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All HBS Web
(173)
- News (30)
- Research (98)
- Multimedia (1)
- Faculty Publications (71)
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- 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...
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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
Serafeim, George. "ESG: Hyperboles and Reality." Harvard Business School Working Paper, No. 22-031, November 2021.
- 2023
- Working Paper
ESG: From Process to Product
By: George Serafeim
ESG measurement, analysis, management, and communication is a process that the financial industry has turned into a product, resulting in many investment funds using the ESG label. This has caused confusion, generating demand for a framework that defines...
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Keywords:
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Ratings;
ESG Reporting;
Investment Fund;
Investment;
Corporate Social Responsibility and Impact;
Financial Services Industry
Serafeim, George. "ESG: From Process to Product." Harvard Business School Working Paper, No. 23-069, May 2023.
- 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...
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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
Serafeim, George. "Social-Impact Efforts That Create Real Value." Harvard Business Review 98, no. 5 (September–October 2020): 38–48.
- 10 Jun 2015
- Research & Ideas
The Transparency Revolution in Corporate Reporting
inclusive capitalism. Below, he describes how such standardized reporting could empower both companies and investors, and how it could revolutionize business practices in the future. Christian Camerota: What prompted you to study the...
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Keywords:
Re: George Serafeim
- 12 Apr 2010
- Research & Ideas
One Report: Better Strategy through Integrated Reporting
Report begins with identifying the most important financial and ESG metrics for the company in its given industry and the strategy it is pursuing to achieve its goals. In some cases, revenue growth may be...
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Keywords:
by Martha Lagace
- 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
- October 2018
- Supplement
JetBlue: Relevant Sustainability Leadership (B)
By: George Serafeim and David Freiberg
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.
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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;
Mission and Purpose;
Financial Reporting
Serafeim, George, and David Freiberg. "JetBlue: Relevant Sustainability Leadership (B)." Harvard Business School Supplement 119-044, October 2018.
- 16 Feb 2023
- HBS Case
ESG Activists Met the Moment at ExxonMobil, But Did They Succeed?
The impact-investment hedge fund Engine No. 1 made a big splash in May 2021 when it managed to get three nominees elected to the ExxonMobil board of directors. It was an open effort to prod the oil giant toward renewable energy and test whether activist investing could...
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- 21 Jul 2021
- Research & Ideas
What Does an ESG Score Really Say About a Company?
ratings not being aligned in some way.” Rating agencies rely heavily on corporate reporting—a company indicating that it has an anti-discrimination policy on the books, for example—in calculating ESG scores. When companies are more...
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Keywords:
by Kristen Senz
- October 2017 (Revised October 2022)
- Case
JetBlue: Relevant Sustainability Leadership
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.)
- 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...
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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
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.
- 2020
- Working Paper
A Preliminary 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...
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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
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.)
- 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...
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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
Serafeim, George, Robert G. Eccles, and Kyle Armbrester. "Aviva Investors." Harvard Business School Case 112-047, December 2011. (Revised May 2015.)
- 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...
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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
Serafeim, George, and David Freiberg. "Summa Equity: Building Purpose-Driven Organizations." Harvard Business School Case 118-028, November 2017. (Revised April 2019.)
- 13 Jan 2023
- Research & Ideas
Are Companies Actually Greener—or Are They All Talk?
Most companies now account for social good in their financial reports in some way, but with regulation scattershot and evolving, it’s complicated for investors to assess so-called ESG reports. The disclosures, known as Environmental, Social, and Governance reports,...
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Keywords:
by Rachel Layne
- 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...
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Keywords:
Integrated Corporate Reporting;
Corporate Strategy;
Corporate Disclosure;
Environmental Accounting;
Competitive Strategy;
International Accounting;
Financial Reporting;
Corporate Social Responsibility and Impact;
Governing Rules, Regulations, and Reforms;
Debates;
Europe
Eccles, Robert G., George Serafeim, and Phillip Andrews. "Mandatory Environmental, Social, and Governance Disclosure in the European Union." Harvard Business School Case 111-120, June 2011. (Revised February 2013.)
- 2022
- Working Paper
How Do Investors Value ESG?
By: Malcolm Baker, Mark Egan and Suproteem K. Sarkar
Environmental, social, and governance (ESG) objectives have risen to near the top of the agenda for corporate executives and boards, driven in large part by their perceptions of shareholder interest. We quantify the value that shareholders place on ESG using a revealed...
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Keywords:
Investment;
Investment Portfolio;
Corporate Social Responsibility and Impact;
Business and Shareholder Relations;
Environmental Sustainability;
Governance;
Financial Services Industry;
United States
Baker, Malcolm, Mark Egan, and Suproteem K. Sarkar. "How Do Investors Value ESG?" NBER Working Paper Series, No. 30708, December 2022. (Harvard Business School Working Paper, No. 23-028, November 2022.)
- 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...
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Keywords:
Impact-Weighted Accounts;
IWAI;
Background;
Economic Systems;
Economy;
Corporate Social Responsibility and Impact;
Measurement and Metrics;
Financial Statements
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.
- 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...
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- Other Article
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...
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Keywords:
Measurement;
Sustainability;
Net-zero Emissions;
Environmental Sustainability;
Integrated Corporate Reporting;
Measurement and Metrics;
Strategy
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.