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  • All HBS Web  (3,715)
    • People  (8)
    • News  (675)
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  • April 2025
  • Article

Corporate Ownership and ESG Performance

By: Belen Villalonga, Peter Tufano and Boya Wang
Using a sample of 3083 firms from 62 countries over 18 years, we analyze how the structure and identity of firms' material owners influence their Environmental, Social, and Governance (ESG) performance. We find that firms with founding families or other individual... View Details
Keywords: ESG; CSR; Family Firms; Social Responsibility; Environment; Sustainability; Ownership; Corporate Social Responsibility and Impact; Corporate Governance; Environmental Sustainability
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Villalonga, Belen, Peter Tufano, and Boya Wang. "Corporate Ownership and ESG Performance." Journal of Corporate Finance 91 (April 2025).
  • 2019
  • Chapter

The Consequences of Mandatory Corporate Sustainability Reporting

By: Ioannis Ioannou and George Serafeim
A key aspect of the governance process inside organizations and markets is the measurement and disclosure of important metrics and information. In this chapter, we examine the effect of sustainability disclosure regulations on firms’ disclosure practices and... View Details
Keywords: Mandatory Disclosure; Mandatory Reporting; Sustainability; Corporate Social Responsibility; Social Impact; Valuation; China; South Africa; Europe; Asia; Regulation; Corporate Disclosure; Integrated Corporate Reporting; Corporate Social Responsibility and Impact; Governing Rules, Regulations, and Reforms; Corporate Governance; China; Denmark; Malaysia; South Africa
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Ioannou, Ioannis, and George Serafeim. "The Consequences of Mandatory Corporate Sustainability Reporting." In The Oxford Handbook of Corporate Social Responsibility: Psychological and Organizational Perspectives, edited by Abagail McWilliams, Deborah E. Rupp, Donald S. Siegel, Günter K. Stahl, and David A. Waldman, 452–489. Oxford University Press, 2019.
  • September 3, 2020
  • Article

How to Measure a Company’s Real Impact

By: Ronald Cohen and George Serafeim
Impact transparency will reshape capitalism. By shifting the pursuit of profit away from negligently creating problems to purposefully creating valuable solutions for the world, it will redefine success, so that its measure is not just money, but the positive impact we... View Details
Keywords: Impact; Impact Investing; Impact Measurement; Impact Investment; Impact Investment Funds; Accountability; Accounting Information; Corporate Performance; Sustainability; Social Impact; Capitalism; Accounting; Corporate Accountability; Performance; Measurement and Metrics; Social Enterprise; Society
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Cohen, Ronald, and George Serafeim. "How to Measure a Company's Real Impact." Harvard Business Review (website) (September 3, 2020).
  • May 2012
  • Technical Note

Frameworks for Dialogue and Research about Social Impact Investing

By: Herman B. "Dutch" Leonard
Social Impact Investment is a rapidly expanding field, but terminology in the field is poorly defined and imprecise. This note suggests frameworks that help to clarify important dimensions of SII projects, distinguishing and clarifying key differences in approaches to... View Details
Keywords: Development Stage Enterprises; Entrepreneurial Management; Entrepreneurs; Entrepreneurial Finance; Financial Instruments; Performance Measurement; Balanced Scorecard; Investment Funds; Corporate Social Responsibility and Impact; Research; Framework; Entrepreneurship; Financial Services Industry
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Leonard, Herman B. "Dutch". "Frameworks for Dialogue and Research about Social Impact Investing." Harvard Business School Technical Note 312-091, May 2012.
  • July 2017 (Revised September 2017)
  • Case

Donald Trump Calls Carrier Corporation

By: Andy Zelleke and Brian Tilley
This case examines the influence of political pressure on corporate decision-making. It questions whether fidelity to domestic operations ought to be a corporate social responsibility, and thus it challenges the limits of “social responsibility” as a corporate ideal.... View Details
Keywords: Corporate Social Responsibility; Board Decisions; Political Influence; Layoffs; Offshoring And Outsourcing; Manufacturing; United States; Mexico; Governing and Advisory Boards; Decision Making; Job Cuts and Outsourcing; Political Elections; Corporate Social Responsibility and Impact; Corporate Governance; Technology Industry; Manufacturing Industry; Connecticut; Indiana; Mexico
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Zelleke, Andy, and Brian Tilley. "Donald Trump Calls Carrier Corporation." Harvard Business School Case 318-030, July 2017. (Revised September 2017.)
  • 17 May 2004
  • Research & Ideas

