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Integrating environmental impacts into capital investment decisions

Author: Epstein, Marc J. ; Roy, Marie-JoséeINSEAD Area: Accounting and ControlIn: Greener Management International, no. 17, spring 1997 Language: EnglishDescription: p. 69-87.Type of document: INSEAD ArticleNote: Please ask the Library for this articleAbstract: This article examines how companies can improve their capital investment decision-making for both environmental capital equipment and general corporate capital projects. Companies often make their investment decisions on environmental-related projects based on incomplete data and incomplete analysis. Whereas it is commonplace to use discounted cash flow analysis in most business decisions, those projects that are prompted by environmental regulatory compliance avoid the scrutiny that most capital projects endure. This attitude produces substantially inferior decisions and damages attempts to design, implement and manage a corporate environmental strategy. The article describes existing practices, best practices, and how integrating measures of future environmental costs and benefits improves managerial decisions
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This article examines how companies can improve their capital investment decision-making for both environmental capital equipment and general corporate capital projects. Companies often make their investment decisions on environmental-related projects based on incomplete data and incomplete analysis. Whereas it is commonplace to use discounted cash flow analysis in most business decisions, those projects that are prompted by environmental regulatory compliance avoid the scrutiny that most capital projects endure. This attitude produces substantially inferior decisions and damages attempts to design, implement and manage a corporate environmental strategy. The article describes existing practices, best practices, and how integrating measures of future environmental costs and benefits improves managerial decisions

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