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Sustainability in Business
A Financial Economics
Analysis
Sustainability in Business
 David Hobson Myers

Sustainability
in Business
A Financial Economics Analysis
David Hobson Myers
D’Amore-McKim School of Business
Northeastern University
Boston, MA, USA

ISBN 978-3-319-96603-8 ISBN 978-3-319-96604-5 (eBook)

https://doi.org/10.1007/978-3-319-96604-5

© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer
Nature Switzerland AG 2020
This work is subject to copyright. All rights are solely and exclusively licensed by the
Publisher, whether the whole or part of the material is concerned, specifically the rights
of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on
microfilms or in any other physical way, and transmission or information storage and
retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology
now known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc.
in this publication does not imply, even in the absence of a specific statement, that such
names are exempt from the relevant protective laws and regulations and therefore free for
general use.
The publisher, the authors and the editors are safe to assume that the advice and informa-
tion in this book are believed to be true and accurate at the date of publication. Neither
the publisher nor the authors or the editors give a warranty, expressed or implied, with
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Cover pattern: © Melisa Hasan

This Palgrave Macmillan imprint is published by the registered company Springer Nature
Switzerland AG
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 Preface

Since the initial draft of this book, the world has been changed by the
COVID-19 crisis. The crisis, however, serves to highlight the choices soci-
eties, businesses, and individuals make. The importance of a clear, concise,
consistent, and convincing decision model is thus that more critical. The
original aim of the book was to provide such a context for understanding
the choices businesses make among their current and future shareholders,
customers, employees, suppliers, and communities. The decision model
structure presented here may help students and researchers make sense of
the world and the choices they now face.
Sustainability is about ethics, philosophy, and social interactions. It is
about how people approach each other and how they approach future
generations. Economics is about choices and scarce resources. Business
necessarily lies across both sustainability and economics. The choices high-
lighted in today’s world of pandemic, geopolitical unrest, and economic
uncertainty make that a very stark reality. The “green” movement has
aimed some of its efforts towards reducing plastics and greenhouse gases.
The pandemic has switched society from moving towards more reusable
cups, grocery bags, and metal straws back to throwaway utensils to
prevent the spread of the virus. On the flip side of the sustainability coin
and the pandemic, we have seen a dramatic decrease in greenhouse gases
due to the slowdown in economic activity. The advantages and disad-
vantages reflected in the response to the pandemic magnify the choices

v
vi PREFACE

among current and future generations. The aim here is to provide a deci-
sion model for those in a business environment to make better informed
choices.
Business and societal choices are about sustainability and the tradeoffs
of current generations versus future generations. The model presented is
based on the economics and finance of discounted cash flows with the
addition of social distance as a discount factor. Social distance may mirror
issues of empathy towards other groups. These measures provide a struc-
ture to understand those tradeoffs. Discount factors based on time and
social distance remind consumers that a dollar tomorrow is less than a
dollar today or a dollar to someone else is less than a dollar to us. How
much less is based on the size of the discount factors.
Businesses and organizations have competing interests of their share-
holders and other stakeholders. The economic foundations of a model
based on social distance and time discounting extend the traditional
discounted cash flow models of net present value to one of sustainable net
present value. Such a structure for decision making provides a framework
for thought and reflection about the business choices today and impacts
those choices have on current and future stakeholders and on profits.
The objective of this book is to provide a text that more firmly roots
the concepts learned in financial economics to the field of sustainability.
Most textbooks in the arena of sustainability for businesses are from the
management perspective and those in the economics literature most often
focus more on macroeconomic goals such as societal goals. The aim here
is to frame a discussion of sustainability for businesses or organizations
and describe how to incorporate financial economic techniques in their
decision-making process.
In the broadest sense, economics is about the allocation of scarce
resources. The allocation of such resources is a question of choices.
Choices of the consumption and allocation of scarce resources are
being made by individuals, businesses, governments, and societies. Those
choices are also central to sustainability. Choices have an impact for
others whether the others are current generations or future. Those choices
impact natural resources, shared resources, public, and private resources
and the allocation of those resources. The framework adopted here
provides a lesson in the concepts of utility maximization for sustainable
businesses. Such lessons will provide researchers with a theoretical basis
to approach research questions on sustainability.
 PREFACE vii

