Is there a conflict between the pursuit of shareholder value and sustainable economic growth?

HANS-WERNER GOTTINGER, UNIVERSITY OF MAASTRICHT, NL
Making sustainability as a macro principle operational at the project or corporate level is hard, even conceptually. Linking macro sustainability to ”proxies” such as eco-efficiency, lifecycle analysis and full-cost accounting as suggested on a corporate level might contribute but not be sufficient for satisfying the macro principle. System sustainability cannot simply be disaggregated into project rules in the same way as system optimality cannot be disaggregated into cost-benefit analysis of projects. This paper aims at shedding some lights on the intrinsic links between micro and macro aspects of sustainable management --- with emphasis on corporate level sustainability management.
Keywords: Sustainable Economic Growth; Shareholder Value; Corporate Governance; Environmental Economics; Economic Performance.