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- 2023
- Working Paper
Accounting for Carbon Offsets – Establishing the Foundation for Carbon-Trading Markets
By: Robert S. Kaplan, Karthik Ramanna and Marc Roston
Tackling climate change requires reductions in current and future greenhouse gas (GHG) emissions as well as the removal of existing GHG from the atmosphere. Carbon-offset producers purport to provide such removals. But poor measurement practices and inadequate controls...
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Kaplan, Robert S., Karthik Ramanna, and Marc Roston. "Accounting for Carbon Offsets – Establishing the Foundation for Carbon-Trading Markets." Harvard Business School Working Paper, No. 23-050, February 2023.
- October 21, 2022
- Article
Climate Regulations Are About to Disrupt Global Shipping
By: Willy C. Shih
Ships that transport goods across oceans are collectively a major generator of greenhouse gases. Rules from the International Maritime Organization and the European Union aimed at curbing these emission promise to make transoceanic and regional shipping more expensive...
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Keywords:
Shipping;
Decarbonization;
Environmental Regulation;
Supply Chain;
Disruption;
Shipping Industry;
Atlantic Ocean;
Oceania;
Asia;
Europe;
North and Central America
Shih, Willy C. "Climate Regulations Are About to Disrupt Global Shipping." Harvard Business Review Digital Articles (October 21, 2022).
- October 17, 2022
- Article
When Climate Collaboration Is Treated as an Antitrust Violation
By: Matteo Gasparini, Knut Haanaes and Peter Tufano
Carbon emissions transcend firms and borders—they are a massive, unpriced externality. Companies across industries are increasingly waking up to the need to cooperate in the fight against climate change but the law might get in the way. Across Europe and the U.S.,...
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Keywords:
Climate Impact;
Climate Finance;
Antitrust;
Anti-trust;
Climate Change;
Environmental Regulation;
Law
Gasparini, Matteo, Knut Haanaes, and Peter Tufano. "When Climate Collaboration Is Treated as an Antitrust Violation." Harvard Business Review (website) (October 17, 2022).
- June 2022 (Revised January 2023)
- Case
South Africa – a 'Just Energy Transition'
By: Richard Vietor
South Africa, like most other countries, is in the process of reducing its carbon emissions to comply with COP26 and, hopefully, reach net zero emissions by 2050. However, because South Africa relies almost wholly on coal (93%) for electricity, and on coal for...
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Keywords:
Energy;
Economic Development;
Climate Change;
Coal Mining;
Emission Reduction;
Environmental Regulation;
Environmental Sustainability;
Environmental Law;
Labor and Management Relations;
Labor Unions;
Natural Resources;
Energy Policy;
Energy Sources;
South Africa
Vietor, Richard. "South Africa – a 'Just Energy Transition'." Harvard Business School Case 722-069, June 2022. (Revised January 2023.)
- June 2022
- Case
Business Implications from Regulating Carbon Emissions in the EU
By: George Serafeim and Benjamin Maletta
In the beginning of the 21st century, the European Union (the EU) had led the global fight against climate change with a wide array of policy measures. The EU’s primary approach to climate policy had been taxation via the European Union Emissions Trading System (EU...
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Keywords:
Regulation;
Carbon Emissions;
Trade;
Sustainability;
Decarbonization;
Performance;
Climate Change;
Analysis;
Strategy;
Taxation;
Policy;
Environmental Regulation;
Industry Structures;
European Union
Serafeim, George, and Benjamin Maletta. "Business Implications from Regulating Carbon Emissions in the EU." Harvard Business School Case 122-106, June 2022.
- 2021
- Working Paper
Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies
By: Ishita Sen, Ana-Maria Tenekedjieva and Sangmin Oh
Homeowners’ insurance provides households financial protection from climate losses. To improve access and affordability, state regulators impose price controls on insurance companies. Using novel data, we construct a new measure of rate setting frictions for individual...
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Keywords:
Climate Risk;
Homeowners' Insurance;
Price Controls;
Financial Regulation;
Cross-subsidization;
Climate Change;
Household;
Insurance;
Price;
Governance Controls;
Financial Institutions;
United States
Sen, Ishita, Ana-Maria Tenekedjieva, and Sangmin Oh. "Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies." SSRN Working Paper Series, No. 3762235, June 2022. (Revise and Resubmit, Journal of Finance.)
- 2022
- Case
Marathon Petroleum and Southwest Detroit: The Intersection of Community and Environment
Environmental racism describes the unequal burden of environmental hazards placed on disadvantaged communities through systems, policies, and practices. In such a situation, these people disproportionately live close to sources of toxic waste-what are referred to as...
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Keywords:
Environmental Regulation;
Pollutants;
Pollution;
Equality and Inequality;
Social Issues;
Poverty;
Race;
Health Disorders;
Ethics
Hoffman, Andrew J. "Marathon Petroleum and Southwest Detroit: The Intersection of Community and Environment." William Davidson Institute Case 2-652-482, 2022.
