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- November 15, 2022
- Article
Using Simulations to Upskill Employees
By: Frank V. Cespedes, Trond Aas, Alex Hunt and Huw Newton-Hill
Reskilling employees tops the agenda in many organizations, according to a LinkedIn report. Korn Ferry estimates an 85-million person talent shortage by 2030, and McKinsey likens the challenge to the shift from agricultural to manufacturing work that occurred in the...
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- 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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- 2022
- Working Paper
The Evolution of ESG Reports and the Role of Voluntary Standards
By: Ethan Rouen, Kunal Sachdeva and Aaron Yoon
We examine the evolution of ESG reports of S&P 500 firms from 2010 to 2021. The
percentage of firms releasing these voluntary disclosures increased from 35% to 86%
during this period, although the length of these documents experienced more modest
growth. Using a...
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- August 2022
- Case
Sweet Teez Bakery: Projecting the Dough’s Rise
By: Emily R. McComb, Mel Martin and Amy Klopfenstein
In 2021, the HBS Impact Investment Fund student team met with entrepreneur Teresa Maynard, who had applied for a $25,000 impact investment loan. The students thought the former Harvard Data Scientist’s bakery business, Sweet Teez Bakery, showed promise. Maynard had...
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- August 2022
- Supplement
Sweet Teez Bakery: Projecting the Dough’s Rise Financial Supplement
By: Emily R. McComb, Mel Martin and Amy Klopfenstein
Abstract: In 2021, the HBS Impact Investment Fund student team met with entrepreneur Teresa Maynard, who had applied for a $25,000 impact investment loan. The students thought the former Harvard Data Scientist’s bakery business, Sweet Teez Bakery, showed promise....
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- June 2022 (Revised August 2022)
- Case
Sustainability Reporting at Dollar Tree, Inc.
By: Suraj Srinivasan and Li-Kuan Ni
The cases discusses the ESG strategy of Dollar Tree Inc., a U.S. Fortune 500 company in the deep discount retail industry and the and shareholder pressure faced by the company. In 2022, the company faced a shareholder resolution from a renowned shareholder advocacy...
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Keywords:
ESG;
Sustainability;
Shareholder Activism;
Dollar Tree;
Sustainability Reporting;
ESG Reporting;
Board Of Directors;
Shareholder Engagement;
GHG;
Environmental Accounting;
Integrated Corporate Reporting;
Trends;
Communication;
Announcements;
Voting;
Environmental Management;
Climate Change;
Environmental Sustainability;
Values and Beliefs;
Corporate Accountability;
Corporate Disclosure;
Corporate Governance;
Governing Rules, Regulations, and Reforms;
Policy;
Reports;
Business or Company Management;
Risk Management;
Corporate Social Responsibility and Impact;
Outcome or Result;
Strategic Planning;
Business and Stakeholder Relations;
Situation or Environment;
Opportunities;
Civil Society or Community;
Social Issues;
Public Opinion;
Strategy;
Adaptation;
Alignment;
Business Strategy;
Corporate Strategy;
Value Creation;
Retail Industry;
United States;
Virginia
- May 2022
- Article
Complex Disclosure
By: Ginger Zhe Jin, Michael Luca and Daniel Martin
We present evidence that unnecessarily complex disclosure can result from strategic incentives to shroud information. In our lab experiment, senders are required to report their private information truthfully, but can choose how complex to make their reports. We find...
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- Article
How Much Should We Trust Staggered Difference-In-Differences Estimates?
By: Andrew C. Baker, David F. Larcker and Charles C.Y. Wang
Difference-in-differences analysis with staggered treatment timing is frequently used to assess the impact of policy changes on corporate outcomes in academic research. However, recent advances in econometric theory show that such designs are likely to be biased in the...
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- April 2022 (Revised August 2022)
- Case
Conflicts of Interest at Uptown Bank
By: Jonas Heese
In 2013, two employees debated whether to blow the whistle on their employer, Bell Bank, after completing an internal review that revealed undisclosed conflicts of interest. Bell Bank’s Asset Management business disproportionately invested clients’ money in Bell Bank’s...
