Introduction

As a response to ongoing economic, social, and environmental crises, many private actors have expanded their definition of value to include environmental and social elements. Such practices, however, appear incompatible with the current epistemological structure of academic financial discourse. This paradox challenges us to reconsider the foundations of modern finance, particularly the dominant role of shareholders.

Call for a Paradigm Shift

The volume argues there is a need to turn the established order upside down. Studies in economics and finance must be embedded in environmental and social welfare to address the challenges we face, and a radical break with the methodological individualism that dominates economics, management, and especially finance is necessary.

Reevaluating Social Welfare and Value

It is our responsibility to question social welfare when it is defined solely as maximising shareholder value. Should we instead promote a substitute to the shareholder? How should we (re)define the concept of value?

Conclusion

This volume serves as a stepping stone for rethinking academic finance and aims to carve out innovative paths for financial research in the 21st century.