- August 2021 (Revised September 2022)
- Case
Patch Technology: Making It Easy to Do the Right Thing
By: Tomomichi Amano, Robert J. Dolan and Carol Zhang
In 2021, the growing threat of climate change pushed companies around the world to understand that significant behavioral change was necessary. While many recognized that decreasing emissions was critical, more sophisticated players such as Microsoft began to recognize...
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Amano, Tomomichi, Robert J. Dolan, and Carol Zhang. "Patch Technology: Making It Easy to Do the Right Thing." Harvard Business School Case 522-037, August 2021. (Revised September 2022.)
- July 2021
- Article
Material Sustainability Information and Stock Price Informativeness
By: Jody Grewal, Clarissa Hauptmann and George Serafeim
As part of the SEC’s revision of Regulation S-K, many investors proposed the mandatory disclosure of sustainability information in the form of environmental, social, and governance (ESG) data. However, progress is contingent on collecting evidence regarding which...
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Keywords:
Voluntary Disclosure;
Accounting Standards;
Sustainability;
Nonfinancial Information;
Corporate Social Responsibility;
Stock Price Informativeness;
Synchronicity;
Environmental Sustainability;
Corporate Disclosure;
Corporate Accountability;
Stocks;
Price;
Corporate Social Responsibility and Impact;
Accounting;
Standards
Grewal, Jody, Clarissa Hauptmann, and George Serafeim. "Material Sustainability Information and Stock Price Informativeness." Journal of Business Ethics 171, no. 3 (July 2021): 513–544.
- March 2021 (Revised January 2023)
- Case
The Trouble with TCE
By: Vincent Pons, Rafael Di Tella and Galit Goldstein
Trichloroethylene, or TCE, was a chemical used by tens of thousands of businesses in the United States. It was an affordable tool for many. Yet, TCE had been associated with important health risks, including cancer and autoimmune disease. TCE potentially posed other...
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Keywords:
Trichloroethylene;
Toxicity;
Lobbying;
Chemicals;
Health Disorders;
Governing Rules, Regulations, and Reforms;
Policy;
Ethics;
Business and Government Relations;
Chemical Industry;
United States
Pons, Vincent, Rafael Di Tella, and Galit Goldstein. "The Trouble with TCE." Harvard Business School Case 721-031, March 2021. (Revised January 2023.)
- June 2020
- Article
How Scheduling Can Bias Quality Assessment: Evidence from Food Safety Inspections
By: Maria Ibanez and Michael W. Toffel
Accuracy and consistency are critical for inspections to be an effective, fair, and useful tool for assessing risks, quality, and suppliers—and for making decisions based on those assessments. We examine how inspector schedules could introduce bias that erodes...
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Keywords:
Assessment;
Bias;
Inspection;
Scheduling;
Econometric Analysis;
Empirical Research;
Regulation;
Health;
Food;
Safety;
Quality;
Performance Consistency;
Governing Rules, Regulations, and Reforms
Ibanez, Maria, and Michael W. Toffel. "How Scheduling Can Bias Quality Assessment: Evidence from Food Safety Inspections." Management Science 66, no. 6 (June 2020): 2396–2416. (Revised February 2019. Featured in Harvard Business Review, Forbes, Food Safety Magazine, Food Safety News, and KelloggInsight. (2020 MSOM Responsible Research Finalist.))
- January 2020 (Revised October 2023)
- Case
Governing PG&E
By: Lynn S. Paine and Will Hurwitz
The five commissioners of the California Public Utilities Commission (CPUC) listened intently at a public forum in April 2019 as PG&E Corporation’s out-going chairman Richard Kelly described the company’s proposed new board. PG&E, which provided electricity and natural...
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Keywords:
Bankruptcy;
Board Of Directors;
Board Dynamics;
Business Ethics;
Business Model Innovation;
Corporate Boards;
Energy Efficiency;
Environmental And Social Sustainability;
Government And Business;
Hedge Funds;
Institutional Investors;
Legal Aspects Of Business;
Regulated Monopolies;
Regulation;
Shareholders;
Stakeholder Management;
Strategy And Execution;
Utilities;
Insolvency and Bankruptcy;
Governing and Advisory Boards;
Ethics;
Capital Structure;
Climate Change;
Corporate Accountability;
Corporate Governance;
Environmental Sustainability;
Executive Compensation;
Leadership;
Management;
Safety;
Business and Government Relations;
Energy Industry;
Utilities Industry;
California;
United States
Paine, Lynn S., and Will Hurwitz. "Governing PG&E." Harvard Business School Case 320-024, January 2020. (Revised October 2023.)
- November 2019
- Supplement
Hapag-Lloyd AG: Complying with IMO 2020
By: Benjamin C. Esty, Mette Fuglsang Hjortshoej and Emer Moloney
A new environmental regulation known as IMO 2020 was creating what one industry analyst called “the biggest shakeup for the oil and shipping industries in decades.” According to the new regulation, all ocean-going ships would have to limit their sulfur emissions by...
