ADVANCED CORPORATE FINANCE AND SUSTAINABLE CORPORATE STRATEGY-2

The course is an introduction to corporate sustainability from a 360 degree perspective that integrates corporations, markets, regulation and stakeholders. We will present the key definitions of ESG and CSR, discussing the current conditions of the market, international governments and supranational institutions. Proceeding, we will elaborate the traditional concept of value creation under the light of ESG integration, revisiting the corporate stakeholder nexus and relative hierarchies in line with the updated materiality considerations. The second half of the course will be dedicated to the financing alternatives and business decisions that enable the transition towards a sustainable business model.

Upon course completion, the students will be able to comprehend the various stages, drivers and mechanisms towards a sustainable business model. In addition, they will have the tools and knowledge to evaluate alternative routes and dynamics of different sustainable business options to better determine the corporate positioning, financing and competitive advantage that guarantee the maximum long-term value creation for all stakeholders.

Accounting, management and corporate finance knowledge is crucial in order to fully comprehend the topics that will be presented during lectures.

1. Key definitions and the increasingly important role of ESG and CSR
2. Theories of the firm
3. Stages of sustainable finance and investing
4. Corporate governance and internalizing externalities
5. ESG disclosure: frameworks and current regulation
6. Strategy and intangibles
7. Materiality and metrics for value creation
8. Financing long-term value creation
9. Equity investors
10. Bond investors and alternative ESG securities
11. Banking and Insurance in the ESG era
12. Integrating ESG: cases of financial analysis and business valuation

Recommended reading: Principles of sustainable finance, Dirk Schoenmaker & Willem Schramade, Oxford University Press, 2019.

The course will conclude with a written exam based on a combination of multiple-choice and open-end questions, both qualitative and quantitative, for a total of 31 points.

The course will include lectures and in-class case study discussion. All classes will be accompanied by supporting material prepared and made available by the instructor.

English

written