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Show Results For
- All HBS Web
(1,330)
- People (1)
- News (198)
- Research (885)
- Events (6)
- Multimedia (6)
- Faculty Publications (404)
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- 20 Oct 2022
- Other Presentation
4 Business Ideas That Changed the World: Shareholder Value
By: Adi Ignatius, Lynn Paine, Mihir Desai and Carola Frydman
A roundtable conversation appraises the 50-year reign of shareholder primacy and the growing backlash against it today.
The idea that maximizing shareholder value takes legal and practical precedence above all else first came to prominence in the 1970s. The... View Details
The idea that maximizing shareholder value takes legal and practical precedence above all else first came to prominence in the 1970s. The... View Details
"4 Business Ideas That Changed the World: Shareholder Value." HBR IdeaCast (podcast), Harvard Business Review Group, October 20, 2022.
- Article
Shareholder Value Maximization and Product Market Competition
By: Julio J. Rotemberg and David S. Scharfstein
Rotemberg, Julio J., and David S. Scharfstein. "Shareholder Value Maximization and Product Market Competition." Review of Financial Studies 3, no. 3 (1990): 367–392.
- 1997
- Other Unpublished Work
Maximizing Corporate Shareholder Value Using Risk Profile Dynamics
By: Marc L Bertoneche and Samir Asaf
- 24 Jul 2000
- Research & Ideas
Value Maximization and Stakeholder Theory
choose among alternative policy options), what would it be? Or, even more simply, How do we want the firms in our economy to measure better versus worse?" It's tempting to consider value simply as a matter of View Details
Keywords: by Michael C. Jensen
- September 2017
- Article
Reexamining Staggered Boards and Shareholder Value
By: Charles C.Y. Wang and Alma Cohen
Cohen and Wang (2013) (CW2013) provide evidence consistent with market participants perceiving staggered boards to be value reducing. Amihud and Stoyanov (2016) (AS2016) contests these findings, reporting some specifications under which the results are not... View Details
Keywords: Staggered Boards; Takeover Defense; Antitakeover Provision; Firm Value; Delaware; Airgas; Governing and Advisory Boards; Corporate Governance; Value
Wang, Charles C.Y., and Alma Cohen. "Reexamining Staggered Boards and Shareholder Value." Journal of Financial Economics 125, no. 3 (September 2017): 637–647.
- Research Summary
Research: Shareholder Value in Europe
Marc L. Bertoneches research involves a series of empirical studies on value creation among Europes leading companies and the role of different models of corporate governance. He is also developing cases on European companies (Jazztel, Allianz, etc.). View Details
- 2000
- Chapter
Value Maximization and the Corporate Objective Function
By: Michael Jensen
Keywords: Value Creation
Jensen, Michael. "Value Maximization and the Corporate Objective Function." In Breaking the Code of Change, edited by Michael Beer and Nitin Nohria. Boston: Harvard Business School Press, 2000. (Forthcoming in Management Revolution: The Legacy of the Market for Corporate Control, Harvard University Press. Reprinted in Business Ethics Quarterly, v 12, No 1, 2001, & European Financial Management, v.7, no.3, September 2001.)
- 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
Flammer, Caroline, Michael W. Toffel, and Kala Viswanathan. "Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks." Strategic Management Journal 42, no. 10 (October 2021): 1850–1879. (Featured in Harvard Business Review.)
- Blog Post
Reexamining Staggered Boards and Shareholder Value
By: Alma Cohen and Charles CY Wang
Cohen, Alma, and Charles CY Wang. "Reexamining Staggered Boards and Shareholder Value." Harvard Law School Forum on Corporate Governance (December 13, 2017). https://corpgov.law.harvard.edu/2017/12/13/reexamining-staggered-boards-and-shareholder-value/.
- 2019
- Working Paper
Rehabilitating Corporate Purpose
In this paper, I address how the ascendance of the theory of shareholder value maximization into the central consciousness of public corporations and its canonization as the only legitimate expression of corporate purpose has contributed to both a widening breach... View Details
Keywords: Capitalism; Justice; Corporate Purpose; Shareholder Value Maximization; Ethical Reciprocity; Economic Systems; Business Ventures; Mission and Purpose; Ethics; Corporate Social Responsibility and Impact
Salter, Malcolm S. "Rehabilitating Corporate Purpose." Harvard Business School Working Paper, No. 19-104, April 2019.