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- November 2019
- Case
Hapag-Lloyd AG: Complying with IMO 2020
By: Benjamin C. Esty, Mette Fuglsang Hjortshoej and Emer Moloney
A new environmental regulation known as IMO 2020 was creating what one industry analyst called “the biggest shakeup for the oil and shipping industries in decades.” According to the new regulation, all ocean-going ships would have to limit their sulfur emissions by...
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Keywords:
Valuation;
Ship Transportation;
Strategic Planning;
Game Theory;
Pollutants;
Supply Chain;
Corporate Accountability;
Capital Budgeting;
Environmental Sustainability;
Governing Rules, Regulations, and Reforms;
Governance Compliance;
Shipping Industry;
Transportation Industry;
Germany
Esty, Benjamin C., Mette Fuglsang Hjortshoej, and Emer Moloney. "Hapag-Lloyd AG: Complying with IMO 2020." Harvard Business School Case 220-003, November 2019.
- 2020
- Working Paper
How ESG Issues Become Financially Material to Corporations and Their Investors
By: George Serafeim
Management and disclosure of environmental, social and governance (ESG) issues have received substantial interest over the last decade. In this paper, we outline a framework of how ESG issues become financially material, affecting corporate profitability and valuation....
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Keywords:
Materiality;
ESG;
Pharmaceutical Companies;
Business Ethics;
Sustainability;
Environment;
Disclosure;
Disclosure And Access;
Regulation;
Social Impact;
Environmental Sustainability;
Social Issues;
Corporate Governance;
Ethics;
Corporate Disclosure;
Corporate Accountability;
Resource Allocation;
Finance;
Accounting;
Valuation
Freiberg, David, Jean Rogers, and George Serafeim. "How ESG Issues Become Financially Material to Corporations and Their Investors." Harvard Business School Working Paper, No. 20-056, November 2019. (Revised November 2020.)
- July 2019
- Article
Market Reaction to Mandatory Nonfinancial Disclosure
By: Jody Grewal, Edward J. Riedl and George Serafeim
We examine the equity market reaction to events associated with the passage of a directive in the European Union (EU) mandating increased nonfinancial disclosure. These disclosures relate to firms’ environmental, social, and governance (ESG) performance and would be...
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Keywords:
Nonfinancial Information;
Nonfinancial Performance;
ESG;
ESG (Environmental, Social, Governance) Performance;
Investor Behavior;
Disclosure;
Disclosure Regulation;
Regulation;
Sustainability;
Corporate Performance;
Information;
Corporate Disclosure;
Governing Rules, Regulations, and Reforms;
Performance;
Environmental Sustainability;
Corporate Governance;
Outcome or Result
Grewal, Jody, Edward J. Riedl, and George Serafeim. "Market Reaction to Mandatory Nonfinancial Disclosure." Management Science 65, no. 7 (July 2019): 3061–3084.
- 2018
- Book
Business and the Natural Environment: A Research Overview
By: Andrew J. Hoffman and Susse Georg
The fields of corporate environmentalism, green business and corporate sustainability have grown significantly over the past twenty-five years, such that the academic research domains of business decision-making, accounting, organizational behaviour, and the protection...
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Keywords:
Corporate Social Responsibility and Impact;
Environmental Sustainability;
Environmental Regulation;
Research
Hoffman, Andrew J., and Susse Georg. Business and the Natural Environment: A Research Overview. Routledge, 2018.
- 2017
- Working Paper
Creating the Market for Organic Wine: Sulfites, Certification, and Green Values
By: Geoffrey Jones and Emily Grandjean
This working paper examines the history of organic wine, which provides a case study of failed category creation. The modern organic wine industry emerged during the 1970s in the United States and Western Europe, but it struggled to gain traction compared to other...
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Keywords:
Product Launch;
Failure;
Problems and Challenges;
Complexity;
Governing Rules, Regulations, and Reforms;
Agriculture and Agribusiness Industry;
Food and Beverage Industry
Jones, Geoffrey, and Emily Grandjean. "Creating the Market for Organic Wine: Sulfites, Certification, and Green Values." Harvard Business School Working Paper, No. 18-048, December 2017.
- October 2017
- Supplement
Turnaround at Norsk Gjenvinning (B)
By: George Serafeim
The case describes the impact of Norsk Gjenvinning's (NG) transformation efforts on reducing corruption and non-compliance within the Norwegian waste management industry.
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Keywords:
Change Leadership;
Governance;
Compliance;
Waste Management;
Environmental Impact;
Social Responsibility;
Industry Regulation;
Regulatory Enforcement;
Change Management;
Crime and Corruption;
Governance Compliance;
Wastes and Waste Processing;
Norway
Serafeim, George, and David Freiberg. "Turnaround at Norsk Gjenvinning (B)." Harvard Business School Supplement 118-033, October 2017.
- October 2017 (Revised October 2022)
- Case
JetBlue: Relevant Sustainability Leadership (A)
By: George Serafeim and David Freiberg
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...
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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
Serafeim, George, and David Freiberg. "JetBlue: Relevant Sustainability Leadership (A)." Harvard Business School Case 118-030, October 2017. (Revised October 2022.)