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- September 2024
- Supplement
Wemade: (Re)Establishing Trust in Blockchain Games (B)
By: Jung Koo Kang, Charles CY Wang, David Allen and Kwangmoon So
This supplement reviews Wemade's efforts to rebuild confidence in its business after its WEMIX coin was delisted from the major South Korean cryptocurrency exchanges on December 8, 2022. It outlines Wemade's strategy of transparency, which included partnerships with...
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- September 20, 2024
- Article
It’s Time to Unbundle ESG
By: Aaron K. Chatterji and Michael W. Toffel
ESG is at an inflection point. It has come to represent a broad and inchoate aspiration for what business should be doing beyond maximizing shareholder value. With ESG advocates on the defensive, business leaders need a new roadmap to determine which factors to...
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Keywords:
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Ratings;
ESG Reporting;
ESG Disclosure;
Sustainability;
Climate;
Climate Finance;
Climate Risk;
Social Accounting;
Investment;
Governance;
Safety;
Climate Change;
Environmental Sustainability;
Corporate Social Responsibility and Impact;
Financial Services Industry
Chatterji, Aaron K., and Michael W. Toffel. "It’s Time to Unbundle ESG." Harvard Business Review (website) (September 20, 2024).
- June 2024 (Revised August 2024)
- Case
Climate Governance at Linde plc (A)
By: Lynn S. Paine, Suraj Srinivasan, Emilie Billaud and Vincent Dessain
In July 2023, the Linde plc board of directors' sustainability committee convened in London to review the company's environmental performance, with a focus on decarbonization and clean energy. Linde was the world's largest industrial gas supplier, with a workforce...
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Keywords:
Climate Change;
Environmental Sustainability;
Green Technology;
Multinational Firms and Management;
Corporate Accountability;
Corporate Disclosure;
Corporate Governance;
Governing and Advisory Boards;
Compensation and Benefits;
Innovation Strategy;
Leading Change;
Goals and Objectives;
Business and Shareholder Relations;
Chemical Industry;
United States;
Germany;
Europe;
North America;
London
Paine, Lynn S., Suraj Srinivasan, Emilie Billaud, and Vincent Dessain. "Climate Governance at Linde plc (A)." Harvard Business School Case 324-140, June 2024. (Revised August 2024.)
- June 2024
- Supplement
Climate Governance at Linde plc (B)
By: Lynn S. Paine, Suraj Srinivasan, Emilie Billaud and Vincent Dessain
In July 2023, the Linde plc board of directors' sustainability committee convened in London to review the company's environmental performance, with a focus on decarbonization and clean energy. Linde was the world's largest industrial gas supplier, with a workforce of...
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Keywords:
Climate Change;
Environmental Sustainability;
Green Technology;
Multinational Firms and Management;
Corporate Accountability;
Corporate Disclosure;
Corporate Governance;
Governing and Advisory Boards;
Compensation and Benefits;
Innovation Strategy;
Leading Change;
Goals and Objectives;
Business and Shareholder Relations;
Chemical Industry;
Energy Industry;
United States;
Germany;
Europe;
North America;
London
Paine, Lynn S., Suraj Srinivasan, Emilie Billaud, and Vincent Dessain. "Climate Governance at Linde plc (B)." Harvard Business School Supplement 324-141, June 2024.
- 2024
- Article
Financial Constraints and Short-Term Planning Are Linked to Flood Risk Adaptation Gaps in U.S. Cities
By: Shirley Lu and Anya Nakhmurina
Adaptation is critical in reducing the inevitable impact of climate change. Here we study cities’ adaptation to elevated flood risk by introducing a linguistic measure of adaptation extracted from financial disclosures of 431 US cities over 2013–2020. While cities with...
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Keywords:
City;
Natural Disasters;
Climate Change;
Adaptation;
Risk and Uncertainty;
Strategic Planning
Lu, Shirley, and Anya Nakhmurina. "Financial Constraints and Short-Term Planning Are Linked to Flood Risk Adaptation Gaps in U.S. Cities." Art. 43. Communications Earth & Environment 5 (2024).
- March 2023
- Teaching Note
Sustainability Reporting at Dollar Tree, Inc.
By: Suraj Srinivasan and Li-Kuan Ni
Teaching Note for HBS Case No. 122-044. The case discusses the ESG strategy of Dollar Tree Inc., a U.S. Fortune 500 company in the deep discount retail industry and the shareholder pressure faced by the company. In 2022, the company faced a shareholder resolution from...
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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
- March 2023 (Revised June 2023)
- Teaching Note
Ransomware Attack at Springhill Medical Center
By: Suraj Srinivasan and Li-Kuan (Jason) Ni
Teaching Note for HBS Case No. 123-065. In July, 2019, Springhill Medical Center (“SMC”) in Mobile, Alabama fell prey to a malicious ransomware attack that crippled the hospital’s internal network systems and public-facing web page. While the hospital rushed to...
