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  • 06 Jun 2007
  • Research & Ideas

Behavioral Finance—Benefiting from Irrational Investors

raise enough money to build the factory," says Baker. "Or I could borrow $100 to build the factory and acquire the target with stock. If shareholders in the target are inertial—and our evidence suggests they are—it is more... View Details
Keywords: by Julia Hanna
  • 21 Aug 2019
  • Research & Ideas

What Machine Learning Teaches Us about CEO Leadership Style

or nonverbal communication at shareholder meetings to add depth to their assessment of company performance. “There is a whole ocean of data out there that people aren’t using,” says Khanna. “Using it could help examine many questions that... View Details
Keywords: by Michael Blanding
  • June 2004
  • Article

A Catering Theory of Dividends

By: Malcolm Baker and Jeffrey Wurgler
We propose that the decision to pay dividends is driven by prevailing investor demand for dividend payers. Managers cater to investors by paying dividends when investors put a stock price premium on payers, and by not paying when investors prefer nonpayers. To test... View Details
Keywords: Dividends; Catering; Financial Instruments; Investment Return; Business and Shareholder Relations
Related
  • 23 Aug 2006
  • Op-Ed

The Real Wal-Mart Effect

relation to the surplus that it passes on to stockholders. In recent years, the retailer has netted just 1.5 to 2 percent of revenues as income for its shareholders—compared with 8-plus percent for its customers. It is worth adding that View Details
Keywords: by Pankaj Ghemawat & Ken A. Mark; Retail
  • Web

Case Protagonists at HBS - MBA

protagonist? HBS cases all revolve around a decision some leader at an organization must make to address a challenge or set a strategy or respond to shareholders or build a business (or any other business-related situation). Those leaders... View Details
  • 22 Mar 2013
  • Research & Ideas

Pulling Campbell’s Out of the Soup

were able to create a very powerful culture." Conant established two performance metrics to measure progress, one based on economic value, measured by shareholder returns compared to competitor companies; and the other based on... View Details
Keywords: by Dina Gerdeman; Food & Beverage
  • 22 Feb 2021
  • Book

Reaching Today's Omnichannel Customer Takes a New Sales Strategy

sales productivity is not only about profit maximization and shareholder value—which, by the way, I don't think a CEO or Harvard Business School needs to apologize for—it also affects growth, civic discourse, and the lives of millions of... View Details
Keywords: by Kristen Senz
  • 12 Nov 2021
  • News

Alumni Business Leaders on Confronting the Climate Change Challenge

That is why we introduced pep+ (PepsiCo Positive), our strategic end-to-end transformation, with sustainability at the center of how we will create value for our shareholders and all our stakeholders. Climate action across our supply... View Details
  • 04 Apr 2022
  • What Do You Think?

As Disney Board Chair, What Would You Advise CEO Bob Chapek Regarding 'Don’t Say Gay'?

150 other companies in signing a Human Rights Campaign letter opposing the legislation. He decided to make no public statements to support or reject the governor’s expected signature of the bill—that is, until Disney’s annual meeting with View Details
Keywords: by James Heskett
  • 02 Oct 2006
  • Research & Ideas

Negotiating in Three Dimensions

customer relationships, dealing with large shareholders and creditors, as well as initiating and managing cross-border strategic alliances. It is true inside the firm where people from different functional areas and divisions need to... View Details
Keywords: by Martha Lagace
  • Web

Sustainable Investing Course | HBS Online

returns to incorporating ESG as an asset owner or manager. Highlights Non-Traditional Investment Criteria like ESG Introduction: California State Teachers' Retirement System CalSTRS: Effects of Shareholder Engagement Show Hide Details... View Details
  • 11 Oct 2006
  • What Do You Think?

How Do We Respond to the “Dependency Ratio” Dilemma?

growing dependency ratios at the level of the firm tell us, regardless of where we are in the world. But several deplored what has been done about them. According to Francine McKenna, "There's no pension crisis in the executive suite . The average worker is... View Details
Keywords: by Jim Heskett
  • 31 Aug 2020
  • What Do You Think?

Why Don’t More Organizations Understand the Power of Diversity and Inclusion?

causal relationship between diversity and profitability, then management can safely argue that managing for diversity is a way to increase shareholder value. If, however, the relationship is negative, then management cannot morally go out... View Details
Keywords: by James Heskett
  • 20 Sep 2022
  • Research & Ideas

How Partisan Politics Play Out in American Boardrooms

Republican—are 3.2 percent more likely to leave their companies when they are “politically misaligned” with their colleagues. Shareholders collectively lose $238 million, on average, after their departure is announced, the research shows.... View Details
Keywords: by Pamela Reynolds
  • September–October 2023
  • Article

What Does 'Stakeholder Capitalism' Mean to You?: A Guide to the Four Main Types

By: Lynn S. Paine
Business leaders are being urged to adopt a multistakeholder approach to governance in place of the shareholder-centered approach that has guided their work for several decades. But through hundreds of interviews with directors, executives, investors, governance... View Details
Keywords: Stakeholder Capitalism; Corporate Governance; Business and Shareholder Relations; Business and Stakeholder Relations; Organizational Structure; Trust
Related
  • 15 Jan 2014
  • Research & Ideas

Managing the Family Business: It Takes a Village

have a number of formal leadership roles. The CEO and board chairperson lead the business and usually the shareholder group. Family council leaders, parents, and grandparents are the formal family leaders. These leaders don't make all the... View Details
  • 06 Feb 2013
  • What Do You Think?

Is ‘Conscious Capitalism’ an Antidote to Income Inequality?

capitalism" he believes it fosters. He thinks private sector responsibility is the answer and his prescription is described in a new book, Conscious Capitalism, that he coauthored. Conscious capitalism is made up of four elements: a purpose higher than merely... View Details
Keywords: by James Heskett
  • 01 Dec 2022
  • News

Singing to the Corn

layoffs. Even so, I remember someone pointing at me in a bar, and we hustled out of there. It certainly left a taste in my mouth of the power of strategy and thought, but I felt really bad about it.” The tension between straight-ahead View Details
Keywords: Julia Hanna; photographed by Vance Jacobs; Agriculture
  • 26 Mar 2006
  • Research & Ideas

The Office of Strategy Management

process in an organization. In most organizations, this process either does not exist or is incomplete. Shareholder value is left on the table. The purpose of an OSM is to unlock unrealized value by making strategy execution a distinct... View Details
Keywords: by Martha Lagace
  • Web

Finance & Investing - Business & Environment

Change in 2020: Implications for Business BlackRock: Linking Purpose to Profit Governing PG&E Indigo Agriculture: Harnessing Nature Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks Decarbonization Factors... View Details