Corporate Finance for Long-Term Value
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Beschreibung
This open access textbook offers a guide to corporate finance for modern companies that want to create long-term value. Drawing on recent literature on sustainable companies, it starts by analysing the Sustainable Development Goals as a strategy for the transition to a sustainable economy. Next, it translates the general concept of sustainability into core corporate finance methods, such as net present value, company valuation, cost of capital, capital structure and M&A.
Current corporate finance textbooks are primarily based on the shareholder model, designed to maximise financial value. This book instead adopts the integrated model, which argues that companies have to serve the interests of their current and future stakeholders. Accordingly, companies move from simply maximising financial value to optimising integrated value, which combines financial, social and environmental value. Applying this new paradigm of integrated value is the truly innovative feature of this textbook.
Written for undergraduate and graduate students of Finance, Economics, and Business Administration, this textbook provides a fresh analysis of corporate finance. Combining theory, empirical data and examples from actual companies, it reveals the sustainability challenges for corporate investment and shows how finance can be used to steer funds to sustainable companies and projects and thus accelerate the transition to a sustainable economy.
Dirk Schoenmaker and Willem Schramade have set the example: corporate finance teaching can be adapted to focus on sustainable finance without compromising on the rigour and fundamentals of the core finance curriculum. Social and environmental objectives deserve their role in business decisions, Corporate Finance for Long-Term Value brings it to the class room.
- Arnoud Boot, Professor of Corporate Finance at University of Amsterdam
This open access textbook offers a guide to corporate finance for modern companies that want to create long-term value. Drawing on recent literature on sustainable companies, it starts by analysing the Sustainable Development Goals as a strategy for the transition to a sustainable economy. Next, it translates the general concept of sustainability into core corporate finance methods, such as net present value, company valuation, cost of capital, capital structure and M&A.
Current corporate finance textbooks are primarily based on the shareholder model, designed to maximise financial value. This book instead adopts the integrated model, which argues that companies have to serve the interests of their current and future stakeholders. Accordingly, companies move from simply maximising financial value to optimising integrated value, which combines financial, social and environmental value. Applying this new paradigm of integrated value is the truly innovative feature of this textbook.
Written for undergraduate and graduate students of Finance, Economics, and Business Administration, this textbook provides a fresh analysis of corporate finance. Combining theory, empirical data and examples from actual companies, it reveals the sustainability challenges for corporate investment and shows how finance can be used to steer funds to sustainable companies and projects and thus accelerate the transition to a sustainable economy.
This book is open access, which means that you have free and unlimited access Explains long-term value creation in Finance Integrates sustainability into corporate finance methods in a rigorous and consistent manner Combines academic rigour with business relevance
Autor*in
Dirk Schoenmaker
Themen in »Corporate Finance for Long-Term Value«
SDGs Sustainability Capital Budgeting Risk Analysis Corporate Valuation Net Present Value Open Access
Stimmen zu »Corporate Finance for Long-Term Value«
Dirk Schoenmaker and Willem Schramade have set the example: corporate finance teaching can be adapted to focus on sustainable finance without compromising on the rigour and fundamentals of the core finance curriculum. Social and environmental objectives deserve their role in business decisions, Corporate Finance for Long-Term Value brings it to the class room.
- Arnoud Boot, Professor of Corporate Finance at University of Amsterdam
Whereas traditional Finance Theory is well established, the methods for the inclusion of environmental and social issues are still lagging behind. By integrating sustainability in corporate finance models, this book establishes a concrete link between sustainability and finance and transforms the idea of long-term value into standard procedures. Creating these methods and educating people on their use will make long-term value creation the standard among companies.
- Lea Schütze, Master of Finance student at Rotterdam School of Management
This groundbreaking book contains the key to unlock our economic system for long-term value. To business and investors, it provides the tools and incentives to accelerate the transformations towards a net-zero, nature-positive and equitable world.
- Peter Bakker, President World Business Council for Sustainable Development
This book is highly relevant to any investor looking to make long-term decisons and seeking better outcomes. It is both innovative and practical.
- Peter Harrison, CEO Schroders
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