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Publications

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    • All HBS Web  (534)
      • Faculty Publications  (119)

      by Paul Healy and George SerafeimRemove by Paul Healy and George Serafeim →

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      • 2018
      • Working Paper

      Corporate Sustainability: A Strategy?

      By: George Serafeim
      We explore the conditions under which firms maintain their competitive advantage through sustainability-based differentiation when faced with imitation pressures by industry peers. We document growing intraindustry convergence on sustainability actions over time for... View Details
      Keywords: Sustainability; Corporate Performance; Industry Analysis; CSR; ESG; ESG (Environmental, Social, Governance) Performance; Environment; Social Responsibility; Strategy And Execution; Corporate Social Responsibility and Impact; Environmental Sustainability; Strategy; Performance; Corporate Strategy
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      Ioannou, Ioannis, and George Serafeim. "Corporate Sustainability: A Strategy?" Harvard Business School Working Paper, No. 19-065, January 2019. (Revised April 2021.)
      • January–February 2019
      • Article

      Corporate Purpose and Financial Performance

      By: Claudine Gartenberg, Andrea Prat and George Serafeim
      We construct a measure of corporate purpose within a sample of U.S. companies based on approximately 500,000 survey responses of worker perceptions about their employers. We find that this measure of purpose is not related to financial performance. However, high... View Details
      Keywords: Corporate Purpose; Purpose; Employee Motivation; Belief Systems; Corporate Performance; Human Capital; Middle Management; Culture; Corporate Culture; Meaning; Mission and Purpose; Organizational Culture; Employees; Perception; Values and Beliefs; Performance Effectiveness
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      Gartenberg, Claudine, Andrea Prat, and George Serafeim. "Corporate Purpose and Financial Performance." Organization Science 30, no. 1 (January–February 2019): 1–18.
      • November 2018
      • Case

      Governance Transition at Anadolu Group

      By: Paul M. Healy and Esel Y. Cekin
      Kamil Yazici and Izzet Ozilhan founded and built Anadolu Group Holding—a family business that grew into a multi-billion-dollar regional powerhouse. For 57 years they were equal partners in running the company. They then handed over a leadership role to a next... View Details
      Keywords: Family-managed Business; Professionally-run Company; Second-generation; Third-generation; Governance; Governance Changes; Succession Planning; Corporate Culture; Shareholders; Board Of Directors; Long-term Sustainability; Conglomerate; Family Business; Corporate Governance; Change Management; Management Succession; Leadership; Transition; Organizational Structure; Consumer Products Industry; Turkey; Central Asia; Middle East
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      Healy, Paul M., and Esel Y. Cekin. "Governance Transition at Anadolu Group." Harvard Business School Case 119-048, November 2018.
      • Third Quarter 2018
      • Article

      Why and How Investors Use ESG Information: Evidence from a Global Survey

      By: Amir Amel-Zadeh and George Serafeim
      Using survey data from a sample of senior investment professionals from mainstream (i.e., not SRI funds) investment organizations, we provide insights into why and how investors use reported environmental, social, and governance (ESG) information. Relevance to... View Details
      Keywords: ESG; ESG (Environmental, Social, Governance) Performance; Sustainability; Investment Management; Investment Strategy; Metrics; Standard Setting; Accounting Standards; Finance; Investment; Information; Environmental Sustainability; Governance; Performance Effectiveness; Strategy
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      Amel-Zadeh, Amir, and George Serafeim. "Why and How Investors Use ESG Information: Evidence from a Global Survey." Financial Analysts Journal 74, no. 3 (Third Quarter 2018): 87–103.
      • August 2018 (Revised July 2020)
      • Case

      Revenue Recognition at HBP

      By: Paul Healy and Siko Sikochi
      In early 2014, Paul Bills, CFO of Harvard Business Publishing (HBP), sat down with David Wan, the company’s CEO, to discuss budget preparations for the coming year. Bills noted that the performance of Corporate Learning, one of HBP’s three business units, would be... View Details
      Keywords: Accrual Accounting; Budgets and Budgeting; Revenue Recognition; Financial Reporting; Publishing Industry; Education Industry; United States
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      Healy, Paul, and Siko Sikochi. "Revenue Recognition at HBP." Harvard Business School Case 119-029, August 2018. (Revised July 2020.)
      • Editorial

