Publications

Educators

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

SSRN

2005
Other Unpublished Work

Corporate Financing Decisions When Investors Take the Path of Least Resistance

By: Malcolm Baker, Joshua Coval and Jeremy Stein

We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to... View Details

Keywords: Decisions; Behavior; Stocks; Mergers and Acquisitions; Policy; Investment; Financial Institutions; Equity; Corporate Finance

Article

B Corps: Can It Remake Capitalism in Japan?

By: Geoffrey Jones

This article examines the B Corporation movement that originated in the United States in 2006. The founders sought to create a new type of company whose governance structure mandated them to consider financial, social and environmental performance. A certification... View Details

Keywords: Corporate Responsibility; Sustainability; B Corporations; Stakeholder Capitalism; Governance; Organizational Structure; Corporate Social Responsibility and Impact; Japan

04 Dec 2019
Working Paper Summaries

Pathways to Materiality: How Sustainability Issues Become Financially Material to Corporations and Their Investors

Keywords: by Jean Rogers and George Serafeim

2003
Chapter

Influencing Governmental Decision Making: The Role of Corporate Leadership

Keywords: Decision Making; Power and Influence; Government and Politics; Policy; Leadership; Business and Government Relations

01 Oct 2021
News

Employees’ Online Comments Can Predict Corporate Misconduct, Study Says

March 2025
Article

Limited Accountability and Awareness of Corporate Emissions Target Outcomes

By: Xiaoyan Jiang, Shawn Kim and Shirley Lu

Firms are increasingly announcing targets to reduce their carbon emissions, but it is unclear whether firms are held accountable for these targets. Here we examine emissions targets that ended in 2020 to investigate the final target outcomes, the transparency of target... View Details

Keywords: Carbon Emissions; Goals and Objectives; Corporate Social Responsibility and Impact; Corporate Accountability; Environmental Sustainability; Public Opinion

01 Apr 2020
News

Coronavirus Is Putting Corporate Social Responsibility to the Test

07 Nov 2016
Research & Ideas

Corporate Tax Strategies Mirror Personal Returns of Top Execs

not delve into the psychology behind those choices. He and Silva, now husband and wife, co-authored the 2015 working paper Tax-Minded Executives and Corporate Tax Strategies: Evidence from the 2013 Tax Hikes. A correlation on tax... View Details

Keywords: by Roberta Holland

February 2006
Article

Globalization and Similarities in Corporate Governance: A Cross-country Analysis

By: Tarun Khanna, Joe Kogan and Krishna G. Palepu

Keywords: Globalization; Corporate Governance; Theory

SSRN

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

SSRN

2017
Chapter

Gapponshugi in Global Perspective: Debating the Responsibility of Capitalism

By: Geoffrey Jones

This chapter places the concepts of ethical capitalism developed by the 19th century Japanese venture capitalist Shibusawa Eiichi in a global historical perspective. The chapter reviews the similarities and differences over time and between countries of proponents of... View Details

Keywords: Corporate Responsibility; Business Ethics; Ethics; Business and Stakeholder Relations; Business History; Corporate Social Responsibility and Impact

26 May 2003
Research & Ideas

Corporate Transparency Improves For Foreign Firms in U.S. Markets

that research. Srinivasan's work with Tarun Khanna and Krishna Palepu furthers the debate regarding the effect of globalization on corporate governance systems. –Ed.Churchwell: How do you define View Details

Keywords: by Cynthia Churchwell

28 Oct 1994
Lecture

Japanese and American Corporate Governance: Converging to Best Practice?

By: W. Carl Kester

Keywords: Corporate Governance; Management Practices and Processes

June 2016 (Revised May 2017)
Case

A Note on Activist Investors and the Tech Sector

By: David B. Yoffie and Eric Baldwin

This short note provides background and data on the growing role of corporate activists, especially in high-technology industries. View Details

Keywords: Governance; Activist Investors; Strategy; Investment Activism; Financial Services Industry; Technology Industry

Educators

December 2005
Article

Functional Change and Bank Strategy in German Corporate Governance.

By: Dwight B. Crane and Ulrike Schaede

Keywords: Banks and Banking; Strategy; Corporate Governance; Change; Germany

25 Feb 2009
Conference Presentation

New Research on Corporate Environmental Disclosure and Environmental Ratings

By: Michael W. Toffel

Keywords: Research; Corporate Disclosure; Natural Environment

January 2020 (Revised July 2020)
Case

BlackRock: Linking Purpose to Profit

By: Aiyesha Dey

The case revolves around the actions that Barbara Novick, co-founder and Vice-Chair of Blackrock, and Michelle Edkins, Global Head of Investment Stewardship, would need to take in response to the controversial CEO letters from Laurence (Larry) Fink, Chairman and CEO of... View Details

Educators