In addition to explicit contracts, corporations issue their stakeholders implicit claims, including fair treatment of employees and the promise of continuing service to customers. Corporate value is created by selling these implicit claims for more than it costs to honour them. Recently, a new class of non‐investor stakeholders, related to environmental, social and governance (ESG) issues, has arisen. Although many ESG advocates stress their role in creating shareholder value, they do not explain how this value creation occurs. This paper shows that implicit claims provide a critical link that ties non‐investor stakeholders and ESG to shareholder value, both its creation and its possible destruction.

中文翻译：

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企业利益相关者，企业估值和ESG

除了明确的合同外，公司还向利益相关者发出隐性索赔，包括公平对待员工以及对客户提供持续服务的承诺。公司价值是通过出售这些隐含的主张而产生的，其价值超出了兑现它们的成本。最近，出现了与环境，社会和治理（ESG）问题有关的一类新的非投资者利益相关者。尽管许多ESG倡导者强调了其在创造股东价值中的作用，但他们并未解释这种价值创造是如何发生的。本文表明，隐性主张提供了将非投资者利益相关者和ESG与股东价值（无论是其创造还是可能的破坏）联系起来的关键链接。