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- All HBS Web (119)
- Faculty Publications (62)
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Sustainable investing and ESG resources
Responsible-Investor
News service reporting on responsible investment, ESG (environmental, social, and governance), and sustainable finance. Includes news and analysis targeted to the global institutional investor community. ... View Details
News service reporting on responsible investment, ESG (environmental, social, and governance), and sustainable finance. Includes news and analysis targeted to the global institutional investor community. ... View Details
- 2022
- Working Paper
The Evolution of ESG Reports and the Role of Voluntary Standards
By: Ethan Rouen, Kunal Sachdeva and Aaron Yoon
We examine the evolution of ESG reports of S&P 500 firms from 2010 to 2021. The
percentage of firms releasing these voluntary disclosures increased from 35% to 86%
during this period, although the length of these documents experienced more modest
growth. Using a... View Details
Keywords: Voluntary Disclosure; Textual Analysis; Modeling And Analysis; Corporate Social Responsibility and Impact; AI and Machine Learning; Accounting
Rouen, Ethan, Kunal Sachdeva, and Aaron Yoon. "The Evolution of ESG Reports and the Role of Voluntary Standards." Harvard Business School Working Paper, No. 23-024, October 2022.
- 06 Jan 2012
- Op-Ed
Where Green Corporate Ratings Fail
environmental record is actually quite mixed. But you wouldn't know it from environmental ratings and rankings that claim to highlight the most environmentally proactive companies. News Corporation was awarded the highest View Details
- 04 Jun 2020
- News
ESG investors get their heads around social risks
- September–October 2020
- Article
Social-Impact Efforts That Create Real Value
By: George Serafeim
Until the mid-2010s few investors paid attention to environmental, social, and governance (ESG) data—information about companies’ carbon footprints, labor policies, board makeup, and so forth. Today the data is widely used by investors. How can organizations create... View Details
Keywords: Sustainability; Sustainability Management; ESG; ESG (Environmental, Social, Governance) Performance; ESG Disclosure; ESG Disclosure Metrics; ESG Ratings; ESG Reporting; Social Impact; Impact Measurement; Social Innovation; Purpose; Corporate Purpose; Corporate Social Responsibility; Strategy; Social Enterprise; Society; Accounting; Investment; Environmental Sustainability; Climate Change; Corporate Strategy; Mission and Purpose; Corporate Social Responsibility and Impact; Financial Services Industry; Chemical Industry; Technology Industry; Consumer Products Industry; Pharmaceutical Industry; North America; Europe; Japan; Australia
Serafeim, George. "Social-Impact Efforts That Create Real Value." Harvard Business Review 98, no. 5 (September–October 2020): 38–48.
- 2022
- Working Paper
The Issuance and Design of Sustainability-linked Loans
By: Maria Loumioti and George Serafeim
Sustainability-linked loans (i.e., syndicated loans for which pricing is linked to a sustainability performance indicator) have rapidly evolved into a significant private debt product. We find that sustainability-linked lending has been available mostly to borrowers... View Details
Keywords: Sustainability; Sustainability Management; Credit Products; Loan Contracts; Loans; Corporate Finance; Credit Risk; Environment; ESG; ESG Ratings; Climate Change; Finance; Borrowing and Debt; Risk and Uncertainty; Credit
Loumioti, Maria, and George Serafeim. "The Issuance and Design of Sustainability-linked Loans." Harvard Business School Working Paper, No. 23-027, November 2022.
- 21 Jul 2021
- Research & Ideas
What Does an ESG Score Really Say About a Company?
Receiving more information can clarify the complex, but not when it comes to environmental, social, and governance (ESG) scores. A recent study shows that the more information a company discloses about its ESG practices, the more rating agencies disagree on how well... View Details
Keywords: by Kristen Senz
- 16 Feb 2023
- HBS Case
ESG Activists Met the Moment at ExxonMobil, But Did They Succeed?
The impact-investment hedge fund Engine No. 1 made a big splash in May 2021 when it managed to get three nominees elected to the ExxonMobil board of directors. It was an open effort to prod the oil giant toward renewable energy and test whether activist investing could... View Details
- 2021
- Article
Decarbonizing Everything
By: Alex Cheema-Fox, Bridget LaPerla, George Serafeim, David Turkington and Hui (Stacie) Wang
We analyze how the use of different climate risk measures leads to different portfolio carbon outcomes and risk-adjusted returns. Our findings are synthesized in a rules-based investment framework, which selects a different type of climate metric across industries and... View Details
Keywords: Climate Risk; ESG; ESG (Environmental, Social, Governance) Performance; ESG Disclosure; ESG Disclosure Metrics; ESG Ratings; Investing; Investing For Impact; Investment Strategy; Environment; Decarbonization; Climate Change; Environmental Sustainability; Environmental Management; Environmental Accounting; Investment; Strategy; Investment Portfolio; Investment Return
Cheema-Fox, Alex, Bridget LaPerla, George Serafeim, David Turkington, and Hui (Stacie) Wang. "Decarbonizing Everything." Financial Analysts Journal 77, no. 3 (2021): 93–108.
