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- All HBS Web
(504)
- News (125)
- Research (276)
- Multimedia (5)
- Faculty Publications (237)
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- April 2018 (Revised May 2018)
- Case
Goldman Sachs: Making an Imprint in Impact Investing
By: Shawn Cole, Vikram S. Gandhi, Caitlin Reimers Brumme and Lynn Schenk
Goldman Sachs acquired Imprint Capital Advisors, a small firm that specialized in advising clients on environmental/social/governance (ESG) and impact investments. The founders sold Imprint with the belief that joining a global financial firm would help to scale impact... View Details
Keywords: Impact Investing; ESG; Investment; Corporate Social Responsibility and Impact; Environmental Sustainability; Growth and Development Strategy; Acquisition; Integration
Cole, Shawn, Vikram S. Gandhi, Caitlin Reimers Brumme, and Lynn Schenk. "Goldman Sachs: Making an Imprint in Impact Investing." Harvard Business School Case 218-069, April 2018. (Revised May 2018.)
- 2020
- Working Paper
A Preliminary Framework for Product Impact-Weighted Accounts
By: George Serafeim and Katie Trinh
While there has been significant progress in the measurement of an organization’s environmental and social impacts from its operations, metrics to evaluate the impact of products once they come to market lag far behind. In this paper, we provide a framework for... View Details
Keywords: Social Impact; Product Life Cycle; Environment; Sustainability; Measurement; Metrics; Impact Investing; ESG; ESG (Environmental, Social, Governance) Performance; ESG Reporting; Product; Environmental Sustainability; Measurement and Metrics; Framework; Financial Statements
Serafeim, George, and Katie Trinh. "A Framework for Product Impact-Weighted Accounts." Harvard Business School Working Paper, No. 20-076, January 2020. (Revised October 2020.)
- July 2019
- Article
Market Reaction to Mandatory Nonfinancial Disclosure
By: Jody Grewal, Edward J. Riedl and George Serafeim
We examine the equity market reaction to events associated with the passage of a directive in the European Union (EU) mandating increased nonfinancial disclosure. These disclosures relate to firms’ environmental, social, and governance (ESG) performance and would be... View Details
Keywords: Nonfinancial Information; Nonfinancial Performance; ESG; ESG (Environmental, Social, Governance) Performance; Investor Behavior; Disclosure; Disclosure Regulation; Regulation; Sustainability; Corporate Performance; Information; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Performance; Environmental Sustainability; Corporate Governance; Outcome or Result
Grewal, Jody, Edward J. Riedl, and George Serafeim. "Market Reaction to Mandatory Nonfinancial Disclosure." Management Science 65, no. 7 (July 2019): 3061–3084.
- 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.
- 2022
- Book
Purpose + Profit: How Business Can Lift Up the World
By: George Serafeim
The roadmap and best practices to reap the enormous value that can emerge when your business prioritizes social and environmental goals—such as climate change, diversity and inclusion, and sustainability—right alongside the pursuit of profit.
We not only... View Details
We not only... View Details
Keywords: ESG (Environmental, Social, Governance) Performance; Profitability; Business And Society; Organizations; Mission and Purpose; Goals and Objectives; Social Issues; Environmental Sustainability; Value Creation; Organizational Change and Adaptation
Serafeim, George. Purpose + Profit: How Business Can Lift Up the World. New York: HarperCollins Leadership, 2022.
- 2021
- Working Paper
Accounting for Workforce Impact at Scale
By: Adel Fadhel, Katie Panella, Ethan Rouen and George Serafeim
Using new data on workforce composition and wages, we systematically measure the employment impact at U.S. firms from 2008 to 2020, including 2,682 unique firms and 22,322 firm-year observations. We document significant variation across industries and firms within each... View Details
Keywords: Impact Accounting; ESG; Employee Turnover; Wages; Employment; Measurement and Metrics; Human Capital; Diversity; United States
Fadhel, Adel, Katie Panella, Ethan Rouen, and George Serafeim. "Accounting for Employment Impact at Scale." Harvard Business School Working Paper, No. 22-018, December 2021.
- Editorial
Companies Must Include Environmental and Social Performance Measures
By: George Serafeim
Serafeim, George. "Companies Must Include Environmental and Social Performance Measures." Financial Times (February 24, 2020).
- December 2011 (Revised May 2015)
- Case
Aviva Investors
By: George Serafeim
The Aviva Investors case describes the challenge of integrating sustainability considerations into the strategy and business practices of companies and into the decision making process of the investment community. Steve Waygood, Chief Responsible Investment Officer at... View Details
Keywords: Investing; Investment Management; Shareholder Activism; Disclosure; Stock Exchanges; Sustainability; Sustainable Development; Sustainability Reporting; ESG; ESG (Environmental, Social, Governance) Performance; Social Impact; Activism; Investment; Management; Business and Shareholder Relations; Environmental Sustainability; United Kingdom
Serafeim, George, Robert G. Eccles, and Kyle Armbrester. "Aviva Investors." Harvard Business School Case 112-047, December 2011. (Revised May 2015.)
- October 2017 (Revised October 2022)
- Case
JetBlue: Relevant Sustainability Leadership
By: George Serafeim and David Freiberg
In 2017, JetBlue, the airline founded on the mission to “bring humanity back to air travel,” was considering becoming one of the first companies to report its sustainability performance according to the Sustainability Accounting Standards Board (SASB) standards. SASB... View Details
Keywords: Sustainability; Metrics; Leadership And Change Management; Airlines; Innovation; Purpose; ESG; ESG (Environmental, Social, Governance) Performance; Sustainability Reporting; Change Management; Leadership; Financial Reporting; Environmental Sustainability; Mission and Purpose; Reports; Competitive Strategy; Measurement and Metrics; Corporate Social Responsibility and Impact; Air Transportation Industry; United States
Serafeim, George, and David Freiberg. "JetBlue: Relevant Sustainability Leadership (A)." Harvard Business School Case 118-030, October 2017. (Revised October 2022.)
