Capital market participants are increasingly considering Environmental, Social, and Governance (ESG) issues when assessing companies and their valuations as they make investment decisions. Companies in turn are responding to this interest by providing (a lot) more information on the ESG aspects of their business, either by mandate or on a voluntary basis. Despite these changes, there is currently no consensus yet on what the ‘best’ way forward is to integrate a focus on ESG with the workings of the traditional shareholder-based capitalist system. 

This ongoing debate poses many challenges and questions. Join Peter Joos, Associate Professor, INSEAD as he leads you through some examples, such as:

• Should companies maximize ‘value’ or ‘values’?
• Can markets capture externalities, that is, the unquantified costs/benefits to society or the environment associated with companies’ economic activity?
• Can we incorporate ESG externalities in company valuation models? If so, how can we achieve this? Can we assign monetary value to these externalities? What are the appropriate considerations to make in doing so?

As specialists in valuation, business valuators can play a focal role in addressing some of these questions to help sharpen and clarify the role of ESG considerations in firm valuation and capital markets.

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