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October 2021
Article

Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks

By: Caroline Flammer, Michael W. Toffel and Kala Viswanathan

This paper examines whether—in the absence of mandated disclosure requirements—shareholder activism can elicit greater disclosure of firms’ exposure to climate change risks. We find that environmental shareholder activism increases the voluntary disclosure of climate... View Details

Keywords: Transparency; Reporting; Shareholder Engagement; Shareholder Activism; Climate Change; Risk and Uncertainty; Environmental Management; Investment Activism; Corporate Disclosure; Communication Strategy; Information Publishing; Measurement and Metrics; Corporate Social Responsibility and Impact; Problems and Challenges; United States

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July 2021
Article

Consumers—Especially Women—Avoid Buying from Firms with Higher Gender Pay Gaps

By: Tobias Schlager, Bhavya Mohan, Katherine DeCelles and Michael I. Norton

We document a unique driver of consumer behavior: the public disclosure of a firm’s gender pay gap. Four experiments provide causal evidence that when firms are revealed to have gender pay gaps, consumers are less willing to pay for their goods, a reaction driven by... View Details

Keywords: Pay Gap; Perceived Wage Fairness; Purchase Intention; Gender; Wages; Fairness; Perception; Consumer Behavior

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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

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July 2021
Article

Material Sustainability Information and Stock Price Informativeness

By: Jody Grewal, Clarissa Hauptmann and George Serafeim

As part of the SEC’s revision of Regulation S-K, many investors proposed the mandatory disclosure of sustainability information in the form of environmental, social, and governance (ESG) data. However, progress is contingent on collecting evidence regarding which... View Details

Keywords: Voluntary Disclosure; Accounting Standards; Sustainability; Nonfinancial Information; Corporate Social Responsibility; Stock Price Informativeness; Synchronicity; Environmental Sustainability; Corporate Disclosure; Corporate Accountability; Stocks; Price; Corporate Social Responsibility and Impact; Accounting; Standards

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2021
Working Paper

Proxy Advisory Firms and Corporate Shareholder Engagement

By: Aiyesha Dey, Joshua White and Austin Starkweather

We examine the influence of proxy advisors on firms’ shareholder engagement behavior. Our analyses exploit a quasi-natural experiment using Say-On-Pay voting outcomes near a threshold that triggers a review of engagement activities by Institutional Shareholder Services... View Details

Keywords: Proxy Advisors; ISS; Shareholder Engagement; Disclosure; Business and Shareholder Relations; Executive Compensation; Corporate Disclosure

2021
Working Paper

Equilibrium Effects of Pay Transparency

By: Zoë B. Cullen and Bobak Pakzad-Hurson

The public discourse around pay transparency has focused on the direct effect: how workers seek to rectify newly-disclosed pay inequities through renegotiations. The question of how wage-setting and hiring practices of the firm respond in equilibrium has received... View Details

Keywords: Pay Transparency; Online Labor Market; Privacy; Wage Gap; Negotiation; Corporate Disclosure; Compensation and Benefits; Gender

Article

Is ‘Not Guilty’ the Same as ‘Innocent’? Evidence from SEC Financial Fraud Investigations

By: Eugene F. Soltes and David H. Solomon

When the Securities and Exchange Commission (SEC) investigates firms for financial fraud, investors learn about the investigation only if managers disclose it, or regulators sanction the firm. We investigate the effects of such disclosures using confidential records on... View Details

Keywords: Financial Fraud; Corporate Disclosure; Performance; Outcome or Result

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April 22, 2021
Article

Shareholders Are Pressing for Climate Risk Disclosures. That's Good for Everyone

By: Caroline Flammer, Michael W. Toffel and Kala Viswanathan

Does shareholder activism induce firms to voluntarily disclose climate change risks? And how do markets respond to these disclosures? New research finds that the extent of climate-risk disclosure increases by approximately 4.6% for each environment-related proposal... View Details

Keywords: Reporting; Transparency; Activism; Shareholder Activism; Shareholder Engagement; Climate Change; Corporate Disclosure; Investment Activism; Business and Shareholder Relations

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April–May 2021
Article

Labor Mobility and Antitakeover Provisions

By: Aiyesha Dey and Joshua White

How do firms protect their human capital? We test whether firms facing an increased threat of being acquired strengthen their antitakeover provisions (ATPs) in order to bond with their employees. We use the adoption of the Inevitable Disclosure Doctrine (IDD) by U.S.... View Details