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Keywords:
Disruption;
Communication;
Communication Strategy;
Decision Making;
Decision Choices and Conditions;
Judgments;
Corporate Accountability;
Corporate Disclosure;
Corporate Governance;
Governance Controls;
Policy;
Employees;
News;
Cybersecurity;
Digital Strategy;
Information Infrastructure;
Information Management;
Internet and the Web;
Crisis Management;
Business or Company Management;
Resource Allocation;
Risk Management;
Negotiation Tactics;
Failure;
Business and Stakeholder Relations;
Attitudes;
Behavior;
Perception;
Reputation;
Trust;
Public Opinion;
Social Issues;
Health Industry;
Alabama;
United States
- March 2023
- Teaching Note
Ransomware Attack at Colonial Pipeline Company
By: Suraj Srinivasan and Li-Kuan Ni
Teaching Note for HBS Case No. 123-069. On the morning of May 7, 2021, Colonial Pipeline Company became aware that the company had been the victim of a malicious ransomware attack that had stolen and locked up company data. The extortionists demanded 75 bitcoins (worth...
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Keywords:
Disruption;
Communication;
Communication Strategy;
Decision Making;
Decision Choices and Conditions;
Judgments;
Corporate Accountability;
Corporate Disclosure;
Corporate Governance;
Governance Controls;
Policy;
Employees;
News;
Cybersecurity;
Digital Strategy;
Information Infrastructure;
Information Management;
Internet and the Web;
Crisis Management;
Business or Company Management;
Resource Allocation;
Risk Management;
Negotiation Tactics;
Failure;
Business and Stakeholder Relations;
Attitudes;
Behavior;
Perception;
Reputation;
Trust;
Public Opinion;
Social Issues;
Infrastructure;
Distribution Industry;
United States;
Alabama
- March 2023
- Case
Ransomware Attack at Colonial Pipeline Company
By: Suraj Srinivasan and Li-Kuan Ni
On the morning of May 7, 2021, Colonial Pipeline Company became aware that the company had been the victim of a malicious ransomware attack that had stolen and locked up company data. The extortionists demanded 75 bitcoins (worth about $4.4 million at the time) in...
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Keywords:
Disruption;
Communication;
Communication Strategy;
Decision Making;
Decision Choices and Conditions;
Judgments;
Corporate Accountability;
Corporate Disclosure;
Corporate Governance;
Governance Controls;
Policy;
Employees;
News;
Cybersecurity;
Digital Strategy;
Information Infrastructure;
Information Management;
Internet and the Web;
Crisis Management;
Business or Company Management;
Resource Allocation;
Risk Management;
Negotiation Tactics;
Failure;
Business and Stakeholder Relations;
Attitudes;
Behavior;
Perception;
Reputation;
Trust;
Public Opinion;
Social Issues;
Infrastructure;
Distribution Industry;
United States;
Alabama
Srinivasan, Suraj, and Li-Kuan Ni. "Ransomware Attack at Colonial Pipeline Company." Harvard Business School Case 123-069, March 2023.
- February 2023
- Case
Ransomware Attack at Springhill Medical Center
By: Suraj Srinivasan and Li-Kuan (Jason) Ni
In July, 2019, Springhill Medical Center (“SMC”) in Mobile, Alabama, fell prey to a malicious ransomware attack that crippled the hospital’s internal network systems and public-facing web page. While the hospital rushed to securely restore the network, medical...
View Details
Keywords:
Disruption;
Communication;
Communication Strategy;
Decision Making;
Decision Choices and Conditions;
Judgments;
Corporate Accountability;
Corporate Disclosure;
Corporate Governance;
Governance Controls;
Policy;
Employees;
News;
Cybersecurity;
Digital Strategy;
Information Infrastructure;
Information Management;
Internet and the Web;
Crisis Management;
Resource Allocation;
Risk Management;
Negotiation Tactics;
Failure;
Business and Stakeholder Relations;
Attitudes;
Behavior;
Perception;
Reputation;
Trust;
Public Opinion;
Social Issues;
Health Industry;
United States;
Alabama
Srinivasan, Suraj, and Li-Kuan (Jason) Ni. "Ransomware Attack at Springhill Medical Center." Harvard Business School Case 123-065, February 2023.
- October 2022
- Case
Sustainable Finance at Itau BBA
By: George Serafeim, Maria Loumioti and Benjamin Maletta
As of August 2022, the Itau BBA had structured dozens of sustainability linked bonds, which made future interest payments a function of the borrower meeting a target for a sustainability metric, and had solidified its reputation as a pioneer of sustainable finance in...
