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ESG
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- November 2017 (Revised April 2019)
- Case
Summa Equity: Building Purpose-Driven Organizations
By: George Serafeim
In 2015, Reynir Indahl left top Nordic private equity firm Altor Equity Partners to found Summa Equity (Summa). After long contemplation following the financial crisis, Indahl was convinced the financial system was producing negative externalities and that the current... View Details
Keywords: Corporate Purpose; ESG; ESG (Environmental, Social, Governance) Performance; Social Impact; Investment Management; Management Practices; Innovation; Voice; Environmental Impact; Private Equity; Social Enterprise; Finance; Capital Markets; Management Practices and Processes; Innovation Leadership; Leadership; Innovation and Management; Entrepreneurship; Mission and Purpose; Value Creation; Financial Services Industry; Norway; Sweden; Scandinavia
- October 2017 (Revised October 2022)
- Case
JetBlue: Relevant Sustainability Leadership (A)
By: George Serafeim
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
- 2017
- Working Paper
Why and How Investors Use ESG Information: Evidence from a Global Survey
Using survey data from a sample of senior investment professionals from mainstream (i.e., not SRI funds) investment organizations, we provide insights into why and how investors use reported environmental, social, and governance (ESG) information. The primary reason... View Details
Keywords: Investment Management; Sustainability; ESG; ESG (Environmental, Social, Governance) Performance; Investment Fund; Investment Strategy; Corporate Accountability; Activist Shareholder; Engagement; Environment; Climate Change; Customers; Customer Satisfaction; Employee Engagement; Global Warming; Investment; Decision Making; Environmental Sustainability; Performance Expectations
- Article
ESG Integration in Investment Management: Myths and Realities
By: Sakis Kotsantonis, Christopher Pinney and George Serafeim
The authors’ aim in this article is to set the record straight on the financial performance of sustainable investing while also correcting a number of other widespread misconceptions about this rapidly growing set of principles and methods.
Myth Number 1:... View Details
- 2016
- Working Paper
Shareholder Activism on Sustainability Issues
By: Jody Grewal, George Serafeim and Aaron Yoon
Shareholder activism on sustainability issues has become increasingly prevalent over the years, with the number of proposals filed doubling from 1999 to 2013. We use recent innovations in accounting standard setting to classify 2,665 shareholder proposals that address... View Details
Keywords: Sustainability; Activism; Activist Investors; Activist Shareholder; Corporate Social Responsibility; Environment; Corporate Performance; Corporate Accountability; Corporate Social Responsibility and Impact; Performance; Environmental Sustainability; Corporate Governance; Business and Shareholder Relations; Investment Activism
- 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 2015 (Revised September 2017)
- Supplement
Omar Selim: Building a Values-Based Asset Management Firm (B)
By: George Serafeim, Rebecca Henderson and Shannon Gombos
The case describes the decision of Omar Selim to set up Arabesque as an independent organization and how he organized Arabesque to use both financial and environmental, social and governance (ESG) data in order to deliver performance for its clients. View Details
- 2015
- Chapter
Chief Sustainability Officers: Who Are They and What Do They Do?
By: Kathy Miller and George Serafeim
- January 2015 (Revised September 2017)
- Case
Omar Selim: Building a Values-Based Asset Management Firm (A)
By: George Serafeim, Rebecca Henderson and Shannon Gombos
The sustainable investing market was a recent phenomenon in the first decade of the 21st century. However, an increasing number of investors began to integrated Environmental, Social and Governance (ESG) issues in investment decisions. At Barclays Capital, Omar Selim... View Details
Keywords: Sustainability; ESG; Social Business; Entrepreneurs; Scaling; Emerging Market Entrepreneurship; Not For Profit; Entrepreneurial Finance; Mentoring; Business Networks; Hybrid Nonprofit Funding; Investing; Investment Management; Asset Management; Values and Beliefs; Religion; Personal Development and Career; Business Startups; Social Enterprise; Social Entrepreneurship; Financial Services Industry; Europe; Germany; United Kingdom
- Article
Corporate Social Responsibility and Access to Finance
By: Beiting Cheng, Ioannis Ioannou and George Serafeim
In this paper, we investigate whether superior performance on corporate social responsibility (CSR) strategies leads to better access to finance. We hypothesize that better access to finance can be attributed to a) reduced agency costs due to enhanced stakeholder... View Details
- Summer 2013
- Article
A Tale of Two Stories: Sustainability and the Quarterly Earnings Call
By: Robert G. Eccles and George Serafeim
One of the challenges companies claim to face in making sustainability a core part of their strategy and operations is that the market does not care about sustainability, either in general or because the time frames in which it matters are too long. The response of... View Details
- 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
- September – October 2011
- Article
The Rise and Consequences of Corporate Sustainability Reporting
By: Ioannis Ioannou and George Serafeim
For many decades the cornerstone of corporate reporting has been financial information that is presented in a company's annual, semi-annual, and quarterly reports. These comprehensive financial reports—required by law for public companies in most countries... View Details
- June 2011 (Revised February 2013)
- Case
Mandatory Environmental, Social, and Governance Disclosure in the European Union
By: George Serafeim
In 2011, the European Commission was deciding on how to best modify the existing European Union policy on corporate disclosure of environmental, social, and governance (ESG) information. Previous directives had recommended that European companies report ESG... View Details
- 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
- Teaching Interest
Overview
By: John F. Batter
As as Senior Lecturer I teach the EC course Law, Management and Entrepreneurship (cross-listed in the General Management and Entrepreneurial Management Units) in both the Fall and Spring semesters. While I have retired from my public and private company litigation... View Details
- Research Summary
Overview
By: Robert S. Kaplan
Kaplan introduced time-driven activity-based costing (TDABC) to provide the cost component in Michael Porter's Value Based Health Care framework of delivering superior patient outcomes at lower societal cost. TDABC is becoming the global standard for health care... View Details
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