Since choices impact others, society and government create norms and
laws to protect members of society from each other. A responsible or
sustainable business may simply be one that rises above the minimum
societal standard. The decision-making process for any individual or orga-
nization becomes the understanding, rationale, and commitment to rise
above those minimum standards. The simple goal to maximize share-
holder wealth and meet all legal standards is a starting point for all busi-
nesses; sustainability is about going beyond. In particular, the next step
is to understand the impacts on stakeholders present and future and the
ethical and moral responsibilities of the organization. The approach neces-
sitates being cross-disciplinary. An approach that will touch on philosophy,
psychology, sociology, and political science in combination with the core
financial economist approaches.
The format for each chapter is begins with an introduction to theo-
retical financial economic approaches that will be useful to creating more
sustainable businesses. Examples of applying these approaches will provide
further understanding of their advantages and disadvantages and the chal-
lenges of sustainable decision making. Each chapter ends with some
discussion of societal and governmental roles within which organizations
must operate.
The book is outlined as follows:
The introductory chapter lays out the case for the approach to sustain-
ability in a financial economics framework. Discussion of different defi-
nitions of sustainability frames how those definitions affect the approach
researchers, students, and business people take in determining their deci-
sion making. The contrast between traditional finance, Friedman’s “Max-
imize Shareholder Wealth”, and sustainability’s double or triple bottom
lines (environmental, social, and governance or profit, people, and planet)
are laid out as the foundation for those discussions.
Chapter 2 introduces utility functions and concentrate on consump-
tion for both the individual and society. Given the contrast between maxi-
mizing shareholder wealth and triple bottom lines, this chapter discusses
utility functions with an emphasis on consumption models. The case for
sustainability relies on social distance measures for the intergenerational
and intragenerational transfers where the utility is a function of time value
of money and social distance (Becker 1968 and Anderson and Myers
2017 and 2020). The discussion of utility is supplemented with discus-
sions of Von Neumann Morgenstern Utility, transitivity, and one period
viii PREFACE

models versus multi-period models as a means of discussing the framing

of sustainability beyond traditional finance models.
Chapter 3 introduces a discounted cash flow approach to valuation
of business ventures and highlights the key element of growth. The
success of a business, sustainable or not, is dependent on its growth.
Expansion of a business relies on expanding its markets’ reach (demo-
graphics), its innovation or creation of new products, and its capital struc-
ture (leverage) within a legal and governmental framework. The interplay
of social distance and demographics highlights the markets that a busi-
ness may expand into as it builds customer relationships. Those relation-
ships are based on the marketing of innovative sustainable products. The
role of leverage on capital structure is described within a risk and return
framework.
Chapter 4 introduces the reader to different ratings created and
employed to measure sustainability. In building relationships with
consumers for sustainable products or business, the trust and certifi-
cation of sustainability is dependent upon measurement. The chapter
discusses methods of certification through organizations such as LEED,
Bloomberg’s ESG, MSCI KLD, and other assurances of sustainability. The
strengths and weaknesses of the measurability will be highlighted by the
presence of false advertising known as “greenwashing.”
Chapter 5 highlights the different legal structures for businesses and
how sustainability fits with those structures. Corporate or business imple-
mentation strategies are covered. Implementation of structure and process
in a sustainable framework highlights investments in products through a
Sustainable NPV (SNPV) analysis or business structure. Differences in
structure and form such as B-Corps, non-profits, institutions, partner-
ships, and corporations are discussed within the area of sustainability.
The final chapter is a review of the investment opportunities and strate-
gies for sustainably minded investors. A review of the historical sustain-
able movement from ethical screens to socially responsible investment to
mission related and impact invest investing is made to highlight changes in
the costs of monitoring and investor interest which have created a greater
interest in sustainable investing. Strategies from positive and negative
screening to shareholder activism as well as best in class are discussed.

