Sustainability Real Options

IF 6.3 2区管理学 Q1 BUSINESS

California Management Review Pub Date : 2025-05-15 DOI:10.1177/00081256251331264

Han Smit

引用次数: 0

Abstract

Summary Decision-making on sustainability investment faces two challenges. First, appraisal methods are based on a narrow view of shareholder value and require extensions to support decisions that involve valuable outcomes for society. Second, the consequences of climate change are uncertain. However, firms have real options to adapt, which helps them realize the energy transition. An extended net present value that includes societal real options can assess the value of phasing in renewables (e.g., timing, expansion, and growth options) and phasing out fossil fuels (contraction, abandonment, and switching options). Increased corporate awareness of societal real options value should encourage corporations to act more responsibly.

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可持续性实物期权

可持续发展投资决策面临两大挑战。首先，评估方法基于对股东价值的狭隘看法，需要扩展，以支持涉及对社会有价值结果的决策。其次，气候变化的后果不确定。然而，企业有实际的选择来适应，这有助于他们实现能源转型。包含社会实物期权的扩展净现值可以评估逐步使用可再生能源（例如，时间选择、扩展和增长选项）和逐步淘汰化石燃料（收缩、放弃和转换选项）的价值。提高企业对社会实物期权价值的认识，应该会鼓励企业采取更负责任的行动。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

California Management Review Multiple-

CiteScore

18.40

自引率

3.00%

发文量

期刊介绍： California Management Review (CMR) serves as a vital link between academia and management practice, offering leading-edge research with practical applications. Edited at UC Berkeley’s Haas School of Business, CMR covers a wide range of management topics, including innovation, strategy, sustainable practices, and human resources. CMR ranks among the top management journals globally, distributing articles through outlets like Harvard Business School Publishing and SAGE Publishing. Focused on bridging academia and practice, CMR ensures that all articles are based on rigorous academic research while providing actionable insights for managers. In addition to regular issues, CMR publishes special issues and sections on relevant topics, often guest-edited by leading faculty. Recent special issues have covered dynamic capabilities, city innovation, big data, and intellectual property management.