Few theoretical and empirical papers examine this issue.
During systematic literature reviews it is necessary to assess the quality of empirical papers.
Empirical papers were examined in relation to sample, design, findings and limitations.
A number of empirical papers confirm the positive relation between profitability and R&D investments.
Some previous empirical papers have estimated the exhaustion effect of benefits for Spain.
5 Interestingly, IV are still applied in empirical papers (e.g. Hendricks et al. 2015).
The study is a result of a cumulative process based on our former empirical papers (Silius-Ahonen & Gustavson 2011, 2013).
We have based our empirical analysis on an original database of 52 empirical papers, from which we extracted 124 estimates.
No consensus answer, however, has yet emerged, with approximately 40% of empirical papers finding a negative effect, 40% finding no effect, and 20% finding a positive effect.
Third, empirical papers directly investigating stock market integration have mainly been limited to developed markets, with few studies tending to focus on emerging markets.
Accordingly, there is scarcity in the empirical literature on ethical investing and somewhat inconsistent results are provided by the available empirical papers.
