Stories of predatory lending practices and the reckless destruction
of the environment by greedy corporations dominate the news,
suggesting that, in business, ethics and profit are incompatible
pursuits. Yet some of the worst lenders are now bankrupt, and
Toyota has enjoyed phenomenal success by positioning itself as the
green car company par excellence. These trends suggest that
antisocial corporate behavior has its costs, especially in terms of
the stock market, which penalizes companies that have poor
environmental track records and rewards more socially conscious
brands. The political context of our economy is rapidly changing,
particularly in regard to incentives that operate outside the
marketplace in a strict and narrow sense and involve interactions
between corporations and nongovernmental organizations (NGOs),
activist groups, regulatory bodies, consumers, and civil society.
These interactions can significantly color a corporation's
alternatives, making socially or environmentally harmful behavior
much less attractive. British Petroleum, for example, has
voluntarily reduced its greenhouse gas emissions over the past ten
years, Starbucks, has changed the environmental impact of its
coffee production, and Nike and other footwear and textile makers
now monitor the labor conditions of their subcontractors. When
Principles Pay jumps headfirst into this engaging and vital issue,
asking whether profit maximization and the generation of value for
shareholders is compatible with policies that support social and
environmental goals. Geoffrey Heal presents a comprehensive
examination of how social and environmental performance affects a
corporation's profitability and how the stock market reacts to a
firm's social and environmental behavior. He looks at socially
responsible investment (SRI), reviewing the evolution of the SRI
industry and the quality of its returns. He also draws on studies
conducted in a wide range of industries, from financials and
pharmaceuticals to Wal-Mart and Monsanto, and focuses on the
actions of corporations in poor countries. In conclusion, Heal
analyzes how social and environmental performance fits into
accounting and corporate strategy, presenting an executive
perspective on the best way to develop and implement these aspects
of a corporation's behavior.
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