La creazione e la distruzione di valore e la sfida della sostenibilità

[Machine translation] For a long time, the idea of value, accompanied by the recognized supremacy of the shareholder over the company, was central to the discussion of corporate governance. The attention to the dynamics of creating or destroying value has made it possible to question management choices, encouraging virtuous behavior inspired by parsimony in the use of invested capital, the assumption of risks consistent with the appetite for risk and the search for an optimal financial structure., In parallel, from the Anglo-Saxon world with important blooms in the Italian academy, there has been a growing sensitivity to the demands of a wider audience of stakeholders in business activity, recently exacerbated by the climate emergency and the pandemic crisis, who strongly require innovating business models, balancing growth and profit objectives with long-term sustainability and harmony with the environment.