President Calvin Coolidge famously said that the business of America is business. He might have added that the business of business is to pursue profits — because some corporate leaders and others seem to have lost sight of that basic precept.
Climate activists block an escalator at the New York headquarters of BlackRock during a protest by #OccupyParkAve, on Wednesday, Oct. 26, 2022, in New York. of America is business. He might have added that the business of business is to pursue profits — because some corporate leaders and others seem to have lost sight of that basic precept.that are no more than virtue-signaling.
By spending the company’s funds on activities that he or she decides arbitrarily are socially responsible, a corporate executive, in effect, reduces returns to shareholders and is, therefore, spending someone else’s money. In recent years, a new form of virtue-signaling has appeared: “impact investing,” i.e., investing by individual buyers, stock funds, and others in ways intended to “benefit society,” as well as to generate financial returns.
But such choices can lead to unintended consequences. With inclusionary investing, investors may misidentify “good” companies. Examples include those that claim to be “net zero” with respect to greenhouse gas emissions by having bought worthless “offsets.” And with exclusionary investing, market forces may induce private investors to step in after impact investors push prices down below “fair” values.
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