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• Case | HBS Case Collection | 2013 (Revised from original 2011 version)

  Novo Nordisk: A Commitment to Sustainability

  Robert G. Eccles and Michael P. Krzus

  The case describes the early commitment of a European pharmaceutical company, Novo Nordisk, to integrated reporting. Novo Nordisk is one of the pioneers of integrated reporting and it emerged out of its commitment to a "Triple Bottom Line approach to managing the company." The case describes the company's "Blueprint for Change Programme" designed to facilitate stakeholder engagement and communicate how the company delivered value to business and society. The case also provides an investor perspective on the company's integrated reporting efforts and its plans for how to improve it in the future.

  Keywords: Strategic Planning; Business Ventures; Business or Company Management; Integrated Corporate Reporting; Business Strategy; Pharmaceutical Industry;

  Citation:

  Eccles, Robert G., and Michael P. Krzus. "Novo Nordisk: A Commitment to Sustainability." Harvard Business School Case 412-053, March 2013. (Revised from original October 2011 version.)

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• Article | National Tax Journal | December, 2011

  Tax Policy and the Efficiency of U.S. Direct Investment Abroad

  Mihir A. Desai, C. Fritz Foley and James R. Hines Jr.

  Deferral of U.S. taxes on foreign source income is commonly characterized as a subsidy to foreign investment, as reflected in its inclusion among "tax expenditures" and occasional calls for its repeal. This paper analyzes the extent to which tax deferral and other policies inefficiently subsidize U.S. direct investment abroad. Investments are dynamically inefficient if they consistently generate fewer returns to investors than they absorb in new investment funds. From 1982 to 2010, repatriated earnings from foreign affiliates exceeded net capital investments by $1.1 trillion in 2010 dollars; and from 1950 to 2010, repatriated earnings and net interest from foreign affiliates exceeded net equity investments and loans by $2.1 trillion in 2010 dollars. By either measure, cash flows received from abroad exceeded 160% of net investments, implying that foreign investment over these periods was dynamically efficient.

  Keywords: Policy; Taxation; Performance Efficiency; Foreign Direct Investment; Investment Funds; Investment Return; Business Earnings; Equity; Financing and Loans; Cash Flow; Capital; United States;

  Citation:

  Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "Tax Policy and the Efficiency of U.S. Direct Investment Abroad." National Tax Journal 64 (December, 2011): 1055–1082.

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• Article | Harvard Business Review | July–August 2012

  A Better Way to Tax U.S. Businesses

  Mihir Desai

  The article argues that U.S. taxation reform should reduce corporate taxes, incorporate an awareness of the global marketplace, and generate revenue-neutral incentives for innovation. According to the article, a reduction in corporate tax rates would be offset by a tax on noncorporate business income and an expansion of taxable income. Topics include tax-avoidance techniques, globalization, repatriation taxes, corporate social responsibility, and U.S. workers. Graphs are included, which compare the U.S. tax rate with other countries.

  Citation:

  Desai, Mihir. "A Better Way to Tax U.S. Businesses." Harvard Business Review 90, nos. 7-8 (July–August 2012): 135–139.

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