ullmann, Arieh A. 1985. “Data in Search of a Theory: A Critical Examination of the Relationships among Social Performance, Social Disclosure, and Economic Performance of U.S. Firms.” The Academy of Management Review 10 (3): 540–557. doi:10.2307/258135.
  • Unger, Jens M., Andreas Rauch, Michael Frese, and Nina Rosenbusch. 2011. “Human Capital and Entrepreneurial Success: A Meta-Analytical Review.” Journal of Business Venturing 26 (3): 341–358. doi:10.1016/j.jbusvent.2009.09.004.
  • Vishwanathan, Pushpika. 2010. “The Elusive Relationship Between Corporate Social and Financial Performance: Meta-Analyzing Four Decades of Misguided Evidence.” Academy of Management Proceedings 2010 (1): 1–7. doi:10.5465/AMBPP.2010.54493634.
  • Viviers, S., and N. S. Eccles. 2012. “35 Years of Socially Responsible Investing (SRI) Research – General Trends over Time.” South African Journal of Business Management 43 (4): 1–16. doi:http://hdl.handle.net/10500/12853.
  • Weber, Olaf. 2014. “The Financial Sector's Impact on Sustainable Development.” Journal of Sustainable Finance & Investment 4 (1): 1–8. doi:10.1080/20430795.2014.887345.
  • Westlund, Hans, and Frane Adam. 2010. “Social Capital and Economic Performance: A Meta-Analysis of 65 Studies.” European Planning Studies 18 (6): 893–919. doi:10.1080/09654311003701431.
  • van Wijk, Raymond, Justin J. P. Jansen, and Marjorie A. Lyles. 2008. “Inter- and Intra-Organizational Knowledge Transfer: A Meta-Analytic Review and Assessment of Its Antecedents and Consequences.” Journal of Management Studies 45 (4): 830–853. doi:10.1111/j.1467-6486.2008.00771.x.
  • Wood, Donna J. 2010. “Measuring Corporate Social Performance: A Review.” International Journal of Management Reviews 12 (1): 50–84. doi:10.1111/j.1468-2370.2009.00274.x.
  • Wood, Donna J., and Raymond E. Jones. 1995. “Stakeholder Mismatching: A Theoretical Problem in Empirical Research on Corporate Social Performance.” The International Journal of Organizational Analysis 3 (3): 229–267. doi:10.1108/eb028831.
  • Wu, Meng-Ling. 2006. “Corporate Social Performance, Corporate Financial Performance, and Firm Size: A Meta-Analysis.” The Journal of American Academy of Business 8 (1): 163–171.