ESG, corporate piracy and Coasian contracting efficiency
指出ESG行动主义是一种隐蔽的公司盗用行为，即股东利用公司推进个人社会政治议程而牺牲财务利益，并基于科斯等产权经济学原理探讨如何设计治理架构以处理股东分歧和资源损耗。
Abstract Environmental, Social and Governance activism entails a subtle form of corporate piracy. It manifests in opportunistic backdoor attempts to convert firms that were incorporated to advance shareholders' pecuniary interests into firms that sacrifice pecuniary benefits to advance a social/political agenda favoured by a subset of activist shareholders. These surreptitious property rights encroachments raise an important issue: How should governance architecture (laws and charters) be structured and enforced to deal with shareholder disagreements and the resource dissipation (losses) that results therefrom? I address this issue using basic contracting efficiency principles of property rights economics traceable to Coase and to Alchian and Demsetz.