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- September 2023
- Teaching Note
Patagonia: 'Earth Is Now Our Only Shareholder'
By: Brian Trelstad, Nien-hê Hsieh, Michael Norris and Susan Pinckney
Teaching Note for HBS Case No. 323-057. Patagonia’s change of ownership from a privately held company to a perpetual purpose trust and 501(c)(4) nonprofit in order to use the company’s profit to fight the environmental crisis and be a model for future businesses.
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Keywords:
Trusts;
Business Ventures;
Business Organization;
Family Business;
Restructuring;
Change;
Disruption;
Transition;
Decision Making;
Ethics;
Values and Beliefs;
Finance;
Financial Management;
Governance;
Corporate Governance;
Investment Activism;
Innovation Leadership;
Labor;
Law;
Common Law;
Management;
Goals and Objectives;
Organizations;
Corporate Social Responsibility and Impact;
Organizational Change and Adaptation;
Organizational Culture;
Ownership;
Ownership Type;
Family Ownership;
Private Ownership;
Social Enterprise;
Nonprofit Organizations;
Society;
Social Issues;
Wealth and Poverty;
Value;
Value Creation;
Apparel and Accessories Industry;
United States
- September 2023
- Article
Corporate Purpose in Public and Private Firms
By: Claudine Gartenberg and George Serafeim
Analyzing data from approximately 1.5 million employees across 1,108 established public and private US companies, we find that the strength of employee beliefs related to purpose is weaker in public companies. Among public companies, those beliefs are stronger for...
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- 2023
- Working Paper
LALIGA—From a Soccer Competition Organizer to a Global Player in the Sports and Entertainment Industry
By: Stephen A. Greyser, Kenneth Cortsen and Juan Fuentes Fernández
LALIGA, the first- and second-tier professional soccer league (known as “football” outside of the U.S. and Canada) in Spain, enters its 100th soccer season later this decade. The most popular game in the world (Giulianotti, 2012) has gone through many changes since...
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- May 2023
- Case
IBM’s Ginni Rometty: Leading with Good Power
By: Hubert Joly, Leonard A. Schlesinger and Stacy Straaberg
In March 2023, Virginia (Ginni) Rometty published Good Power: Leading Positive Change in our Lives, Work, and World, which covered her personal history and career at International Business Machines (IBM). Rometty was IBM’s ninth and first woman CEO from 2012–2020. Her...
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Keywords:
Transformation;
Acquisition;
Trends;
Gender;
Diversity;
Education;
Training;
Values and Beliefs;
Profit;
Revenue;
Leadership Style;
Leading Change;
Business or Company Management;
Negotiation;
Corporate Social Responsibility and Impact;
Mission and Purpose;
Organizational Change and Adaptation;
Organizational Culture;
Family and Family Relationships;
Business and Community Relations;
Business and Government Relations;
Business and Shareholder Relations;
Business and Stakeholder Relations;
Personal Characteristics;
Perspective;
Social Issues;
Adaptation;
Business Strategy;
Commercialization;
Competition;
Corporate Strategy;
Information Infrastructure;
Information Technology;
Health Industry;
Information Technology Industry;
Manufacturing Industry;
Service Industry;
Technology Industry;
New York (city, NY);
United States
- 2023
- Working Paper
How Wicked Problems Drive Business Performance: A Review of the Academic Literature
By: Caroline Adelson, Charlotte Kuller, Cate Tompkins, Ellora Sarkar, Samantha Price and Marco Iansiti
Recent years have seen a rise in the number of businesses engaged in the pursuit of “purposeful” activities – that is, activities that engage with the broader community in ways that expand beyond the pursuit of shareholder value. Many of these activities involve...
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- March 2023 (Revised March 2023)
- Case
Patagonia: 'Earth Is Now Our Only Shareholder'
By: Brian Trelstad, Nien-hê Hsieh, Michael Norris and Susan Pinckney
In September 2022, Yvon Chouinard, the iconoclastic founder of outdoor apparel company Patagonia, announced a new ownership model for his company. Chouinard and his family had held complete control of the company's voting and non-voting stock since its founding 50...
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Keywords:
Trusts;
Business Ventures;
Business Organization;
Family Business;
Restructuring;
Change;
Disruption;
Transition;
Decision Making;
Ethics;
Values and Beliefs;
Finance;
Financial Management;
Governance;
Corporate Governance;
Investment Activism;
Leadership;
Labor;
Law;
Common Law;
Management;
Goals and Objectives;
Organizations;
Corporate Social Responsibility and Impact;
Mission and Purpose;
Organizational Change and Adaptation;
Organizational Culture;
Ownership;
Ownership Type;
Family Ownership;
Private Ownership;
Social Enterprise;
Nonprofit Organizations;
Society;
Social Issues;
Wealth and Poverty;
Value;
Value Creation;
Apparel and Accessories Industry;
United States
- 2023
- Book
Deeply Responsible Business: A Global History of Values-Driven Leadership
By: Geoffrey Jones
Corporate social responsibility has entered the mainstream, but what does it take to run a successful purpose-driven business? This book examines leaders who put values alongside profits to showcase the challenges and upside of deeply responsible business. Should...
