Corporate stakeholders, corporate valuation and ESG
论文指出企业通过向利益相关者提供隐性承诺（如公平对待员工、持续服务客户）来创造价值，并解释了ESG相关非投资者利益相关者如何通过隐性承诺影响股东价值的创造或破坏。
Abstract In addition to explicit contracts, corporations issue their stakeholders implicit claims, including fair treatment of employees and the promise of continuing service to customers. Corporate value is created by selling these implicit claims for more than it costs to honour them. Recently, a new class of non‐investor stakeholders, related to environmental, social and governance (ESG) issues, has arisen. Although many ESG advocates stress their role in creating shareholder value, they do not explain how this value creation occurs. This paper shows that implicit claims provide a critical link that ties non‐investor stakeholders and ESG to shareholder value, both its creation and its possible destruction.