Boston, USA David Hobson Myers

 Contents

1 Introduction 1
Sustainability and Sustainable Goals 3
Basic Economic Concepts and Their Awesome Power 4
Model for Sustainability with the Concept of Social Distance 6
United Nations Sustainable Development Goals (UN SDGs) 8
Intergenerational and Intragenerational Transforms 10
A Word of Caution on Economic Models 12
Plato’s Allegory of the Cave (A Strange Interpretation) 14
Government’s Role in Defining Limits and Generational
Transfers 16
References 17

2 Economic Models 19
Transitivity and Binary Choices 21
Stated Versus Revealed Preference 23
Portfolio Choice 25
Consumption Utility Model 25
Consumption Utility Model Through Time 28
Fisher Approximation (1930) 29
Sustainability Utility Model 29
Line in the Sand or a Spectrum of Options 31
Binomial Pricing Models for Uncertainty 32
Edgeworth Box and Societal Agreement 34

ix
x CONTENTS

Infinity and Finance 37

Infinite Costs 37
Infinity and Going Concern 38
References 39

3 Growth and Business Sustainability 41

Leverage 43
Innovation 45
Demographics 46
Role of Government 48

4 Certification of Sustainability 51
Trust and Acceptance in the Certification 52
Measurability of the Certification 53
Relationship of Certification to Social Distance 54
Relationship of Certification to Stakeholders 54
Sustainable Accounting Standards Board (SASB) 56
Governmental Role in Certification 56
Stability and Consistency 57
Reference 59

5 Corporate Implementation and Business Forms 61

Net Present Value and Discounted Cash Flows 62
Payback Period 65
Internal Rate of Return (IRR) 67
Equivalent Annual Cost: Long Versus Short Term 68
Sustainable Net Present Value (SNPV) 69
Manipulations to the Cash Flow Model 72
Business Forms 73
Sole Proprietorships 75
Partnerships 75
Limited Liability Corporations: Private 76
Limited Liability Corporations: Public 76
Non-profits and Non-governmental Organizations
(NGOs) 77
B-Corporations 78
Other Potential Advantages to Sustainable Corporations 78
Governmental Roles and International Differences 79
 CONTENTS xi

Refresher on General Finance Variables 80

General Asset Pricing Models (APM) 80
Capital Asset Pricing Model (CAPM) 80
References 83

6 Investment Implementation 85
Theory to Evolution in Practice 86
History of Sustainable Screening 88
Investor Types 91
Individuals 92
Pensions 93
Endowments 93
Foundations 94
Governmental Role 95
Choice of Sustainable Approach 96
Constrained and Unconstrained Portfolios 97
Climate Change Investing and Risk Management 98
Portfolio Creation 99
Other Investment Vehicles 100
References 101

Epilogue 103

Index 105
 List of Figures

Fig. 2.1 Mean-variance efficient frontier 26

Fig. 2.2 Budget constrained utility optimal two product indifference
curve 27
Fig. 2.3 Binomial pricing 32
Fig. 2.4 Edgeworth box similar utilities 36
Fig. 2.5 Edgeworth box disparate utilities 37
Fig. 3.1 Impact of leverage on returns 44
Fig. 3.2 Leverage, capital structure, and bankruptcy 45
Fig. 6.1 Returns and social distance to non-shareholders
(stakeholders) 95

xiii
 List of Tables

Table 1.1 UN’s millennium development goals (2000–2015) 8

Table 1.2 UN’s sustainable development goals (2015–2030) 9
Table 1.3 UN SDGs, social distance, and discounting 13
Table 2.1 Intransitive preferences 22
Table 2.2 Regression coefficients of local versus organic attributes 24
Table 4.1 Rating criteria example 55
Table 4.2 Rating examples 56
Table 4.3 UN SDGs as a rating system for an organization 58
Table 5.1 Less sustainable option 67
Table 5.2 More sustainable option 67
Table 5.3 NPV versus SNPV decisions 70
Table 5.4 NPV versus SNPV decisions for charity 71
Table 5.5 Organizational structure with social distance 74
Table 5.6 Variables fixed and random 82
Table 6.1 UN PRI 6 principles 88
Table 6.2 Categories of qualitative screens from Anderson and
Myers (2007) 91
Table 6.3 Investment approaches by implied social distances and
information costs 92
Table 6.4 Investor type with social distance and returns 96
Table 6.5 S&P 500 top 10 versus 2 largest SRI mutual funds 100

xv
 CHAPTER 1

Introduction

Abstract The introductory chapter lays out the case for the approach
to sustainability in a financial economics framework. Discussion of
different definitions of sustainability frames how those definitions affect
the approach researchers, students, and business people take in deter-
mining their decision making. The contrast between traditional finance,
Friedman’s “Maximize Shareholder Wealth,” and sustainability’s double
or triple bottom lines (environmental, social, and governance or profit,
people, and planet) are laid out as the foundation for those discussions.