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Keywords:
Corporate Responsibility;
Business Ecuation;
Socially Responsible Investing;
Business Education;
Ethics;
Leadership;
Business History;
Philanthropy and Charitable Giving;
Religion;
Social Enterprise;
Social Issues;
Wealth and Poverty;
Corporate Social Responsibility and Impact;
Mission and Purpose;
Banking Industry;
Beauty and Cosmetics Industry;
Computer Industry;
Consumer Products Industry;
Education Industry;
Fashion Industry;
Financial Services Industry;
Food and Beverage Industry;
Green Technology Industry;
Manufacturing Industry;
Electronics Industry;
Agriculture and Agribusiness Industry;
United Kingdom;
Germany;
United States;
Japan;
India;
Latin America
- March 2023
- Module Note
The Social Purpose of the Firm
By: Debora L. Spar and Julia Comeau
The Social Purpose of the Firm (SPF) is a short module designed to explore how, and under what circumstances, business leaders can harness the power of capitalism and markets to “make a difference in the world” – that is, to address a significant societal problem as a...
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- 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...
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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
- January 2023 (Revised August 2023)
- Case
Veeva Systems and the Transformation to a Public Benefit Corporation
By: Ranjay Gulati and Allison M. Ciechanover
Peter Gassner, the co-founder and CEO of Veeva Systems, steered the company through rapid scaling from its launch in 2007 to 2022. Year after year, the company had exceeded expectations, with its market capitalization reaching $50 billion at its peak. By 2022, the...
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- January 2023
- Teaching Note
The Opioid Settlement and Executive Pay at AmerisourceBergen
By: Suraj Srinivasan and Li-Kuan Ni
Teaching Note for HBS Case No 122-014. In 2020, AmerisourceBergen Corporation, a Fortune 50 company in the drug distribution industry, agreed to settle thousands of lawsuits filed nationwide against the company for its opioid distribution practices that critics alleged...
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Keywords:
Opioids;
Shareholder Activism;
Investment Activism;
Corporate Accountability;
Corporate Governance;
Governance Compliance;
Governance Controls;
Executive Compensation;
Risk Management;
Corporate Social Responsibility and Impact;
Business and Shareholder Relations;
Business and Stakeholder Relations;
Distribution Industry;
Health Industry;
Pharmaceutical Industry;
United States;
West Virginia;
Tennessee;
Ohio;
Pennsylvania
- January 9, 2023
- Editorial
The Pursuit of Profit with Purpose Requires Patience
By: George Serafeim
- January 2023
- Case
Thomas Buberl: Refounding AXA
By: Hubert Joly, Mihir Desai and Amram Migdal
In 2022, AXA and its CEO Thomas Buberl faced new types of challenges, including systemic risks such as climate change, geopolitical instability, public health crises, and social tensions caused by economic risks. AXA was one of the world’s largest insurers. Since...
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Keywords:
Change;
Change Management;
Transformation;
Transition;
Trends;
Environmental Management;
Climate Change;
Ethics;
Values and Beliefs;
Finance;
Insurance;
Management;
Management Succession;
Risk Management;
Organizations;
Corporate Social Responsibility and Impact;
Mission and Purpose;
Organizational Change and Adaptation;
Planning;
Strategic Planning;
Risk and Uncertainty;
Society;
Human Needs;
Social Issues;
Strategy;
Adaptation;
Business Strategy;
Corporate Strategy;
Insurance Industry;
Europe;
France;
Paris
- November 2022 (Revised June 2023)
- Case
Northvolt: Building Batteries to Fight Climate Change
By: George Serafeim, Debora L. Spar and Julia Comeau
In 2016, Swedish entrepreneurs Carl-Erik Lagercrantz and Peter Carlsson founded an electric battery company called Northvolt with the dual goals of creating a company to address climate change and bringing battery manufacture to Europe. Northvolt, which succeeded in...
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- October 2022
- Case
Ceibal: Sustaining and Scaling Educational Innovation in Uruguay
By: John J-H Kim, Michael Chu and Mariana Cal
Ceibal was founded in 2007 in Uruguay, as an initiative to reduce the digital gap in the country. After playing an important role providing a smooth transition to remote learning during COVID, Ceibal in 2022 must now determine the best way to fulfill its mission to "be...
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- 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
- July 2022
- Supplement
Netflix: A Creative Approach to Culture and Agility (B)
By: Ranjay Gulati and Matt Higgins
This (B) case, set in summer 2022, was designed as a companion to "Netflix: A Creative Approach to Culture and Agility," a case set in 2018. The purpose of this brief document is to unlock a discussion around how the Netflix culture can be used to weather new...
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Keywords:
Netflix;
Corporate Culture;
Streaming;
Media;
Technology;
Corporate Entrepreneurship;
Innovation Leadership;
Innovation Strategy;
Leadership Style;
Organizational Culture;
Organizational Change and Adaptation;
Entertainment and Recreation Industry;
Media and Broadcasting Industry;
Motion Pictures and Video Industry;
Technology Industry;
California
- July 2022
- Case
Tata Group in 2021: Pursuing Profits through Purpose
By: Tarun Khanna, Krishna G. Palepu and Vidhya Muthuram
October 8, 2021: Tata Sons won a bid to acquire India’s national carrier Air India, marking the airline's return to its original owners after 68 long years. The winning bid of $2.4 billion gave Tata Sons full ownership of the airline and its coveted network of 6,200...
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- June 10, 2022
- Article
Does Your Company’s Culture Reinforce Its Strategy and Purpose?
By: Hubert Joly
Good strategy has traditionally been seen as the key to business success. More recently, purpose has become an essential element of doing business. But something else is missing: culture, or the essential elements of how an organization and its employees behave, as...
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- June 2022 (Revised October 2022)
- Case
Can Goodr Fight Food Insecurity at Scale?
By: Daniel Isenberg and William R. Kerr
Jasmine Crowe founded Goodr to redirect food waste to people in need. Now a profitable enterprise, she’s searching for Series A funding and encountering pushback. Scaling and contract concerns are also at the forefront of her mind, but so are her values. Feeding...
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