Financial/ESG Sustainable Growth Theory and Practice

Francesco Bellandi and Claudio Chiacchierini

International Journal of Business and Management, 2025, vol. 20, issue 5, 106

Abstract: Purpose- This article applies and early tests the Financial/Environments, Social, Governance (ESG) Sustainable Growth matrix theory. Design/methodology/approach- A case study of Morgan Stanley Capital International ESG rated airlines. Findings- It shows how the matrix integrates financial sustainable growth, ESG, Corporate Social Responsibility, sustainable development, and stakeholder theories into a practical application that generates analysis of impact and strategic options prescriptions. Originality- This article illustrates the maximization of the allocation of societal surplus between shareholders and other stakeholders. It also constructs a proxy for ESG-sustainable growth rate, where no metrics still exist for this. Research limitations/implications- By the integration of the above theories, sustainable development can change from an all-encompassing umbrella concept to doable courses of actions and measurable metrics. Practical implications- The article shows the practical usefulness of the matrix for corporate strategists. Social implications- Industrial economists can also use the matrix to compare industries about their capacity to generate financial and ESG sustainable growth and allocate societal surplus.

Date: 2025
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