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• Half-title
• Reviews
• Title page
• Copyright information
• Contents
• Preface to the Revised Edition
• Introduction
• How to Read this Book
• Part I Why Grow the Pie? Introducing the Idea
• 1 The Pie-Growing Mentality: A New Approach to Business that Works for Both Investors and Society
• The Pie: The Value Created for Society
• The Pie-Splitting Mentality
• The Pie-Growing Mentality
• From Ancillary to Core
• From Errors of Commission to Errors of Omission
• From Value Extraction to Value Creation
• From Ex Ante to Ex Post
• Dealing with Trade-Offs and a Shrinking Pie
• Collective Responsibility
• Why Is Pieconomics So Urgent Now?
• In a Nutshell
• 2 Growing the Pie Doesn’t Aim to Maximise Profits – But Often Does: Freeing a Company to Take More I
• Instrumental vs Intrinsic
• Profits vs Externalities
• Triple Bottom Line
• In a Nutshell
• 3 Growing the Pie Doesn’t Mean Growing the Enterprise: Three Principles to Guide Trade-Offs and Whic
• Growing the Pie Does Not Mean Ignoring Profits
• Growing the Pie Does Not Mean Growing the Enterprise
• Excessive Growth in Core Business
• Unrelated Expansion into Non-Core Businesses
• Excessive Pursuit of Social Causes
• Decision-Making under Pieconomics
• The Principle of Multiplication
• The Principle of Comparative Advantage
• The Principle of Materiality
• The Principles and Accountability
• In a Nutshell
• 4 Does Pieconomics Work?: Data – Not Wishful Thinking – Shows that Companies Can Both Do Good and Do
• Digging Deeper
• The Peer Review Process
• What Does It All Mean?
• Beyond Colleagues
• Thinking Long Term
• Responsible Investing in a Crisis
• Further Nailing Causality
• The Importance of Principled Investment
• The Other Side of the Coin
• In a Nutshell
• Part II What Grows the Pie? Exploring the Evidence
• 5 Incentives: Rewarding Long-Term Value Creation While Deterring Short-Term Gaming
• Sensitivity
• Simplicity
• Horizon
• Pay Ratios
• When Levels Matter
• In a Nutshell
• 6 Stewardship: The Value of Engaged Investors that Both Support and Challenge Management
• The Long-Term Benefits of Hedge Fund Activism
• The Value of Engagement
• What Strengthens Engagement?
• Beyond Hedge Funds
• Generalised Engagement
• Investor Rights
• Monitoring
• Patience Isn’t Always a Virtue
• The Value of Monitoring: The Evidence
• In a Nutshell
• 7 Repurchases: Investing with Restraint, Releasing Resources to Create Value Elsewhere in Society
• Buybacks: Correcting Some Misperceptions
• Buybacks Are a Free Gift to Investors
• Buybacks Are Needed for Investors to Cash Out
• Using Net Income for Buybacks Is at the Expense of Wages
• Buybacks Aren’t an Investment
• Profits Should Go to Stakeholders, Not Investors
• A Pieconomics View of Buybacks
• The Evidence
• The Bigger Picture
• Buybacks vs Dividends
• How Buybacks Can Destroy Value – and How to Fix It
• In a Nutshell
• Part III How to Grow the Pie? Putting It into Practice
• 8 Enterprises: The Power of Purpose and How to Make It Real
• Excellence
• Excellence Is the Best Form of Service
• Excellence Can Be Pursued by All Companies at All Times
• Excellence Is Relevant to All Colleagues
• Purpose
• Defining Purpose
• A Purpose Should Be Focused and Selective
• The Why Should Be Based on Comparative Advantage and the Who on Materiality
• A Purpose Is Both Deliberate and Emergent
• Communicating Purpose
• From Reporting to Communication
• Say-on-Purpose
• Embedding Purpose
• Strategy
• Operating Model
• Internal Reporting
• Culture
• Board Ownership
• Stakeholders as Partners
• The Attitude of Empowerment
• The Attitude of Investment
• The Attitude of Reward
• In a Nutshell
• 9 Investors: Turning Stewardship from a Policy into a Practice
• Defining Stewardship
• Embedding Stewardship
• Effective Monitoring
• Specific Third-Party Data Sources
• General Third-Party Data Sources
• Meeting Management
• An Integrated Approach
• Effective Engagement
• Communicating Stewardship
• Asset Owners
• Selection
• Appointment
• Monitoring
• Proxy Advisors
• The Evidence
• Practising Stewardship
• Equity Analysts
• The Evidence
• Practising Stewardship
• In a Nutshell
• 10 Citizens: How Individuals Can Act and Shape Business, Rather than Be Acted Upon
• Members
• Monitoring
• Engagement – Investors
• Engagement – Customers
• Engagement – Colleagues
• Policymakers
• 1. The Pie-Growing Mentality
• 2. Evidence over Anecdote
• 3. Tangible Versus Intangible
• 4. Ex Ante Versus Ex Post
• 5. System-Wide Thinking
• 6. One Size Rarely Fits All
• 1. Information
• 2. Externalities
• 3. Redistribution
• 4. Financial Literacy
• 5. Competition
• 6. Removing Distortions
• 7. Best Practices
• Influencers
• 1. The Pie-Growing Mentality
• 2. Evidence over Anecdote
• In a Nutshell
• Part IV The Bigger Picture
• 11 Growing the Pie More Widely: Win-Win Thinking at the National and Personal Levels
• Battle of the Sexes – the Value of Cooperation
• International Trade
• Employment
• Macroeconomic Policy
• Interpersonal Dynamics
• Mindset
• Embracing Failure
• Service
• Shaping Culture
• Career Choice
• In a Nutshell
• Conclusion
• Action Items
• Leaders
• Define the Purpose of Your Enterprise
• Communicate the Delivery of Purpose
• Embed Purpose into Your Enterprise
• Cultivate a Spirit of Excellence and Innovation
• View Stakeholders as Partners in the Enterprise
• Boards
• Own the Enterprise’s Purpose
• Monitor the Enterprise’s Delivery of Purpose
• Make Leaders Long-Term Owners
• Engage Routinely with Investors
• Understand the Business at Ground Level
• Investors
• Define Your Purpose and Approach to Stewardship
• Embed Stewardship into the Investment Process
• Communicate the Delivery of Stewardship
• Practice Informed Voting
• Engage Routinely with Executives and Directors
• Monitor a Company’s Long-Term Value
• Citizens
• As Colleagues, View Yourselves as Having Agency, Regardless of Your Position
• As Customers, Adopt a Citizen Rather than Consumer Mindset
• Keep Informed Using the Best Available Evidence
• As Regulators or Voters, Engage in Diagnosis before Treatment
• Practise the Principles of Pieconomics in Everyday Life
• Appendices
• Appendix A
• Appendix B
• Acknowledgements
• EndNotes
• Preface
• Introduction
• Chapter 1
• Chapter 2
• Chapter 3
• Chapter 4
• Chapter 5
• Chapter 6
• Chapter 7
• Chapter 8
• Chapter 9
• Chapter 10
• Chapter 11
• Appendix A
• Appendix B
• Index