Publications

Educators

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2015
Working Paper

Materiality in Corporate Governance: The Statement of Significant Audiences and Materiality

By: Robert G. Eccles and Tim Youmans

Under the prevailing ideology of "shareholder primacy" most boards of directors believe that they are prevented from considering stakeholders other than shareholders in determining material issues and materiality for strategy and reporting. New research is showing that... View Details

Keywords: Governing and Advisory Boards; Business and Stakeholder Relations; Corporate Governance; Business and Shareholder Relations

2020
Working Paper

How ESG Issues Become Financially Material to Corporations and Their Investors

By: George Serafeim

Management and disclosure of environmental, social and governance (ESG) issues have received substantial interest over the last decade. In this paper, we outline a framework of how ESG issues become financially material, affecting corporate profitability and valuation.... View Details

Teaching

Overview

By: Charles C.Y. Wang

Charles C.Y. Wang is an associate professor of business administration in the Accounting and Management Unit and currently teaches the Business Analysis and Valuation course in the MBA elective curriculum. This course is aimed at all MBAs who expect at some point in... View Details

20 Jan 2003
Research & Ideas

Fixing Corporate Governance: A Roundtable Discussion at Harvard Business School

With corporate America rocked by revelations of conflict of interest, malfeasance, negligence, and greed, a group of HBS professors recently gathered to review the current crisis. Is it a case of dé jà vu or an unprecedented, systemic... View Details

Keywords: by Garry Emmons

2022
Article

Which Corporate ESG News Does the Market React To?

By: George Serafeim and Aaron Yoon

Using a dataset that classifies firm-level ESG news as positive and negative, we examine how stock prices react to different types of ESG news. We analyze 111,020 firm-day observations for 3,126 companies and find that prices react only to issues identified as... View Details

Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; Social Capital; Environment; Sustainability; CSR; Stock Price; Stock Market Expectations; Materiality; Market Reaction; Environmental Sustainability; Governance; Social Issues; Performance; News

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Forthcoming
Article

Enterprise Resource Planning (ERP) System Implementations and Corporate Misconduct

By: Jonas Heese and Joseph Pacelli

This study examines whether enterprise resource planning (ERP) implementations are associated with reductions in corporate misconduct. Specifically, we study the relation between staggered facility-level rollouts of ERP systems and facility-level regulatory violations... View Details

Keywords: Accounting; Governing Rules, Regulations, and Reforms; Governance Compliance

24 Nov 2003
Research & Ideas

Boards and Corporate Governance: A Balanced Scorecard Approach

performance. The Balanced Scorecard approach has evolved into a tool that can be used to help companies create greater value at the business unit level, the corporate level, and the board level. This is done through three Balanced... View Details

Keywords: Re: Robert S. Kaplan & Krishna G. Palepu

01 Feb 2017
News

The Morning Risk Report: Corporate Cash Distribution Isn’t Short-Termism Culprit

November 2001
Article

Corporate Budgeting Is Broken, Let's Fix It

By: M. C. Jensen

Keywords: Budgets and Budgeting; Corporate Finance

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August 2011
Article

Independent Invention During the Rise of the Corporate Economy in Britain and Japan

By: Tom Nicholas

Independent inventors accounted for approximately half of all patents in Britain and Japan by 1930, despite the rise of the corporate economy and the spread of industrial R&D. A mixture of patent renewal and historical citations data reveals that the quality of... View Details

Keywords: Independent Innovation and Invention; Development Economics; Research and Development; Patents; System; Motivation and Incentives; Tokyo; London; United States

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Research Summary

Concentrated Capital Losses and the Pricing of Corporate Credit Risk

By: Emil N. Siriwardane

In studying the U.S. credit default swap (CDS) market, Professor Siriwardane has discovered that the selling of CDS protection is extremely concentrated, with five sellers accounting for nearly half the market. Further, in contrast to what neoclassical theory... View Details

March 2015
Case

Statoil: Transparency on Payments to Governments

By: George Serafeim

The Statoil case describes the challenge of increasing transparency, in extractive industries, around host county government payments. The case describes Statoil's reasoning behind voluntarily disclosing host country government payments, and the events that led to this... View Details

Keywords: Corruption; Disclosure; Disclosure Strategy; Regulation; Industry Self-regulation; Corporate Governance; Corporate Accountability; Bribery; Sustainability; Corporate Social Responsibility; Government Legislation; Cost vs Benefits; Corporate Disclosure; Mining; Mining Industry; United States