- 2020
- Article
Research on Corporate Sustainability: Review and Directions for Future Research
By: Jody Grewal and George Serafeim
We review the literature on corporate sustainability and provide directions for future research. Our review focuses on three actions: measuring, managing and communicating corporate sustainability performance. Measurement is the least developed of the three and... View Details
Keywords: Sustainability; Sustainability Reporting; Sustainability Management; Nonfinancial Disclosure; Nonfinancial Information; Nonfinancial Performance; Materiality; ESG; ESG (Environmental, Social, Governance) Performance; ESG Disclosure; ESG Disclosure Metrics; ESG Ratings; ESG Reporting; Inequality; Corporate Social Responsibility; Accounting; Finance; Management; Strategy; Environmental Sustainability; Climate Change; Diversity; Equality and Inequality; Corporate Disclosure; Measurement and Metrics; Corporate Governance; Corporate Accountability; Corporate Social Responsibility and Impact
Grewal, Jody, and George Serafeim. "Research on Corporate Sustainability: Review and Directions for Future Research." Foundations and Trends® in Accounting 14, no. 2 (2020): 73–127.
- 2021
- Working Paper
Accounting for Product Impact in the Airlines Industry
By: George Serafeim and Katie Trinh
We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the airlines industry. We design a monetization methodology that allows us to calculate monetary impact estimates of fare... View Details
Keywords: Product Innovation; Impact; Impact Investing; Impact Measurement; ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; Social Corporate Responsibility; Corporate Social Responsibility; Social Impact; Aviation; Product Design; Product Positioning; Society; Product; Environmental Sustainability; Measurement and Metrics; Framework; Corporate Social Responsibility and Impact; Air Transportation; Air Transportation Industry
Serafeim, George, and Katie Trinh. "Accounting for Product Impact in the Airlines Industry." Harvard Business School Working Paper, No. 21-066, November 2020. (Revised February 2021.)
- 2021
- Working Paper
Accounting for Product Impact in the Telecommunications Industry
By: George Serafeim and Katie Trinh
We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the telecommunications industry. We design a monetization methodology that allows us to calculate monetary impact estimates of network... View Details
Keywords: Product Innovation; Impact; Impact Investing; Impact Measurement; ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; Social Corporate Responsibility; Corporate Social Responsibility; Social Impact; Telecommunications; Product Design; Product Positioning; Society; Product; Environmental Sustainability; Measurement and Metrics; Framework; Corporate Social Responsibility and Impact; Telecommunications Industry
Serafeim, George, and Katie Trinh. "Accounting for Product Impact in the Telecommunications Industry." Harvard Business School Working Paper, No. 21-105, March 2021. (Revised May 2021.)
- 2021
- Working Paper
Accounting for Product Impact in the Interactive Media and Services Industry
By: DG Park, George Serafeim and Katie Trinh
We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the interactive media and services industry. We design a monetization methodology that allows us to calculate monetary impact... View Details
Keywords: Product Innovation; Impact; Impact Investing; Impact Measurement; ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; Social Corporate Responsibility; Corporate Social Responsibility; Social Impact; Product Design; Product Positioning; Society; Product; Environmental Sustainability; Measurement and Metrics; Framework; Corporate Social Responsibility and Impact; Social Media; Technology Industry
Park, DG, George Serafeim, and Katie Trinh. "Accounting for Product Impact in the Interactive Media and Services Industry." Harvard Business School Working Paper, No. 21-134, June 2021.
- 2021
- Working Paper
Accounting for Product Impact in the Water Utilities Industry
By: George Serafeim and Katie Trinh
We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the water utilities industry. We design a monetization methodology that allows us to calculate monetary impact estimates of water... View Details
Keywords: Product Innovation; Impact; Impact Investing; Impact Measurement; ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; Social Corporate Responsibility; Corporate Social Responsibility; Social Impact; Water; Utilities; Product Design; Product Positioning; Society; Product; Environmental Sustainability; Measurement and Metrics; Framework; Corporate Social Responsibility and Impact; Utilities Industry
Serafeim, George, and Katie Trinh. "Accounting for Product Impact in the Water Utilities Industry." Harvard Business School Working Paper, No. 21-104, March 2021.
