Understanding How Stakeholders Are Affecting Sustainability and Finance

  • Henry Schäfer
Part of the SpringerBriefs in Finance book series (BRIEFSFINANCE)


Contrary to the long-standing pretext that social costs would be a burden to the monetary value of firms and assets, the modern knowledge-based theory of the firm offers promising new perceptions of the links between ethics and finance. As most of the financially successful firms have proven in the recent past, strategic resources, networking, and openness to nonfinancial value drivers have the potential to create shareholder value in accordance with an appreciation of a stakeholder’s well-being. The basic elements of the modern theory of the firm are reviewed in order to demonstrate that forming a link between stakeholder interests and a firm’s economic goals is feasible. In an uncertain and turbulent environment, ecological, social, and governance issues together with stakeholder collaboration can gain the attributes of intangible resources that allow the value of investments and firms to thrive. Under those circumstances, a path to a conciliation between ethics, economics, and finance seems promising.


Stakeholder Nongovernmental organization Knowledge-based theory of the firm Dynamic capabilities Real options Intangibles Reputation 


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Copyright information

© The Author(s), under exclusive licence to Springer Nature Switzerland AG 2019

Authors and Affiliations

  • Henry Schäfer
    • 1
  1. 1.Institute of Business AdministrationUniversity of StuttgartStuttgartGermany

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