Our latest Freakonomics Radio on Marketplace podcast is called “Is Good Corporate Citizenship Also Good for the Bottom Line?” (You can download/subscribe at iTunes, get the RSS feed, listen via the media player above, or read the transcript below.)
The short answer: yes. That's the finding of Robert G. Eccles, Ioannis Ioannou and George Serafeim from their recent paper "The Impact of a Corporate Culture of Sustainability on Corporate Behavior and Performance" :
"We show that there is significant variation in future accounting and stock market performance across the two groups of firms. We track corporate performance for 18 years and find that sustainable firms outperform traditional firms in terms of both stock market and accounting performance."