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Publications

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    • All HBS Web  (127)
      • Faculty Publications  (26)

      ESG Reporting Remove ESG Reporting →

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      Sustainable Strategies and Net-Zero Goals

      By: Mark L. Frigo, Robert S. Kaplan and Karthik Ramanna
      In a recent Harvard Business Review article, Kaplan and Ramanna describe a rigorous approach, the E-liability method, for companies’ ESG reporting, especially as it pertains to GHG emissions measurements. They argue that the current standards for measuring...  View Details
      Keywords: Measurement; Sustainability; Net-zero Emissions; Environmental Sustainability; Integrated Corporate Reporting; Measurement and Metrics; Strategy
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      Frigo, Mark L., Robert S. Kaplan, and Karthik Ramanna. "Sustainable Strategies and Net-Zero Goals." Special Issue on Sustainability. Strategic Finance 103, no. 10 (April 2022): 42–49.
      • 2022
      • Working Paper

      ESG: Hyperboles and Reality

      By: George Serafeim
      ESG has rapidly become a household name leading to both confusion about what it means and creating unrealistic expectations about its effects. In this paper, I draw on more than a decade of research to dispel several myths about ESG and provide answers to important...  View Details
      Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Disclosure; ESG Reporting; ESG Ratings; Sustainability; Corporate Social Responsibility and Impact; Environmental Sustainability; Performance; Corporate Disclosure; Reports
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      Serafeim, George. "ESG: Hyperboles and Reality." Harvard Business School Working Paper, No. 22-031, November 2021.
      • 2021
      • Working Paper

      How to Fix ESG Reporting

      By: Robert S. Kaplan and Karthik Ramanna
      Investors, advocacy groups, academics, and the 200 CEOs of the US Business Roundtable have asked corporations to take on an added purpose beyond a narrow pursuit of shareholder value. In response, many companies now issue ESG (Environmental, Societal, and Governance)...  View Details
      Keywords: ESG Reporting; Sustainability; Corporate Purpose; Greenhouse Gas; Activity-Based Costing; Environmental Sustainability; Environmental Management; Corporate Social Responsibility and Impact; Measurement and Metrics; Goals and Objectives; Agreements and Arrangements; Corporate Accountability
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      Kaplan, Robert S., and Karthik Ramanna. "How to Fix ESG Reporting." Harvard Business School Working Paper, No. 22-005, July 2021.
      • Editorial

      Why ESG Funds Fail to Scale

      By: Gabriel Karageorgiou and George Serafeim
      You’ve seen the headlines about the growth in environmental, social, and governance funds. Many investment professionals might read these and believe that launching a new ESG investment firm or ESG offering will be an automatic success. Our analysis of the data shows...  View Details
      Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Disclosure; ESG Disclosure Metrics; ESG Ratings; ESG Reporting; Investment Management; Investment Strategy; Investments; Investment Fund; Sustainability; Sustainable Finance; Sustainable Investing; Investment; Management; Strategy; Investment Portfolio; Finance; Growth and Development; Failure
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      Karageorgiou, Gabriel, and George Serafeim. "Why ESG Funds Fail to Scale." Institutional Investor (January 11, 2021).
      • September 7, 2020
      • Article

      Where ESG Ratings Fail: The Case for New Metrics

      By: Mark R. Kramer, Nina Jais, Erin E. Sullivan, Carina Wendell, Kerry Rodriguez, Carlo Papa, Carlo Napoli and Filippo Forti
      One agency’s A+ is another’s “laggard” — and neither links to financial performance. Hybrid metrics will change everything, argue Harvard Business School’s Mark Kramer and leaders in the shared-value movement.  View Details
      Keywords: ESG Ratings; Shared Value; Integrated Corporate Reporting; Performance; Measurement and Metrics
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      Kramer, Mark R., Nina Jais, Erin E. Sullivan, Carina Wendell, Kerry Rodriguez, Carlo Papa, Carlo Napoli, and Filippo Forti. "Where ESG Ratings Fail: The Case for New Metrics." Institutional Investor (September 7, 2020).
      • 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
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      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.
      • September–October 2020
      • Article

