Ullmann (1985) informed that the mixed findings of the research had various shortcomings such as, ‘a lack in theory, inappropriate definition of key terms, and deficiencies in the empirical databases currently available’. While some research highlight problems with stakeholder mismatch (Wood and Jones, 1995), others cast conceptual, operational and methodological differences in the definitions of social and financial performance (Griffin and Mahon, 1997); failure to control risk, industry affiliation and asset age (Cochran and Wood, 1984); and failure to control for investment in R&D (McWilliams and Siegel, 2000).