- November 28, 2017
- Editorial
Active Investing v.2.0
By: Gabriel Karageorgiou and George Serafeim
Keywords: Investment; Investing; Technology; Big Data; Quantitative Analysis; ESG; ESG (Environmental, Social, Governance) Performance; Sustainability; Analytics and Data Science
Karageorgiou, Gabriel, and George Serafeim. "Active Investing v.2.0." Pensions & Investments (online) (November 28, 2017).
- February 2021
- Case
Veracity Worldwide: Environmental, Social, and Governance (ESG) Risk
By: Kristin Fabbe
Fabbe, Kristin. "Veracity Worldwide: Environmental, Social, and Governance (ESG) Risk." Harvard Business School Case 721-035, February 2021.
- January 2020 (Revised July 2020)
- Case
BlackRock: Linking Purpose to Profit
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
Keywords: Boards Of Directors; Institutional Investors; Disclosure; Transparency; Corporate Purpose; Corporate Profits; ESG; ESG Disclosure Metrics; Corporate Sustainability; Engagement Strategy Of Institutions; Stewardship Role Of Institutions; BlackRock; Corporate Governance; Governing and Advisory Boards; Institutional Investing; Accounting; Corporate Disclosure; Mission and Purpose; Profit; Environmental Sustainability; Climate Change; Diversity; Corporate Accountability; Financial Services Industry; United States
Deshpandé, Rohit, Aiyesha Dey, and George Serafeim. "BlackRock: Linking Purpose to Profit." Harvard Business School Case 120-042, January 2020. (Revised July 2020.)
- January 2023
- Case
Natura: Weathering the Pandemic at Brazil's Cosmetic Giant
By: Brian Trelstad, Pedro Levindo and Carla Larangeira
Brazil's Natura, a multi-brand cosmetics group, has taken several measures to safeguard the livelihoods of its thousands of employees and millions of sales representatives during the COVID-19 health and economic crisis. The company has also made strides in its efforts... View Details
Keywords: COVID-19 Pandemic; ESG Reporting; Acquisition; Customer Focus and Relationships; Decision Making; Social Entrepreneurship; Environmental Sustainability; Environmental Management; Climate Change; Ethics; Moral Sensibility; Values and Beliefs; Global Strategy; Corporate Governance; Health Pandemics; Human Resources; Human Capital; Crisis Management; Growth and Development Strategy; Marketing; Distribution Channels; Supply Chain; Corporate Social Responsibility and Impact; Mission and Purpose; Organizational Culture; Customer Ownership; Relationships; Business and Community Relations; Business and Stakeholder Relations; Networks; Partners and Partnerships; Science-Based Business; Reputation; Human Needs; Social Issues; Strategy; Equality and Inequality; Beauty and Cosmetics Industry; Brazil; Latin America
- October 2022
- Case
Sustainable Finance at Itau BBA
By: George Serafeim, Maria Loumioti and Benjamin Maletta
As of August 2022, the Itau BBA had structured dozens of sustainability linked bonds, which made future interest payments a function of the borrower meeting a target for a sustainability metric, and had solidified its reputation as a pioneer of sustainable finance in... View Details
Keywords: Sustainable Finance; Corporate Social Responsibility; Environmental Sustainability; Growth Strategy; Debt Contracting; Performance Metrics; Risk Assessment; ESG (Environmental, Social, Governance) Performance; Financial Instruments; Risk Management; Debt Securities; Measurement and Metrics; Banking Industry; Pulp and Paper Industry; Latin America
Serafeim, George, Maria Loumioti, and Benjamin Maletta. "Sustainable Finance at Itau BBA." Harvard Business School Case 123-036, October 2022.
- 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.)
- Article
Impact-Weighted Financial Accounts: A Paradigm Shift
By: Ethan Rouen and George Serafeim
The last decade has seen an exponential increase in corporate sustainability activities and efforts by investors to use these activities in their portfolio formation, valuation, and stewardship activities. This paper explains the need for a uniform strategy to measure... View Details
Keywords: Impact-Weighted Accounts; ESG (Environmental, Social, Governance) Performance; Corporate Social Responsibility and Impact; Measurement and Metrics; Standards
Rouen, Ethan, and George Serafeim. "Impact-Weighted Financial Accounts: A Paradigm Shift." CESifo Forum 22, no. 3 (May 2021): 20–25.
- 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.
- 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.)
- Forthcoming
- Article
Disclosure Standards and Communication Norms: Evidence of Voluntary Sustainability Standards as a Coordinating Device for Capital Markets
By: Khrystyna Bochkay, Jeffrey Hales and George Serafeim
In this paper, we examine how the development of voluntary sustainability standards has affected the nature of information covered in conference calls. Using industry-specific dictionaries of sustainability terms contained in the disclosure standards developed by the... View Details
Keywords: Sustainability; Disclosure; Voluntary Disclosure; Accounting Standards; Sustainability Reporting; Sustainability Standards; ESG; ESG Disclosure; Accounting; United States
Bochkay, Khrystyna, Jeffrey Hales, and George Serafeim. "Disclosure Standards and Communication Norms: Evidence of Voluntary Sustainability Standards as a Coordinating Device for Capital Markets." Review of Accounting Studies (forthcoming).