回归价值管理

As capital costs rise, companies need a disciplined way to allocate resources without abandoning commitments to employees, customers, and the environment. Here’s how to find that balance. Michael Mankins Partner, Bain & Company Matthew Crupi Partner, Bain & Company Over the past two decades managing for shareholder value has fallen out of favor. It has been portrayed as out of step with societal priorities—particularly the growing emphasis on environmental, social, and governance (ESG) concerns—or incompatible with the interests of other stakeholders. In its place, many firms have embraced stakeholder-oriented or purpose-driven models, seeking to balance the interests of employees, customers, communities, the environment, and shareholders simultaneously. That shift coincided with an unusually forgiving capital-market environment. …