Does it Pay to Be Good...And Does it Matter? A Meta-Analysis of the Relationship between Corporate Social and Financial Performance

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Impact of Environmental, Social, and Governance Information on Economic Performance: Evidence of a Corporate ‘Sustainability Advantage’ from Europe (2019, neutral): “150), as well as to Margolis [54]’s reported coefficient (approximately 0.”
Resources and Capabilities of Triple Bottom Line Firms: Going Over Old or Breaking New Ground? (2015, neutral): “A more recent meta-analysis found little, if any, relationship between sustainability and firm financial performance (Margolis et al. 2009).”
Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis: Social Capital, Trust, and Firm Performance (2017, positive): “Margolis, Elfenbein, and Walsh (2009) and Kitzmueller and Shimshack (2012) provide surveys of the CSR literature.”
Corporate Social Responsibility in a Competitive Business Environment (2020, neutral): “CSR, however, does not necessarily result in improved firm performance as documented in a recent meta-study by Margolis, Elfenbein, and Walsh (2009).”