- 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
Flammer, Caroline, Michael W. Toffel, and Kala Viswanathan. "Shareholders Are Pressing for Climate Risk Disclosures. That's Good for Everyone." Harvard Business Review Digital Articles (April 22, 2021).
- Article
Shareholder View vs Stakeholder View of a Firm: A Review
By: Shashank Shah and A. Sudir Bhaskar
Shah, Shashank, and A. Sudir Bhaskar. "Shareholder View vs Stakeholder View of a Firm: A Review." Paradigm 11, no. 2 (July 2007): 67–76.
- Article
How Mission-Driven Companies Create Long-Term Shareholder Value
By: William W. George
George, William W. "How Mission-Driven Companies Create Long-Term Shareholder Value." Academy of Management Executive 15, no. 4 (November 2001).
- 2021
- Working Paper
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: Shareholder Activism; Climate Risk; Corporate Accountability; Climate Change; Corporate Disclosure; Corporate Governance; Corporate Social Responsibility and Impact; Business and Shareholder Relations; Risk and Uncertainty; Natural Environment; Environmental Sustainability; Financial Services Industry; United States
Flammer, Caroline, Michael W. Toffel, and Kala Viswanathan. "Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks." Harvard Business School Working Paper, No. 20-049, October 2019. (Revised March 2021.)
- December 2021 (Revised May 2025)
- Case
Bed Bath & Beyond: The New Strategy to Drive Shareholder Value
By: Benjamin C. Esty and Daniel W. Fisher
At one time, Bed Bath & Beyond was one of the most successful specialty retailers in the United States—its growth and profit margins far exceeded both peer retailers in the home goods market as well as many other discount retailers. But in 2014, its stock price peaked,... View Details
Keywords: Competitive Strategy; Competitive Advantage; Value Creation; Diversification; Corporate Governance; Leading Change; Performance Evaluation; Valuation; Investment Activism; Retail Industry; Consumer Products Industry; United States
Esty, Benjamin C., and Daniel W. Fisher. "Bed Bath & Beyond: The New Strategy to Drive Shareholder Value." Harvard Business School Case 722-408, December 2021. (Revised May 2025.)
- July 1997
- Case
Ford Motor Company: Maximizing the Business Value of Web Technologies
One of the largest companies in the world decides to aggressively deploy Web technology and must manage and support the new technology. A discussion of infrastructure renewal, application development, extranets, and content management is included. View Details
Keywords: Organizational Change and Adaptation; Value Creation; Information Technology; Infrastructure; Internet and the Web; Manufacturing Industry; Auto Industry
Austin, Robert D., and Mark J. Cotteleer. "Ford Motor Company: Maximizing the Business Value of Web Technologies." Harvard Business School Case 198-006, July 1997.
- 2012
- Working Paper
Finding the God Particle of the Sustainability Business Case: Greener Pastures for Shareholder Value
By: Marc L Bertoneche and Cornis van der Lugt
The start of the 2000s saw a flurry of international publications on "the business case" for sustainability, seeking to map out the returns on investment and to differentiate recommended actions from cases of corporate philanthropy. Reports by business organisations... View Details
Bertoneche, Marc L., and Cornis van der Lugt. "Finding the God Particle of the Sustainability Business Case: Greener Pastures for Shareholder Value." Harvard Business School Working Paper, No. 13-072, February 2013.
- November 2015 (Revised October 2017)
- Case
Nestle's Creating Shared Value Strategy
By: Michael E. Porter, Mark R. Kramer, Kerry Herman and Sarah McAra
This case considers Nestlé’s creating shared value (CSV) strategy, which focused on the three categories of nutrition, water, and rural development. In the packaged food and beverage industry, pressure had mounted since the 1990s to improve supply chain sustainability... View Details
Keywords: Shared Value; Health And Wellness; Nutrition; Health; Labor; Environmental Sustainability; Strategy; Operations; Food and Beverage Industry; Switzerland; Europe; Africa; Latin America; North America; Asia
Porter, Michael E., Mark R. Kramer, Kerry Herman, and Sarah McAra. "Nestlé's Creating Shared Value Strategy." Harvard Business School Case 716-422, November 2015. (Revised October 2017.)