      Social-Impact Efforts That Create Real Value

      By: George Serafeim
      Until the mid-2010s few investors paid attention to environmental, social, and governance (ESG) data—information about companies’ carbon footprints, labor policies, board makeup, and so forth. Today the data is widely used by investors. How can organizations create...  View Details
      Keywords: Sustainability; Sustainability Management; ESG; ESG (Environmental, Social, Governance) Performance; ESG Disclosure; ESG Disclosure Metrics; ESG Ratings; ESG Reporting; Social Impact; Impact Measurement; Social Innovation; Purpose; Corporate Purpose; Corporate Social Responsibility; Strategy; Social Enterprise; Society; Accounting; Investment; Environmental Sustainability; Climate Change; Corporate Strategy; Mission and Purpose; Corporate Social Responsibility and Impact; Financial Services Industry; Chemical Industry; Technology Industry; Consumer Products Industry; Pharmaceutical Industry; North America; Europe; Japan; Australia
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      Serafeim, George. "Social-Impact Efforts That Create Real Value." Harvard Business Review 98, no. 5 (September–October 2020): 38–48.
      • 2020
      • Working Paper

      A 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
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      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.)
      • October 16, 2019
      • Article

      Where ESG Fails

      By: Michael E. Porter, George Serafeim and Mark Kramer
      We are entering a new stage of understanding of the linkage between investment performance and social impact. Previous approaches, such as socially responsible investing and environmental, social, and governance (ESG) screening, have obscured the opportunities for...  View Details
      Keywords: ESG; Sustainability; Environment; Social Impact; Impact Investing; ESG (Environmental, Social, Governance) Performance; ESG Reporting; Shared Value; Environmental Sustainability; Social Issues; Investment; Value; Strategy
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      Porter, Michael E., George Serafeim, and Mark Kramer. "Where ESG Fails." Institutional Investor (October 16, 2019).
      • 2019
      • White Paper

      Impact-Weighted Financial Accounts: The Missing Piece for an Impact Economy

      By: George Serafeim, T. Robert Zochowski and Jennifer Downing
      Reimagining capitalism is an imperative. We need to create a more inclusive and sustainable form of capitalism that works for every person and the planet. Massive environmental damage, growing income and wealth disparity, stress, and depression within developed...  View Details
      Keywords: Impact-Weighted Accounts; IWAI; Background; Economic Systems; Economy; Corporate Social Responsibility and Impact; Measurement and Metrics; Financial Statements
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      Serafeim, George, T. Robert Zochowski, and Jennifer Downing. "Impact-Weighted Financial Accounts: The Missing Piece for an Impact Economy." White Paper, Harvard Business School, Boston, MA, September 2019.
      • Article

      Four Things No One Will Tell You About ESG Data

      By: Sakis Kotsantonis and George Serafeim
      As the ESG finance field and the use of ESG data in investment decision-making continue to grow, the authors seek to shed light on several important aspects of ESG measurement and data. This article is intended to provide a useful guide for the rapidly rising number of...  View Details
      Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Reporting; Data Analytics; Sustainability; Sustainability Reporting; CSR; Transparency; Investment Management; Socially Responsible Investing; Sustainable Finance; Sustainable Development; Inclusion; Inclusive Growth; Corporate Social Responsibility and Impact; Corporate Accountability; Investment; Management; Climate Change; Corporate Governance; Diversity; Integrated Corporate Reporting
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      Kotsantonis, Sakis, and George Serafeim. "Four Things No One Will Tell You About ESG Data." Journal of Applied Corporate Finance 31, no. 2 (Spring 2019): 50–58.
      • Editorial

      ESG Returns Eventually Will Win Over Critics

      By: George Serafeim
      Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Reporting; Sustainability; Change; Change Management; Innovation; Environment; Climate Change; Sustainable Finance; Investment
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      Serafeim, George. "ESG Returns Eventually Will Win Over Critics." Barron's (March 1, 2019).
      • January 2019 (Revised February 2020)
      • Case

      Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG

      By: Rebecca Henderson, George Serafeim, Josh Lerner and Naoko Jinjo
      In the fall of 2018, Hiro Mizuno, the Chief Investment Officer (CIO) of GPIF, the Japanese Government Pension Fund, was reflecting on his efforts to integrate Environmental, Social and Governance (ESG) issues into every aspect of GPIF’s portfolio. His efforts ranged...  View Details
      Keywords: Pension Funds; ESG (Environmental, Social, Governance) Performance; Investment Funds; Environmental Sustainability; Social Issues; Governance; Leading Change; Economy; Performance Improvement; Japan
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      Henderson, Rebecca, George Serafeim, Josh Lerner, and Naoko Jinjo. "Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG." Harvard Business School Case 319-067, January 2019. (Revised February 2020.)
      • October 2018
      • Supplement

      JetBlue: Relevant Sustainability Leadership (B)

      By: George Serafeim
      The case outlines JetBlue's decision to disclose according to the Sustainability Accounting Standards Board (SASB) standards and the ESG metrics they began reporting. Data on resulting changes in institutional ownership are also provided.  View Details
      Keywords: Sustainability; Metrics; Leadership And Change Management; Airlines; Innovation; Purpose; ESG; ESG (Environmental, Social, Governance) Performance; Sustainability Reporting; Change Management; Leadership; Mission and Purpose; Financial Reporting
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      Serafeim, George, and David Freiberg. "JetBlue: Relevant Sustainability Leadership (B)." Harvard Business School Supplement 119-044, October 2018.
      • Third Quarter 2018
      • Article

      Why and How Investors Use ESG Information: Evidence from a Global Survey

      By: Amir Amel-Zadeh and George Serafeim
      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. Relevance to...  View Details
      Keywords: ESG; ESG (Environmental, Social, Governance) Performance; Sustainability; Investment Management; Investment Strategy; Metrics; Standard Setting; Accounting Standards; Finance; Investment; Information; Environmental Sustainability; Governance; Performance Effectiveness; Strategy
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      Amel-Zadeh, Amir, and George Serafeim. "Why and How Investors Use ESG Information: Evidence from a Global Survey." Financial Analysts Journal 74, no. 3 (Third Quarter 2018): 87–103.
      • November 2017 (Revised April 2019)
      • Case

      Summa Equity: Building Purpose-Driven Organizations

      By: George Serafeim and David Freiberg
      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
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      Serafeim, George, and David Freiberg. "Summa Equity: Building Purpose-Driven Organizations." Harvard Business School Case 118-028, November 2017. (Revised April 2019.)
      • October 2017 (Revised October 2018)
      • 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; Air Transportation Industry; United States
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      Serafeim, George, and David Freiberg. "JetBlue: Relevant Sustainability Leadership (A)." Harvard Business School Case 118-030, October 2017. (Revised October 2018.)
      • 2017
      • Working Paper

      Why and How Investors Use ESG Information: Evidence from a Global Survey

      By: Georgios Serafeim
      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
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      Serafeim, Georgios. "Why and How Investors Use ESG Information: Evidence from a Global Survey." Harvard Business School Working Paper, No. 17-079, February 2017.
      • 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
      Keywords: ESG; Sustainability; Investment Management; Finance; Corporate Social Responsibility; Integrated Corporate Reporting; Corporate Social Responsibility and Impact; Investment; Environmental Sustainability; Corporate Governance
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      Kotsantonis, Sakis, Christopher Pinney, and George Serafeim. "ESG Integration in Investment Management: Myths and Realities." Journal of Applied Corporate Finance 28, no. 2 (Spring 2016): 10–16.
      • 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
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      Serafeim, George, and Jody Grewal. "ESG Metrics: Reshaping Capitalism?" Harvard Business School Technical Note 116-037, March 2016. (Revised April 2019.)
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