Curran (2005) investigated the relationship between CSR and financial performance with three empirical studies. First, an event study evaluated FTSE Good Index’s impact on firm price and indicated that firms are neither honoured for being part of the index nor penalised for being removed from it. The second study identified the probability of a firm passing a social and environmental screen given information about the size, financial performance and sector of a company where results were positive for firms with small market capitalisation, low income gearing and high net profit. The third empirical part of the thesis assessed valuation of non-financial indicators and their relationship with CSR where study