**3. Strategies for creating economic value**

In the words of Larry Fink, CEO of BlackRock, one of the world's largest investment managers, "climate risk is investment risk" [14]. We could say the same about other macro risks: social risk is investment risk, governance risk is investment risk and leadership risk is investment risk. This connects directly to our central argument: that corporate managers need to move beyond capitalizing on short-term corporate social opportunities and focus on embracing their stakeholders' values and working to create strategies that lead to long-term economic value creation [15]. Financial and economic value are only created when leaders realize the benefits that come from managing climate, social, leadership and other macro risks.

But how do we do that? What are some strategies and best practices that we can employ? We offer the following 6 rules for moving forward and for turning shortterm social opportunities into long-term strategic value creations.

1.Create Positive Externalities – Economists frequently talk about externalities in only negative ways, such as the pollution imposed on a community by one single factory; the entire community pays the costs for the factory's benefits. But positive externalities exist, too. If I invest \$1,000 in my home's front garden, it may increase the value of my home and of my neighbors' homes by much more
