Comment by SoftTalker
5 hours ago
The existence of "socially conscious" investment funds says that there are investors out there who do value things other than total return. It is a myth that "shareholder value" must only be defined in terms of money. Brand reputation, goodwill, etc. can all be considered. It just happens that money is the overriding concern most of the time.
Sure, if you gather the investors from the start to have a unifying theme other than money, that's fine. But it's very difficult to take a random company with a bunch of unrelated shareholders and convince them all to care about the same thing.
Even the things you named (brand reputation, goodwill, etc.) are prioritized by companies because they're upstream of shareholder value. Many companies have a float in the Pride parade, an employee volunteer day and post on social media about how they're reducing their carbon footprint. Most of those companies are doing those things because they believe they ultimately increase shareholder value, not because shareholders have decided to sacrifice money because they care more about other things.