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An Empirical Investigation of the Link

Between Performance and Corporate Social Responsibility in the Oil and Gas Industry, Oil & Gas Energy Quarterly, 17

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We provide support for the presence of a reputational effect in the oil and gas industry regarding corporate social responsibility. Using the Socrates KLD database and the CRSP data for the 2004-2009 period, we find evidence that although there is an accounting cost for investing in environmental initiatives based on return on assets and return on equity, there is also an economic benefit based on market measures.

– Cowan, A., Welch, S., Welch, O. (2012).

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