Why We Don’t Study Corporate Responsibility

to their ethical conduct. Scholarly attention to ethics and values does indeed have an impact on business leaders' self-conception and resulting behavior. Q: View Details
Keywords: by Manda Salls
  • 2021
  • Working Paper

Corporate Environmental Impact: Measurement, Data and Information

By: David Freiberg, DG Park, George Serafeim and T. Robert Zochowski
As an organization’s environmental impact has become a central societal consideration, thereby affecting industry and organizational competitiveness, interest in measuring and analyzing environmental impact has increased. We develop a methodology to derive comparable... View Details
Keywords: Environment; Impact; Measurement; Environmental Ratings; Corporate Valuation; Financial Materiality; Sustainability; Environmental Impact; Environmental Strategy; Impact-Weighted Accounts; IWAI; Environmental Sustainability; Corporate Social Responsibility and Impact; Measurement and Metrics; Valuation
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Freiberg, David, DG Park, George Serafeim, and T. Robert Zochowski. "Corporate Environmental Impact: Measurement, Data and Information." Harvard Business School Working Paper, No. 20-098, March 2020. (Revised February 2021.)
  • 10 Oct 2005
  • Research & Ideas

Corporate Responsibility and the Environment: What is the Right Thing To Do?

Responsibility (CSR) and Corporate Social Performance (CSP)? A: Corporate Social... View Details
Keywords: by Manda Salls
  • 2021
  • Working Paper

Disclosure-Driven Social Engagement in Supply Chains

By: Caleb Kwon and Andrew Di Wu
Keywords: Disclosure; Supply Chain; Corporate Social Responsibility
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Kwon, Caleb, and Andrew Di Wu. "Disclosure-Driven Social Engagement in Supply Chains." Working Paper, February 2021.
  • March 2001 (Revised April 2001)
  • Case

Sustainable Development & Socially Responsible Investing: ABB in 2000

By: Forest L. Reinhardt
Several investment firms and mutual funds position themselves as providers or facilitators of opportunities for socially responsible investment. This case addresses the impact of these firms on publicly traded companies. Focuses on managers at ABB, a large... View Details
Keywords: Investment; Corporate Social Responsibility and Impact; Environmental Sustainability; Social Enterprise; Corporate Governance; Business Strategy; Capital Markets; Management Teams; Business and Community Relations; Trade; Electronics Industry; Switzerland
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Reinhardt, Forest L. "Sustainable Development & Socially Responsible Investing: ABB in 2000." Harvard Business School Case 701-082, March 2001. (Revised April 2001.)
  • November 2016
  • Article

Corporate Sustainability: First Evidence on Materiality

By: Mozaffar Khan, George Serafeim and Aaron Yoon
Using newly available materiality classifications of sustainability topics, we develop a novel dataset by hand-mapping sustainability investments classified as material for each industry into firm-specific sustainability ratings. This allows us to present new evidence... View Details
Keywords: Sustainability; Investments; Corporate Social Responsibility; Accounting; Corporate Reporting; Regulation; Corporate Social Responsibility and Impact; Integrated Corporate Reporting; Investment; Corporate Governance
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Khan, Mozaffar, George Serafeim, and Aaron Yoon. "Corporate Sustainability: First Evidence on Materiality." Accounting Review 91, no. 6 (November 2016): 1697–1724.
  • September 2011 (Revised February 2013)
  • Case

Trucost: Valuing Corporate Environmental Impacts

By: Michael W. Toffel and Stephanie van Sice
Trucost provided corporate environmental performance data and analysis to institutional investors and corporate managers, but after operating for a decade had yet to achieve profitability. Trucost was struggling to effectively differentiate its high quality products... View Details
Keywords: Competitive Strategy; Knowledge Use and Leverage; Distribution Channels; Investment; Measurement and Metrics; Corporate Social Responsibility and Impact; Information; Value; Environmental Sustainability; Financial Services Industry
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Toffel, Michael W., and Stephanie van Sice. "Trucost: Valuing Corporate Environmental Impacts." Harvard Business School Case 612-025, September 2011. (Revised February 2013.)
  • April 2017
  • Article

The Responsibilities and Role of Business in Relation to Society: Back to Basics?

