We study the equilibrium effects of the "S" dimension of ESG under imperfect competition in labor or product markets. We model ESG policies as constraints that boards place on managers to treat their stakeholders well. "Doing Well by Doing Good" holds for moderate ESG policies, which are...

We propose a genuinely internal approach to project valuation and decision based on the average Return On Investment (ROI), obtained as the ratio of total operating profit (NOPAT) to total invested capital or, equivalently, as the ratio of net cash flow to total invested capital. The approach...