12.1.3 Research goals: (i) identification of barriers and (ii) catalysing development of the market

The observed mismatch described in section 12.1.2 triggered the wish of the researchers of Nyenrode CfS to investigate this imperfect market situation. This was the starting point for the research project conducted in partnership with the nature conservation organisations IUCN-NL and the UK based NGO Fauna & Flora International. Their expertise in BES solidly anchored this information in the project. The project was executed between December 2008 and February 2010. This chapter records the results of the research project. The study explored the question to what extent and how institutional investors - in their investment decision-process - (can) pay attention to a company's performance in relation to BES. Access to information (products) is a necessary condition. The focus of the study was on the market for ' information services' or 'information products', to the extent that such products relate to companies

and BES.

The first research goal was to find out whether the lack of products that provide information on companies and BES is a consequence of barriers that can be remedied. Obviously, when economic impacts - positive or negative -on BES are under-valuated, institutional and policy failures are also relevant. Governments could improve the regulatory framework in which companies and investors operate. However, it was decided to direct the research predominantly towards the role of private actors, and to assess whether they can improve the market on BES information. The financial sector was selected as an entry point and, more specifically, ESG Agencies as they play an important role. They provide investors with information on company behaviour. If they offer information on BES to investors, the latter can include BES effects in their investment decisions.

The second research goal was to suggest solutions and to initiate a change -together with the stakeholders. I.e. to catalyse the market for BES information products in order to enable investors to include BES considerations in their investment decisions. In order to learn about how changes occur, and which effects take place, these changes need to be initiated. Furthermore, a change can only be effected if the relevant actors participate in the processes. The author considered her role to be a researcher and facilitating agent of the change process. A motivation for writing this chapter was to share her experience in order to contribute to scientific knowledge in this field.

The research project was based on the assumption that a market in which companies' links with BES would be fully transparent would facilitate investors to include biodiversity concerns in investment decisions. Hence, this will drive companies to adopt better practices, which in turn will contribute to nature conservation and the sustainable use of ecosystem services. Both a transparent market and biodiversity conservation would ultimately serve the interests of companies, investors and other stakeholders. This assumption was an important predisposition for the research undertaking. More traditional, positivistic scientific research methods strongly merit 'value-free research'.However, according to the author, the value-free traditional approach to research is (often) not appropriate for this type of research that aims to assist companies, governments and NGOs to find out how changes in markets and corporate behaviour can lead to a more sustainable world for the benefit of all, including companies. In that light, the research results were meant to be useful for the actors involved in this market so that they can contribute to value creation in three dimensions: Planet, People and Profit, i.e. the fusion of interests. Furthermore, as mentioned above, the acquired knowledge was meant to be disseminated to assist other professionals in this field.