      Elon Musk's Unusual Compensation Plan Isn't Really About Compensation at All

      By: George Serafeim
      Earlier this year, Tesla shareholders approved likely the largest compensation package ever awarded to a CEO—for a CEO who clearly doesn’t need the money. Elon Musk is already incredibly rich and also doesn’t seem particularly motivated by further wealth. So why do it?... View Details
      Keywords: Tesla; Elon Musk; Innovation; Investor Communication; Investor Relations; Short-termism; Long-termism; Disruption; Executive Compensation; Business and Shareholder Relations; Communication Intention and Meaning; Mission and Purpose
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      Serafeim, George. "Elon Musk's Unusual Compensation Plan Isn't Really About Compensation at All." Harvard Business Review (website) (May 1, 2018).
      • Article

      Investors as Stewards of the Commons?

      By: George Serafeim
      Over the past few years, there has been a significant increase in the number of initiatives seeking to mobilize investor voice towards positive social impact. In this paper, I provide a framework outlining the role of investors as stewards of the commons. While... View Details
      Keywords: Collaboration; Industry Self-regulation; Sustainability; ESG; Capital Markets; Investor Behavior; Investment Activism; Social Issues; Environmental Sustainability; Corporate Social Responsibility and Impact; Cooperation
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      Serafeim, George. "Investors as Stewards of the Commons?" Journal of Applied Corporate Finance 30, no. 2 (Spring 2018): 8–17.
      • January–February 2018
      • Article

      Inclusive Growth: Profitable Strategies for Tackling Poverty and Inequality

      By: Robert S. Kaplan, George Serafeim and Eduardo Tugendhat
      More than a billion people in the developing world remain in extreme poverty and outside the formal economy. Traditional CSR programs have done little to alleviate the situation and rarely produce transformative change.
      Instead of trying to fix local problems,... View Details
      Keywords: Inclusive Growth; Sustainability; Social Impact; Business Strategy; Shared Value; Impact Investing; Inequality; Corporate Governance; Balanced Scorecard; Strategy Execution; Economic Growth; Developing Countries and Economies; Poverty; Equality and Inequality; Corporate Social Responsibility and Impact; Strategy; Investment
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      Kaplan, Robert S., George Serafeim, and Eduardo Tugendhat. "Inclusive Growth: Profitable Strategies for Tackling Poverty and Inequality." Harvard Business Review 96, no. 1 (January–February 2018): 127–133.
      • November 2017 (Revised April 2019)
      • Case

      Summa Equity: Building Purpose-Driven Organizations

      By: George Serafeim
      In 2015, Reynir Indahl left top Nordic private equity firm Altor Equity Partners to found Summa Equity (Summa). After long contemplation following the financial crisis, Indahl was convinced the financial system was producing negative externalities and that the current... View Details
      Keywords: Corporate Purpose; ESG; ESG (Environmental, Social, Governance) Performance; Social Impact; Investment Management; Management Practices; Innovation; Voice; Environmental Impact; Private Equity; Social Enterprise; Finance; Capital Markets; Management Practices and Processes; Innovation Leadership; Leadership; Innovation and Management; Entrepreneurship; Mission and Purpose; Value Creation; Financial Services Industry; Norway; Sweden; Scandinavia
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      Serafeim, George, and David Freiberg. "Summa Equity: Building Purpose-Driven Organizations." Harvard Business School Case 118-028, November 2017. (Revised April 2019.)
      • November 2017
      • Technical Note

      21st Century Populism

      By: George Serafeim and David Freiberg
      While the first decade of the 21st century saw a massive financial crisis that led to significant economic downturn, the second decade saw the rise of political leaders, who built their support upon a political message that championed the common person against the... View Details
      Keywords: Populism; Market Efficiency; Market Liberalization; Political Influence; Political Instability; Capital Controls; Partnerships; Coalition; Inequality; Role Of Business In Society; Government Intervention In The Markets; Labor Market; Equality and Inequality; Financial Markets; Social Issues; Immigration; Financial Crisis; Capital Markets; Business and Government Relations
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      Serafeim, George, and David Freiberg. "21st Century Populism." Harvard Business School Technical Note 118-029, November 2017.
      • October 2017 (Revised October 2022)
      • Case