Keywords Intragenerational transfers · Sustainability · Social distance ·

Business · UN SDGs

In preparing students as future business leaders and researchers for a

sustainable future, it is important to lay out the arguments for and
against sustainability that they will face. Those arguments center on defi-
nitions of sustainability and the battle lines that exist among the different
stakeholders. This text is a step toward outlining those arguments from
a financial economics standpoint. Most business sustainability texts are
written from a management perspective. It is the goal here to frame the
issues of sustainability against the backdrop of financial economics. Such
a framework necessitates outlining the distinction between the classic

© The Author(s) 2020 1

D. H. Myers, Sustainability in Business,
https://doi.org/10.1007/978-3-319-96604-5_1
2 D. H. MYERS

finance approaches and the behavioral finance approaches to the issues

and combining the result with sustainability.
In addition to the battle lines within finance, another hurdle that busi-
ness leaders must be cognizant of is the wide range of definitions and
therefore disagreements of what is “sustainability.” Without agreement
on what sustainability is, there is little possibility for agreement on solu-
tions. Ultimately, it will be incumbent upon each reader to determine the
best definition and solution for their work. It is the hope that this text
will provide the tools to do so. This approach may be unsatisfactory to
some. A. D. Roy (1952), the economist, best summarized this when he
wrote “A man who seeks advice about his actions will not be grateful
for the suggestion that he maximize utility.” Yet this is exactly what this
text intends to do. Utility functions, Chapter 2, are one of a financial
economist’s tools to explain human behavior. This is true whether one is
a classical economist or behavioralist.
For the classical economist, Milton Friedman in 1970 set out the one
and only directive for corporations (their utility function must include)
maximizing shareholder wealth. If sustainability goals do not maximize
shareholder wealth, then those goals are inappropriate for the firm.
Since Friedman placed this stake in the theoretical ground of corporate
behavior, there have been movements to justify changing that objec-
tive. Management scholars offer maximizing stakeholder wealth as an
alternative to the traditional finance goal of maximizing shareholder
wealth. If the stakeholders include the employees, the customers, and
the community, then the theory is inching away from the shareholder
toward stakeholders and a definition of more sustainable goals. Within
stakeholders, future generations and current generations are included to
be consistent with the goals of sustainability. In the summer of 2019,
over 180 US CEOs announced that businesses had a responsibility to
stakeholders not just shareholders. The stakeholders mentioned were
employees, customers, suppliers, and the communities. This was reiterated
on a broader scale at Davos in 2020.
For those looking for clarity and definitive answers, this text will
not provide those. The approach taken here is that there are many
approaches to sustainability. Individual solutions will be dependent on
the organization/business and its stakeholders and the social distances
to those stakeholders. The good news is that good students, researchers,
and future leaders will recognize that solutions require thoughtfulness
 1 INTRODUCTION 3

through critical thinking. The approach taken here should serve them
well in all their endeavors.
The ability to create a more sustainable business or organization will
rely on the ability to think beyond just profit and shareholders. It will
require the ability to recognize how sustainability is dependent on the
ability to view the impact of decisions on current and future generations.
Those decisions reflect the economic choices that are made with respect
to the consumption choices of current and future generations. Remem-
bering that economics is the study of the allocation of scarce resources.
The assumption is resources that are scarce today will be even scarcer
in the future. In creating profitable businesses that are also sustainable
will require changing human behavior and corporate behavior. Not an
easy task to take on, but one that appears to be more pressing today
as governments from local to national struggle with issues of climate
change, pollution, and poverty. Remember that businesses, organizations,
and individuals work within the societies that they belong and the rules
and regulations within they reside. With that heady charge, we begin our
journey.

Sustainability and Sustainable Goals

The best place to begin is to ground the discussion in a common defini-
tion of sustainability. There is a plethora of definitions for sustainability
from financial sustainability to environmental sustainability. Economics
centers on choice and choices have consequences to ourselves and others.
As an example, the choices made by the ordering of the United Nations
Sustainable Development Goals (UN SDGs: https://www.un.org/sustai
nabledevelopment/sustainable-development-goals/) presents the starting
point for the first definition of sustainability. The UN SDGs will be
enumerated in more depth later.
Other widely accepted definitions of sustainability include Landrum
and Edwards’ (2009),

We will define sustainable business as one that operates in the interest of

all current and future stakeholders in a manner that ensures the long-term
health and survival of the business and its associated economic, social, and
environmental systems.

And Sanders and Wood’s Definition

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