Publications

January 2019
Case

Capitalism, Entrepreneurship and Responsibility

By: Geoffrey Jones

This case contains excerpts from prominent business leaders and others expressing their views on the responsibilities, if any, of business leaders to other stakeholders in society. It begins with an excerpt from Andrew Carnegie, the nineteenth century steel magnate, in... View Details

Keywords: Capitalism; Entrepreneurship; Corporate Social Responsibility and Impact; Leadership; Attitudes; Perspective

2022
Book

O Coração do Negócio Os princípios de liderança e a chave para o sucesso

By: Hubert Joly and Caroline Lambert

A remarkable turnaround by a leader with a remarkable philosophy: Find your noble purpose. Put people at the center. Unleash human magic.
"It was fall in Minnesota. It was getting cold and we were supposed to die." This is how Hubert Joly describes the early,... View Details

Keywords: Capitalism; Leadership; Mission and Purpose; Business and Stakeholder Relations; Leading Change

2009
Working Paper

Do Analysts Follow Managers Who Switch Companies? An Analysis of Relationships in the Capital Markets.

By: Francois Brochet, Gregory S. Miller and Suraj Srinivasan

We examine the importance of professional relationships developed between analysts and managers by investigating analyst coverage decisions in the context of CEO and CFO moves between publicly listed firms. We find that top executive moves from an origin firm to a... View Details

Keywords: Business and Stakeholder Relations; Capital Markets; Decisions; Managerial Roles; Financial Institutions; Investment; Market Participation; Public Ownership; Relationships

SSRN

2021
Working Paper

The Changing Role of Business in Society

By: Michael E. Porter

Business interaction with the U.S. government, historically based on securing industry or company special interests at the expense of the public good, has enabled and furthered government dysfunction. Gridlock within the American political system has precluded the... View Details

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March 2016 (Revised April 2019)
Technical Note

ESG Metrics: Reshaping Capitalism?

By: George Serafeim

In the past twenty-five years, the world had seen an exponential growth in the number of companies reporting environmental, social and governance (ESG) data. Investor interest in ESG data also grew rapidly. A growing belief that increasing levels of social inequality... View Details

Keywords: Capitalism; Sustainability; Accountability; Corporate Social Responsibility; Responsibilities To Society; Environment; Social Impact Investment; ESG; Corporate Social Responsibility and Impact; Environmental Sustainability; Measurement and Metrics; Integrated Corporate Reporting; Corporate Accountability; Accounting; Economic Systems

February 2017 (Revised May 2018)
Case

The Flint, Michigan Sit-Down Strike

By: Tom Nicholas, Christopher T. Stanton and Matthew Preble

For roughly six weeks between late December 1936 and February 1937, a major strike at several critical General Motors (GM) plants in Flint, Michigan, essentially halted the corporation’s U.S. production and resulted in significant gains for the nascent United... View Details

Research Summary

Research Interests

Sustainability, Corporate Social Responsibility (CSR), Sustainability and Capital Markets, Climate Change and Organizational Incentives, National Institutions and Corporate Social Performance, Stakeholder Engagement, Green Strategies, Business Strategy, Strategy... View Details

05 May 2020
Video

Narayana Murthy

Narayana Murthy, the co-founder of the India-based software company Infosys, explains his belief that compassionate capitalism is the best solution to poverty, and makes the case for a broad stakeholder view of... View Details

20 Oct 2022
News

4 Business Ideas That Changed the World: Shareholder Value

Research Summary

Overview

By: Lynn S. Paine

My work focuses on boards of directors and corporate governance. I am currently developing new cases and materials for our MBA and Executive offerings in this area and working on a project entitled The Future of Corporate Governance. In addition, I am currently... View Details

2022
Working Paper

A Conceptualization of Sub-Living Wages: Liabilities, Leverage, and Risk

By: Drew Keller, Katie Panella and George Serafeim

Currently the accounting system records employee wages as an expense in the income statement. However, paying below living wages can expose an organization to reputational and operational risks. In this paper, we offer an alternative conceptualization of the issue of... View Details

Keywords: Accounting; Impact Accounting; Leverage; Wages; Compensation and Benefits; Business and Stakeholder Relations; Business and Government Relations; Social Issues; Human Capital

SSRN

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05 May 2021
News

"The Heart of Business" with Hubert Joly

August 2020 (Revised May 2021)
Case

PayPal: The Next Chapter

By: Michael Porter, Mark Kramer and Annelena Lobb

Can a social purpose and stakeholder capitalism confer a powerful competitive advantage in the age of COVID-19? For PayPal, the answer is yes. After spinning off from eBay in a 2015 IPO, the company declared its purpose as "democratizing financial services" by ensuring... View Details

Keywords: Mission and Purpose; Finance; Business and Stakeholder Relations; Social Entrepreneurship; Competitive Advantage; Financial Services Industry