Sustainable Financial Investments Maximizing Corporate Profits and L
Is it possible for an investment to be good for a firm's profitability without also being good for the environment, employees, or community? Bolton connects these seemingly disparate ideas to show how to incorporate economic costs, benefits, cash flows, a
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Sustainable Financial Investments Maximizing Corporate Profits and Long-Term Economic Value Creation Brian Bolton
SUSTAINABLE FINANCIAL INVESTMENTS
Copyright © Brian Bolton, 2015. Softcover reprint of the hardcover 1st edition 2015 978-1-137-41198-3 All rights reserved. First published in 2015 by PALGRAVE MACMILLAN® in the United States—a division of St. Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Where this book is distributed in the UK, Europe and the rest of the world, this is by Palgrave Macmillan, a division of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries.
ISBN 978-1-349-57358-5 ISBN 978-1-137-41199-0 (eBook) DOI 10.1057/9781137411990 Library of Congress Cataloging-in-Publication Data Bolton, Brian (Professor) Sustainable financial investments : maximizing corporate profits and long-term economic value creation / Brian Bolton. pages cm Includes bibliographical references and index. 1. Social responsibility of business. 2. Corporate profits. I. Title. HD60.B65 2015 658.4⬘08—dc23 A catalogue record of the book is available from the British Library. Design by Newgen Knowledge Works (P) Ltd., Chennai, India. First edition: August 2015 10 9 8 7 6 5 4 3 2 1
2015004827
To Mom To Dad To my students All of the author’s proceeds from sales of this book will be donated to three nonprofits, based in Portland, Oregon, that are working every day to change lives and communities: The Pixie Project Providing a unique, personalized approach to pet rescue and adoption (www.pixieproject.org) New Avenues for Youth Empowering homeless and at-risk youth through hope and education (www.newavenues.org) Forest Park Conservancy Protecting and supporting the largest urban forest in the United States (www.forestparkconservancy.org)
Contents List of Illustrations
ix
Preface
xi
1
The Purpose of the Firm
1
Appendix Firms Making Sustainable Financial Investments
20
2
The Role of the Firm’s Stakeholders
27
3
The Sustainability of Economics
51
4
The Economics of Sustainability
87
5
Valuation of Sustainable Financial Investments
121
Appendix
161
Valuation of a Rooftop Solar System
6
A Systems Perspective of the Firm
181
7
Economic Development and Sustainable Financial Investments
203
Notes
219
Index
229
vii
Illustrations Figure 2.1
Web of Stakeholder Relationships
29
Tables 1A.1
4.1 5.1 5.2 5.3 5.4 5.5 5.6 5A.1 5A.2 5A.3 5A.4 5A.5 5A.6 6.1
Sample Firms Making Sustainable Financial Investments: Nike, Whole Foods Market, and Interface Summary of Business Case Value Drivers Comparison of Investment Scenarios: Five Years Security Investment Return Data: 1926–2013 Scenario Analysis: Weighted Average Net Present Value Solyndra Inc.: Financial Results, 2007–2009 Compa
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