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Keywords:
Whistleblower;
Whistleblowing;
Mutual Funds;
Conflicts Of Interest;
Decision Making;
Decisions;
Judgments;
Ethics;
Moral Sensibility;
Values and Beliefs;
Finance;
Financial Institutions;
Banks and Banking;
Financial Management;
Investment;
Investment Funds;
Governance;
Corporate Accountability;
Corporate Disclosure;
Corporate Governance;
Governance Compliance;
Governance Controls;
Policy;
Law;
Legal Liability;
Social Psychology;
Motivation and Incentives;
Perception;
Perspective;
Trust;
Financial Services Industry;
North and Central America;
United States
- 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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- March 2022
- Teaching Note
Supreme: Remaining Cool While Pursuing Growth
By: Jill Avery and Sandrine Crener
Teaching Note for HBS Case No. 522-006. Following VF Corporation’s acquisition of cult streetwear brand Supreme, consumers and industry pundits were nervous that becoming part of a large, public corporation would put an end to Supreme’s slow and careful growth...
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- December 2021
- Case
Whistleblowing at Veolia: A Technology Solution
By: Aiyesha Dey, Jonas Heese, Christian Godwin and James Weber
In 2019, Bruno Masson, the vice chairman of Veolia’s Ethics Committee, was preparing for a meeting on a rollout plan for a new whistleblowing system to more countries. Veolia, a global supplier of water, waste, and energy services, had recently gone through several...
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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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- November 12, 2021
- Editorial
The Psychology Behind Meeting Overload
By: Ashley Whillans, Dave Feldman and Damian Wisniewski
Everyone hates meetings. Attending too many can be highly stressful and tiring, and both productivity and quality take a hit when employees tune out, become demotivated, and lose valuable heads-down work time. As such, it’s hardly a surprise that managers in one survey...
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- Article
Accounting for Climate Change
By: Robert S. Kaplan and Karthik Ramanna
Corporations are facing growing pressure—from investors, advocacy groups, politicians, and even business leaders themselves—to reduce greenhouse gas (GHG) emissions from their operations and their supply and distribution chains. About 90% of the companies in the S&P...
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- Article
Complementarity between Audited Financial Reporting and Voluntary Disclosure: The Case of Former Andersen Clients
By: Richard Frankel, Alon Kalay, Gil Sadka and Yuan Zou
Prior literature presents various perspectives on the role of financial reporting. One view is that mandatory periodic reporting disciplines managers and encourages timely voluntary disclosure. We examine this "confirmation hypothesis" using the shock to financial...
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- November 2021
- Article
Venture Capitalists and COVID-19
By: Paul A. Gompers, Will Gornall, Steven N. Kaplan and Ilya A. Strebulaev
We survey over 1,000 institutional and corporate venture capitalists (VCs) at more than 900 different firms to learn how their decisions and investments have been affected by the COVID-19 pandemic. We compare their survey answers to those provided by a large sample of...
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- October 2021
- Case
Financial Reporting at Mattel
By: Aiyesha Dey, Trung Nguyen, Marshal Herrmann and Julia Kelley
In September 2020, Diana Ferguson was nearing her first Audit Committee meeting as the newly appointed Audit Committee chair of Mattel, Inc. Mattel was just recovering from an accounting scandal which had revealed the company’s poor internal controls and weak board...
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Keywords:
Accounting;
Accounting Audits;
Financial Reporting;
Financial Statements;
Governance;
Corporate Accountability;
Corporate Disclosure;
Corporate Governance;
Governance Compliance;
Governance Controls;
Governing Rules, Regulations, and Reforms;
Governing and Advisory Boards;
Lawsuits and Litigation;
Business and Shareholder Relations;
Consumer Products Industry;
Entertainment and Recreation Industry;
Financial Services Industry;
North and Central America;
United States;
California
- October 2021
- Article
Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks
By: 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...
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Keywords:
Transparency;
Reporting;
Shareholder Engagement;
Shareholder Activism;
Climate Change;
Risk and Uncertainty;
Environmental Management;
Investment Activism;
Corporate Disclosure;
Communication Strategy;
Information Publishing;
Measurement and Metrics;
Corporate Social Responsibility and Impact;
Problems and Challenges;
United States
- 2021
- Article
How Top Managers Use the Entrepreneurial Gap to Drive Strategic Change
By: Robert L. Simons and Antonio Davila
Prior research provides strong evidence for the association between business strategy and the design and use of management control systems. We complement this research by examining the role of management control systems in situations of strategic change. We report the...
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