There is a heated debate on shareholder versus stakeholder governance. The stakeholder view recognises that companies have broader responsibilities to society than just making profit. But the lack of an integrated measure makes it difficult to hold management accountable against multiple goals....

Introduction -- Part 1: Why Corporate Finance for Long-term Value? -- Chapter 1. The Company Within Social and Planetary Boundaries -- Chapter 2. Integrated Value Creation -- Chapter 3. Corporate Governance -- Part 2: Discount Rates and Valuation Methods -- Chapter 4. Discount Rates and the...

In the aftermath of the global financial crisis, the market share of US investment banks is rising, while that of their European counterparts is declining. We present evidence that US investment banks are on the verge of taking over pole position in European investment banking. While the US...

Finance in Transition discusses the transition from traditional finance to transition finance. The current pattern of unsustainable economic development is supported by the global financial system, whose goal function is to create ever more financial value. Traditional finance is based on the...

In the transition to a sustainable economy, companies are increasingly adopting the goal of In the transition to a sustainable economy, companies are increasingly adopting the goal of long-term value creation, which integrates financial, social and environmental value. That raises the...

Banks play a central role in the functioning of the economy. Not only do they allocate financial resources, they also collectively create money in the process of granting loans. In this way, they have a considerable impact on the type of activities that are financed in society. During the...

This case study offers a list of questions that allow analysts to integrate sustainability into investment analysis by connecting sustainability to business models, competitive position, strategy and value drivers. For illustrative purposes, the questions are answered for Royal Philips, an...