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Beyond ESG: The Holistic Value Addition (HVA) Framework in the Australian Context

Flahive, Sean Matthew LU (2026) In Master Thesis Series in Environmental Studies and Sustainability Science MESM02 20261
LUCSUS (Lund University Centre for Sustainability Studies)
Abstract
Despite its rapid growth within sustainable finance, ESG has faced criticism for functioning primarily as a risk management tool, failing to capture holistic conceptions of value beyond those that are financially material. This paper explores the Holistic Value Addition (HVA) framework as an alternative to ESG in Australia, paying attention to First Nations perspectives and intergenerational responsibilities. Thematic analysis of semi-structured interviews with sustainable finance practitioners and social entrepreneurs, including purposively sought First Nations participants, was conducted. The HVA was conceptually accepted, particularly by First Nations participants, with key adaptations including the centring of First Nations as a... (More)
Despite its rapid growth within sustainable finance, ESG has faced criticism for functioning primarily as a risk management tool, failing to capture holistic conceptions of value beyond those that are financially material. This paper explores the Holistic Value Addition (HVA) framework as an alternative to ESG in Australia, paying attention to First Nations perspectives and intergenerational responsibilities. Thematic analysis of semi-structured interviews with sustainable finance practitioners and social entrepreneurs, including purposively sought First Nations participants, was conducted. The HVA was conceptually accepted, particularly by First Nations participants, with key adaptations including the centring of First Nations as a distinct pillar and identifying intergenerational actors as stakeholders. However, structural barriers including short-termism and shareholder primacy pose significant challenges to its implementation. (Less)
Please use this url to cite or link to this publication:
author
Flahive, Sean Matthew LU
supervisor
organization
course
MESM02 20261
year
type
H2 - Master's Degree (Two Years)
subject
keywords
Holistic Value Addition (HVA), ESG, Sustainable Finance, Stakeholder Theory, First Nations Australia, Intergenerational Justice, Sustainability Science
publication/series
Master Thesis Series in Environmental Studies and Sustainability Science
report number
2026:005
language
English
id
9229428
date added to LUP
2026-06-03 14:26:54
date last changed
2026-06-03 14:26:54
@misc{9229428,
  abstract     = {{Despite its rapid growth within sustainable finance, ESG has faced criticism for functioning primarily as a risk management tool, failing to capture holistic conceptions of value beyond those that are financially material. This paper explores the Holistic Value Addition (HVA) framework as an alternative to ESG in Australia, paying attention to First Nations perspectives and intergenerational responsibilities. Thematic analysis of semi-structured interviews with sustainable finance practitioners and social entrepreneurs, including purposively sought First Nations participants, was conducted. The HVA was conceptually accepted, particularly by First Nations participants, with key adaptations including the centring of First Nations as a distinct pillar and identifying intergenerational actors as stakeholders. However, structural barriers including short-termism and shareholder primacy pose significant challenges to its implementation.}},
  author       = {{Flahive, Sean Matthew}},
  language     = {{eng}},
  note         = {{Student Paper}},
  series       = {{Master Thesis Series in Environmental Studies and Sustainability Science}},
  title        = {{Beyond ESG: The Holistic Value Addition (HVA) Framework in the Australian Context}},
  year         = {{2026}},
}