      JetBlue: Relevant Sustainability Leadership (A)

      By: George Serafeim
      In 2017, JetBlue, the airline founded on the mission to “bring humanity back to air travel,” was considering becoming one of the first companies to report its sustainability performance according to the Sustainability Accounting Standards Board (SASB) standards. SASB... View Details
      Keywords: Sustainability; Metrics; Leadership And Change Management; Airlines; Innovation; Purpose; ESG; ESG (Environmental, Social, Governance) Performance; Sustainability Reporting; Change Management; Leadership; Financial Reporting; Environmental Sustainability; Mission and Purpose; Reports; Competitive Strategy; Measurement and Metrics; Corporate Social Responsibility and Impact; Air Transportation Industry; United States
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      Serafeim, George, and David Freiberg. "JetBlue: Relevant Sustainability Leadership (A)." Harvard Business School Case 118-030, October 2017. (Revised October 2022.)
      • July 2017 (Revised March 2019)
      • Technical Note

      The Future of Mobility: Economic, Environmental, and Social Implications

      By: George Serafeim and David Freiberg
      This technical note explores how advancements in technology are fundamentally transforming how consumers interact with mobility. Transformation is being driven by three independent trends: the emergence of affordable electric vehicles, the development of autonomous... View Details
      Keywords: Oil & Gas; Automobile Manufacturing; Technological And Scientific Innovation; Mobility; Inequality; Electric Vehicles; Ride-sharing; Ambidexterity; Transformation; Disruption; Change; Technological Innovation; Transportation; Equality and Inequality; Auto Industry; Technology Industry; Transportation Industry; Distribution Industry
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      Serafeim, George, and David Freiberg. "The Future of Mobility: Economic, Environmental, and Social Implications." Harvard Business School Technical Note 118-008, July 2017. (Revised March 2019.)
      • April–May 2017
      • Article

      Career Concerns of Banking Analysts

      By: Joanne Horton, George Serafeim and Shan Wu
      We study how career concerns influence banking analysts' forecasts and how their forecasting behavior benefits both them and bank managers. We show that banking analysts issue early in the year relatively more optimistic and later in the year more pessimistic forecasts... View Details
      Keywords: Sell-side Analysts; Analyst Forecasts; Analysts; Investment Recommendations; Career Advancement; Career Management; Labor Mobility; Labor Market; Prejudice and Bias; Personal Development and Career; Forecasting and Prediction; Investment Banking
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      Horton, Joanne, George Serafeim, and Shan Wu. "Career Concerns of Banking Analysts." Journal of Accounting & Economics 63, nos. 2-3 (April–May 2017): 231–252.
      • November 2016
      • Article

      Corporate Sustainability: First Evidence on Materiality

      By: Mozaffar Khan, George Serafeim and Aaron Yoon
      Using newly available materiality classifications of sustainability topics, we develop a novel dataset by hand-mapping sustainability investments classified as material for each industry into firm-specific sustainability ratings. This allows us to present new evidence... View Details
      Keywords: Sustainability; Investments; Corporate Social Responsibility; Accounting; Corporate Reporting; Regulation; Corporate Social Responsibility and Impact; Integrated Corporate Reporting; Investment; Corporate Governance
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      Khan, Mozaffar, George Serafeim, and Aaron Yoon. "Corporate Sustainability: First Evidence on Materiality." Accounting Review 91, no. 6 (November 2016): 1697–1724.
      • Article

      ESG Integration in Investment Management: Myths and Realities

      By: Sakis Kotsantonis, Christopher Pinney and George Serafeim
      The authors’ aim in this article is to set the record straight on the financial performance of sustainable investing while also correcting a number of other widespread misconceptions about this rapidly growing set of principles and methods. Myth Number 1:... View Details
      Keywords: ESG; Sustainability; Investment Management; Finance; Corporate Social Responsibility; Integrated Corporate Reporting; Corporate Social Responsibility and Impact; Investment; Environmental Sustainability; Corporate Governance
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      Kotsantonis, Sakis, Christopher Pinney, and George Serafeim. "ESG Integration in Investment Management: Myths and Realities." Journal of Applied Corporate Finance 28, no. 2 (Spring 2016): 10–16.
      • September 2016
      • Article