- 2021
- Working Paper
Accounting for Product Impact in the Pharmaceuticals Industry
By: Amanda Rischbieth, George Serafeim and Katie Trinh
We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the pharmaceuticals industry. We design a monetization methodology that allows us to calculate monetary impact estimates of accessible... View Details
Keywords: Product Innovation; Impact; Impact Investing; Impact Measurement; ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; Social Corporate Responsibility; Corporate Social Responsibility; Social Impact; Pharmaceutical Companies; Pharmaceuticals; IWAI; Product Design; Product Positioning; Society; Environmental Sustainability; Corporate Social Responsibility and Impact; Product; Safety; Pharmaceutical Industry
Rischbieth, Amanda, George Serafeim, and Katie Trinh. "Accounting for Product Impact in the Pharmaceuticals Industry." Harvard Business School Working Paper, No. 21-139, June 2021.
- Spring 2021
- Article
Corporate Resilience and Response During COVID-19
By: Alex Cheema-Fox, Bridget LaPerla, George Serafeim and Hui (Stacie) Wang
The coronavirus pandemic caused a sharp market decline while raising heterogeneous responses across companies related to their employees, supply chain, and repurposing of operations to provide needed products and services. We study whether during the 2020 COVID-19... View Details
Keywords: ESG; COVID-19; Coronavirus; Crisis Response Plans; Crisis; ESG (Environmental, Social, Governance) Performance; ESG Ratings; Leadership & Corporate Accountability; Big Data; Machine Learning; Investor Behavior; Institutional Investors; Corporate Performance; Health Pandemics; Crisis Management; Corporate Social Responsibility and Impact; Human Capital; Supply Chain; Operations; Leadership; Corporate Accountability; Institutional Investing; Performance
Cheema-Fox, Alex, Bridget LaPerla, George Serafeim, and Hui (Stacie) Wang. "Corporate Resilience and Response During COVID-19." Journal of Applied Corporate Finance 33, no. 2 (Spring 2021): 24–40.
- 2020
- Working Paper
Accounting for Product Impact in the Consumer Finance Industry
By: George Serafeim and Katie Trinh
We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor credit card providers within the consumer finance industry. We design a monetization methodology that allows us to calculate monetary impact estimates... View Details
Keywords: Product Innovation; Impact; Impact Investing; Impact Measurement; ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; Social Corporate Responsibility; Corporate Social Responsibility; Social Impact; Consumer Finance; Financial Services; Financial Inclusion; Product; Product Design; Product Positioning; Society; Corporate Social Responsibility and Impact; Personal Finance; Credit Cards; Financial Services Industry
Serafeim, George, and Katie Trinh. "Accounting for Product Impact in the Consumer Finance Industry." Harvard Business School Working Paper, No. 21-061, November 2020. (Revised December 2020.)
- 2021
- Working Paper
Accounting for Product Impact in the Oil and Gas Industry
By: Katie Panella, George Serafeim and Katie Trinh
We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the oil and gas industry. We design a monetization methodology that allows us to calculate monetary product impact estimates of... View Details
Keywords: Product Innovation; Impact; Impact Investing; Impact Measurement; ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; Social Corporate Responsibility; Corporate Social Responsibility; Social Impact; Oil; Oil ＆ Gas; Oil And Gas; IWAI; Impact-Weighted Accounts; Product Design; Product Positioning; Society; Environmental Sustainability; Corporate Social Responsibility and Impact; Product
Panella, Katie, George Serafeim, and Katie Trinh. "Accounting for Product Impact in the Oil and Gas Industry." Harvard Business School Working Paper, No. 21-140, June 2021.
- 2021
- Working Paper
Accounting for Product Impact in the Consumer-Packaged Foods Industry
By: Amanda Rischbieth, George Serafeim and Katie Trinh
We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the consumer-packaged goods industry. We design a methodology that allows us to calculate monetary impact estimates on customer... View Details
Keywords: Product Innovation; Impact; Impact Investing; Impact Measurement; ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; Social Corporate Responsibility; Corporate Social Responsibility; Social Impact; Nutrition Database; Nutritional Information; CPG; Consumer Packaged Goods; IWAI; Product Design; Product Positioning; Society; Environmental Sustainability; Corporate Social Responsibility and Impact; Nutrition; Product; Safety; Consumer Products Industry
Rischbieth, Amanda, George Serafeim, and Katie Trinh. "Accounting for Product Impact in the Consumer-Packaged Foods Industry." Harvard Business School Working Paper, No. 21-051, October 2020. (Revised October 2021.)
- 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
Ioannou, Ioannis, and George Serafeim. "Corporate Sustainability: A Strategy?" Harvard Business School Working Paper, No. 19-065, January 2019. (Revised April 2021.)