Kenny, G. (2021). Executives, Let Stakeholders Drive Your Strategy.

Neal, R., & Cochran, P. L. (2008). Corporate social responsibility, corporate governance, and financial performance: Lessons from finance.

What started as a corporate social responsibility more than 20 years ago, as a self-regulating business model that helps companies be socially responsible, has swelled into the Environmental, Social, and Governance (ESG) movement, part of the financial risk evaluations matrix for financial institutions and investors. The movement has forced public companies to launch initiatives related to their governance to minimize the financial impact/consequence.

ESG (under today's business model) and the rating scores' impacts and long-term consequences to the companies and industries are largely unknown. There is no mature and tested business model/theory for this subject.