By: Nien-he Hsieh
In this address, I outline a back-to-basics approach to specifying the responsibilities and role of business in relation to society. Three “basics” comprise the approach. The first is arguing that basic principles of ordinary morality, such as a duty not to harm,... View Details
Keywords: Business And Society; Corporate Responsibility; Harm; Human Rights; Institutions; Pareto Efficiency; Corporate Social Responsibility and Impact; Moral Sensibility; Society; Rights
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Hsieh, Nien-he. "The Responsibilities and Role of Business in Relation to Society: Back to Basics?" Business Ethics Quarterly 27, no. 2 (April 2017): 293–314.
  • July 2007
  • Article

Community Isomorphism and Corporate Social Action

By: Christopher Marquis, Mary Ann Glynn and Gerald F. Davis
Keywords: Corporate Social Responsibility and Impact; Civil Society or Community
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Marquis, Christopher, Mary Ann Glynn, and Gerald F. Davis. "Community Isomorphism and Corporate Social Action." Academy of Management Review 32, no. 3 (July 2007): 925–945. (Read an interview about this paper in HBS Working Knowledge.)
  • September–October 2023
  • Article

A Rising Tide Lifts All Boats: The Effects of Common Ownership on Corporate Social Responsibility

By: Mark R. DesJardine, Jody Grewal and Kala Viswanathan
Common owners face an incredible investment challenge: managing systematic risk. Because common owners hold shares in multiple firms across an industry, an action (or inaction) by one firm that affects industry peers is felt more severely by common owners than by... View Details
Keywords: Common Ownership; Environmental Sustainability; Corporate Social Responsibility and Impact; Institutional Investing; Corporate Governance; Risk and Uncertainty; Investment Return
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DesJardine, Mark R., Jody Grewal, and Kala Viswanathan. "A Rising Tide Lifts All Boats: The Effects of Common Ownership on Corporate Social Responsibility." Organization Science 34, no. 5 (September–October 2023): 1716–1735.
  • 23 Feb 2004
  • Research & Ideas

How Corporate Responsibility is Changing in Asia

Asia," held at the Asia Business Conference on February 14 at Harvard Business School. Ever since the public outcry in the 1990s over the wages paid by Nike to its Asian factory workers, the issue of multinational corporate View Details
Keywords: by Julia Hanna
  • 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
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Ioannou, Ioannis, and George Serafeim. "Corporate Sustainability: A Strategy?" Harvard Business School Working Paper, No. 19-065, January 2019. (Revised April 2021.)
  • February 2018 (Revised October 2018)
  • Case

Wellington Global Impact

By: Shawn Cole and Lynn Schenk
Wellington Global Impact is one of the first public equities impact investing strategies in the market. The case explores how the strategy was developed at Wellington, including an analysis of the culture that supported its development. It also explores the difficulty... View Details
Keywords: Finance; Impact Investing; Investment; Strategy; Corporate Social Responsibility and Impact; Organizational Culture; Analysis
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Cole, Shawn, and Lynn Schenk. "Wellington Global Impact." Harvard Business School Case 218-067, February 2018. (Revised October 2018.)
  • April 29, 2014
  • Column

Corporate Reporting in the Big Data Era

By: George Serafeim
Advancements in information technology can improve corporate communication with shareholders, but not through incessant data dumps. Instead, companies will more likely be poised for continued success if they use digital platforms for long-term oriented engagement and... View Details
Keywords: Integrated Reporting; Big Data; Corporate Reporting; Sustainability; Corporate Social Responsibility; Corporate Governance; Accounting; Reporting; Organizational Change and Adaptation; Corporate Accountability; Analytics and Data Science; Information Technology; Communication; Financial Reporting; Business and Shareholder Relations
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Serafeim, George. "Corporate Reporting in the Big Data Era." IIRC Blog (April 29, 2014).
  • 2015
  • Chapter

Leading Socially Responsible, Value-Creating Corporations

By: Daniel A Brown, Rakesh Khurana and James O'Toole
We explore the role of the corporate leader in creating value for stakeholders throughout three eras: one of naïve idealism, one of naïve cynicism, and an emerging era of rugged idealism. We explain how the role of the corporate leader and society's perceptions of this... View Details
Keywords: Stakeholder Management; Value; Shared Value; Institution; Business School; Stakeholder Engagement; Value Creation; Leadership; Corporate Social Responsibility and Impact; Alignment; Business Education; Business and Stakeholder Relations
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Brown, Daniel A., Rakesh Khurana, and James O'Toole. "Leading Socially Responsible, Value-Creating Corporations." In Corporate Stewardship: Achieving Sustainable Effectiveness, edited by Susan Albers Mohrman, James O'Toole, and Edward E. Lawler. Sheffield, UK: Greenleaf Publishing, 2015.
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