Keywords: Labor Mobility; Antitakeover Provisions; Trade Secrets; Implicit Contracting; Employee Bonding; Corporate Governance; Acquisition; Human Capital; Strategy; Innovation and Invention; Intellectual Property; Safety

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2021
Working Paper

Measuring Employment Impact: Applications and Cases

By: Katie Panella and George Serafeim

Applying the Impact-Weighted Accounts Initiative’s employment impact methodology on eight leading companies, we document wide variability in employment impacts as a percentage of salaries paid, ranging between 59 and 80 percent. We identify opportunities for... View Details

Keywords: Impact Measurement; Employee Compensation; Accounting; Employees; Labor; Well-being; Diversity; Wages; Compensation and Benefits

Editorial

Why ESG Funds Fail to Scale

By: Gabriel Karageorgiou and George Serafeim

You’ve seen the headlines about the growth in environmental, social, and governance funds. Many investment professionals might read these and believe that launching a new ESG investment firm or ESG offering will be an automatic success. Our analysis of the data shows... View Details

2021
Article

Consumer Disclosure

By: Tami Kim, Kate Barasz and Leslie John

As technological advances enable consumers to share more information in unprecedented ways, today’s disclosure takes on a variety of new forms, triggering a paradigm shift in what “disclosure” entails. This review introduces two factors to conceptualize consumer... View Details

Keywords: Disclosure; Passive Disclosure; Information; Internet and the Web; Consumer Behavior; Situation or Environment

Article

Value of New Performance Information in Healthcare: Evidence from Japan

By: Susanna Gallani, Takehisa Kajiwara and Ranjani Krishnan

Mandatory measurement and disclosure of outcome measures are commonly used policy tools in healthcare. The effectiveness of such disclosures relies on the extent to which the new information produced by the mandatory system is internalized by the healthcare... View Details

Keywords: Value Of Information; Feedback; Patient Satisfaction; Healthcare; Health Care and Treatment; Satisfaction; Information; Measurement and Metrics; Performance Improvement

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November–December 2020
Article

Lifting the Veil: The Benefits of Cost Transparency

By: Bhavya Mohan, Ryan W. Buell and Leslie K. John

Firms do not typically disclose information on their costs to produce a good to consumers. However, we provide evidence of when and why doing so can increase consumers’ purchase interest. Specifically, building on the psychology of disclosure and trust, we posit that... View Details

Keywords: Cost Transparency; Disclosure; Field Experiment; Cost; Trust; Consumer Behavior

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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

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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

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August 2020
Article

Strategies for Managing the Privacy Landscape

By: Ramon Casadesus-Masanell and Andres Hervas-Drane

Firms use consumer personal information to improve their products and services. Personal information is open to misuse, however, and when exploited for undesired or unexpected purposes reduces consumer’s trust in the firm and their willingness to provide personal... View Details

Keywords: Consumer Privacy; Privacy Threats; Strategy Framework; Strategy Interactions; Customers; Information; Management; Strategy; Technology Industry

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June 2020
Article

Lazy Prices

By: Lauren Cohen, Christopher J. Malloy and Quoc Nguyen

We explore the implications of a subtle "default" choice that firms make in their regular reporting practices, namely that firms typically repeat what they most recently reported. Using the complete history of regular quarterly and annual filings by U.S. corporations... View Details

Keywords: Default Behavior; Inertia; Firms; Disclosure; Information; Business or Company Management; Behavior; Annual Reports; Corporate Disclosure; Financial Reporting; United States

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Article

Human Capital and the Future of Work: Implications for Investors and ESG Integration

By: Sakis Kotsantonis and George Serafeim

Human capital development (HCD) is a key consideration for most companies, but only recently have investors focused on understanding the risks and opportunities related to human capital with the emergence of environmental, social, and governance (ESG) investment... View Details

Keywords: Future Of Work; ESG; Employee Engagement; Employee Compensation; Human Capital; Human Resources; Employees; Compensation and Benefits; Wages

March 2020
Article

Voluntary, Self-Regulatory, and Mandatory Disclosure of Oil and Gas Company Payments to Foreign Governments

By: Paul M. Healy and George Serafeim

Concerns about high rates of government corruption in resource-rich countries have led transparency advocates to urge oil and gas firms to disclose payments to host governments for natural resources. Transparency, they argue, can increase government accountability and... View Details

Keywords: Oil ＆ Gas; Corruption; Transparency; Self-regulation; Industry Self-regulation; Regulation; Disclosure; Disclosure Regulation; Energy Sources; Crime and Corruption; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Energy Industry

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