企业投资决策规则

IF 2.1 Q2 BUSINESS, FINANCE International Journal of Financial Studies Pub Date : 2024-03-04 DOI:10.3390/ijfs12010024
Reinier de Adelhart Toorop, Dirk Schoenmaker, Willem Schramade
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引用次数: 0

摘要

我们通过设计公司价值边界来研究公司投资的决策规则。该公司价值前沿可以平衡财务价值与社会和环境影响。本文提出了新颖的价值概念--从股东价值到股东福利和综合价值,从而产生了对社会和环境影响或价值的不同偏好。然后,将这些偏好纳入投资决策规则。传统的净现值(NPV)规则只优化财务价值。我们提出了一种新的综合现值(IPV)决策规则,其中包括对社会和环境价值的偏好,同时不忽略财务价值。通过应用新的 IPV 规则,负责任的公司能够实现更可持续的结果。
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Decision Rules for Corporate Investment
We investigate the decision rules for corporate investment by designing a company value frontier. This company value frontier allows for balancing the financial value and social and environmental impacts. This article develops novel value concepts—ranging from shareholder value to shareholder welfare and integrated value—resulting in varying preferences for social and environmental impacts or values. Next, these preferences are incorporated in investment decision rules. The traditional net present value (NPV) rule optimises only the financial value. We propose a new integrated present value (IPV) decision rule that includes a preference for social and environmental values without neglecting the financial value. By applying the new IPV rule, responsible companies are able to achieve more sustainable outcomes.
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来源期刊
CiteScore
3.70
自引率
8.70%
发文量
100
审稿时长
11 weeks
期刊最新文献
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