More from these Authors

• Working Paper | HBS Working Paper Series | 2019

  Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks

  Caroline Flammer, Michael W. Toffel and Kala Viswanathan

  This paper examines whether—in the absence of mandated disclosure requirements—shareholder activism can elicit greater disclosure of firms’ exposure to climate change risks. We find that environmental shareholder activism increases the voluntary disclosure of climate change risks, especially if initiated by investors who are more powerful (institutional investors) or whose request has more legitimacy (long-term institutional investors). We also find that companies that voluntarily disclose climate change risks following environmental shareholder activism achieve a higher valuation, suggesting that investors value transparency with respect to climate change risks.

  Keywords: Corporate Accountability; Corporate Disclosure; Corporate Social Responsibility and Impact; Business and Shareholder Relations; Risk and Uncertainty; Natural Environment; Environmental Sustainability; Weather and Climate Change; Financial Services Industry; United States;

  Citation:

  Flammer, Caroline, Michael W. Toffel, and Kala Viswanathan. "Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks." Harvard Business School Working Paper, No. 20-049, October 2019.  View Details

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• Case | HBS Case Collection | August 2019 (Revised September 2019)

  Fossil Fuel Divestment

  Michael W. Toffel and Sarah Gulick

  The President of Harvard University is facing growing pressure from students, alumni, and other climate change activists that are urging the university to divest its multi-billion dollar endowment from fossil fuel companies. The case summarizes the arguments for and against Harvard divesting, examining past examples of Harvard’s investment decisions and the financial implications of divestment.

  Keywords: divestment; Higher Education; Corporate Social Responsibility and Impact; Environmental Sustainability; Weather and Climate Change; Public Opinion; Education Industry;

  Citation:

  Toffel, Michael W., and Sarah Gulick. "Fossil Fuel Divestment." Harvard Business School Case 620-026, August 2019. (Revised September 2019.)  View Details

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• Case | HBS Case Collection | August 2019

  New Hope Liuhe: Building an Integrated Agri-Food Business

  Forest L. Reinhardt, Shu Lin, Natalie Kindred and Nancy Hua Dai

  In October 2018, LIU Chang (Angela), chairman of Beijing-based New Hope Liuhe (NHL), was considering the strategy of the firm. With $9 billion in sales and a presence in nearly 20 countries, NHL was China’s largest animal feed producer and a major pork and poultry producer and processor. The firm also marketed a range of food products to consumers. This case describes NHL’s entrepreneurial beginnings, growth, and recent efforts to transform from a feed producer into an integrated agri-food company with an active presence throughout the chicken, duck, and pig value chains. Considerable context is provided on the structure and evolution of these livestock industries in China, the food processing industry, and important issues such as food safety. This background is helpful in enabling students to assess NHL’s evolution in scale and scope and consider what (if any) changes should be made to the firm’s strategy in the context of this critically important market.

  Keywords: Strategy; Corporate Strategy; Food; Agribusiness; Expansion; Diversification; Growth Management; Consumer Behavior; Change Management; Entrepreneurship; Organizational Structure; Organizational Change and Adaptation; Government and Politics; Animal-Based Agribusiness; Transformation; Volatility; Business Cycles; Goods and Commodities; Supply Chain; Product; Agriculture and Agribusiness Industry; Food and Beverage Industry; China; Asia;

  Citation:

  Reinhardt, Forest L., Shu Lin, Natalie Kindred, and Nancy Hua Dai. "New Hope Liuhe: Building an Integrated Agri-Food Business." Harvard Business School Case 720-009, August 2019.  View Details

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