      The Effect of Target Difficulty on Target Completion: The Case of Reducing Carbon Emissions

      By: Ioannis Ioannou, Shelley Xin Li and George Serafeim
      Targets are an integral component of management control systems and play a significant role in achieving desirable performance outcomes. We focus on a key environmental performance objective—reduction of carbon emissions—as a setting in which to examine how target... View Details
      Keywords: Sustainability; Target-setting; Management Accounting; Management Accounting And Control Systems; Control Systems; Sustainable Development; Environment; Goals and Objectives; Climate Change; Management Systems; Accounting; Environmental Sustainability
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      Ioannou, Ioannis, Shelley Xin Li, and George Serafeim. "The Effect of Target Difficulty on Target Completion: The Case of Reducing Carbon Emissions." Accounting Review 91, no. 5 (September 2016): 1467–1492.
      • Article

      The Scandal Effect

      By: Boris Groysberg, Eric Lin, George Serafeim and Robin Abrahams
      Executives with scandal-tainted companies on their résumés pay a penalty on the job market, even if they clearly had nothing to do with the trouble. Because the scandal effect is lasting, a company you left long ago could have an impact on your current and future job... View Details
      Keywords: Misconduct; Career; Career Management; Career Changes; Executive Leadership; Executive Development; Crime and Corruption; Executive Compensation; Personal Development and Career; Management Skills; Management Teams
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      Groysberg, Boris, Eric Lin, George Serafeim, and Robin Abrahams. "The Scandal Effect." Harvard Business Review 94, no. 9 (September 2016): 90–98.
      • 2016
      • Working Paper

      Who Pays for White-Collar Crime?

      By: Paul Healy and George Serafeim
      Using a proprietary dataset of 667 companies around the world that experienced white-collar crime, we investigate what drives punishment of perpetrators of crime. We find a significantly lower propensity to punish crime in our sample, where most crimes are not reported... View Details
      Keywords: Crime; Gender Bias; Women; Women Executives; Corruption; Legal Aspects Of Business; Firing; Human Capital; Human Resource Management; Prejudice and Bias; Crime and Corruption; Judgments; Law Enforcement; Human Resources; Corporate Governance; Gender
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      Healy, Paul, and George Serafeim. "Who Pays for White-Collar Crime?" Harvard Business School Working Paper, No. 16-148, June 2016.
      • March 2016
      • Article

      An Analysis of Firms' Self-reported Anticorruption Efforts

      By: Paul M. Healy and George Serafeim
      We use Transparency International's ratings of self-reported anticorruption efforts for 480 corporations to analyze factors underlying the ratings. Our tests examine whether these forms of disclosure reflect firms' real efforts to combat corruption or are cheap talk.... View Details
      Keywords: Corruption; Corporate Performance; Growth; Disclosure; Disclosure Strategy; Sustainability; Crime and Corruption; Corporate Disclosure; Performance; Sales
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      Healy, Paul M., and George Serafeim. "An Analysis of Firms' Self-reported Anticorruption Efforts." Accounting Review 91, no. 2 (March 2016): 489–511.
      • 2016
      • Article

      Do External Labor Market Job Switches Affect the Gender Compensation Gap?

      By: Boris Groysberg, Paul M. Healy and Eric Lin
      This paper investigates how external mobility influences the gender compensation gap for job switching executives. Using proprietary data for 2,034 executive placements from a global search firm, we find job switching narrows the gender gap by 45%, from 11% to 6%. We... View Details
      Keywords: Executive Compensation; Gender
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      Groysberg, Boris, Paul M. Healy, and Eric Lin. "Do External Labor Market Job Switches Affect the Gender Compensation Gap?" Academy of Management Annual Meeting Proceedings (2016).
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