Does doing good pay? Four questions to ask before you believe it
For an owner or board offered an ESG investment on the grounds that 'doing good pays'. Four gates (measurement, causation, beyond correlation, incentive) are used to re-read a famous claim in Larry Fink's 2019 letter and to set Vogel (2005) beside Friede (2015).
#esg#corporate-social-responsibility#correlation-vs-causation#reverse-causality#shareholder-primacy