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Keywords:
Sustainable Finance;
Corporate Social Responsibility;
Environmental Sustainability;
Growth Strategy;
Debt Contracting;
Performance Metrics;
Risk Assessment;
ESG (Environmental, Social, Governance) Performance;
Financial Instruments;
Risk Management;
Debt Securities;
Measurement and Metrics;
Banking Industry;
Pulp and Paper Industry;
Latin America
Serafeim, George, Maria Loumioti, and Benjamin Maletta. "Sustainable Finance at Itau BBA." Harvard Business School Case 123-036, October 2022.
- 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...
View Details
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
Srinivasan, Suraj, and Li-Kuan Ni. "Sustainability Reporting at Dollar Tree, Inc." Harvard Business School Case 122-044, June 2022. (Revised August 2022.)
- February 2022 (Revised November 2022)
- Case
Fondeadora
By: Álvaro Rodríguez Arregui and Mitchell Weiss
Norman Müller and René Serrano, cofounders of Fondeadora, a Mexican “neobank,” had lined up a $12.5 million in Series A funding round in 2020 only to run into a major obstacle: The lead investor was Gradient Ventures, a venture firm launched by Alphabet, Inc., and...
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Keywords:
Fundraising;
Entrepreneurship;
Venture Capital;
Financial Institutions;
Business Startups;
Government Legislation;
Governing Rules, Regulations, and Reforms;
Financial Strategy;
Financial Services Industry;
Mexico City;
Latin America
Rodríguez Arregui, Álvaro, and Mitchell Weiss. "Fondeadora." Harvard Business School Case 822-077, February 2022. (Revised November 2022.)
- Article
Core Earnings: New Data and Evidence
By: Ethan Rouen, Eric C. So and Charles C.Y. Wang
Using a novel dataset, we show that components of firms' GAAP earnings stemming from ancillary business activities or transitory shocks are significant in frequency and magnitude. These components have grown over time and are dispersed across various sections of the...
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Keywords:
Core Earnings;
Transitory Earnings;
Non-operating Earnings;
Quantitative Disclosures;
Equity Valuation;
Big Data;
Business Earnings;
Financial Reporting;
Valuation;
Analytics and Data Science
Rouen, Ethan, Eric C. So, and Charles C.Y. Wang. "Core Earnings: New Data and Evidence." Journal of Financial Economics 142, no. 3 (December 2021): 1068–1091.
- Article
Transparency as a Solution for the Hospital Capacity Problem
COVID dramatically clarified a shortcoming in our great healthcare system, but like everything in the world, it has its shortcomings. What we see through the apex of COVID is that many hospitals in hotspot areas cannot provide an adequate supply of beds. Although the...
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Herzlinger, Regina E. "Transparency as a Solution for the Hospital Capacity Problem." Ohio State Law Journal 82, no. 5 (December 2021): 787–794.
- 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
Flammer, Caroline, Michael W. Toffel, and Kala Viswanathan. "Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks." Strategic Management Journal 42, no. 10 (October 2021): 1850–1879. (Featured in Harvard Business Review.)
- 2021
- Article
Decarbonizing Everything
By: Alex Cheema-Fox, Bridget LaPerla, George Serafeim, David Turkington and Hui (Stacie) Wang
We analyze how the use of different climate risk measures leads to different portfolio carbon outcomes and risk-adjusted returns. Our findings are synthesized in a rules-based investment framework, which selects a different type of climate metric across industries and...
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Keywords:
Climate Risk;
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Disclosure;
ESG Disclosure Metrics;
ESG Ratings;
Investing;
Investing For Impact;
Investment Strategy;
Environment;
Decarbonization;
Climate Change;
Environmental Sustainability;
Environmental Management;
Environmental Accounting;
Investment;
Strategy;
Investment Portfolio;
Investment Return
Cheema-Fox, Alex, Bridget LaPerla, George Serafeim, David Turkington, and Hui (Stacie) Wang. "Decarbonizing Everything." Financial Analysts Journal 77, no. 3 (2021): 93–108.
- April–May 2021
- Article
Labor Mobility and Antitakeover Provisions
By: Aiyesha Dey and Joshua White
How do firms protect their human capital? We test whether firms facing an increased threat of being acquired strengthen their antitakeover provisions (ATPs) in order to bond with their employees. We use the adoption of the Inevitable Disclosure Doctrine (IDD) by U.S....
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Keywords:
Labor Mobility;
Antitakeover Provisions;
Trade Secrets;
Implicit Contracting;
Employee Bonding;
Corporate Governance;
Acquisition;
Human Capital;
Strategy;
Innovation and Invention;
Intellectual Property;
Safety
Dey, Aiyesha, and Joshua White. "Labor Mobility and Antitakeover Provisions." Art. 101388. Journal of Accounting & Economics 71, nos. 2-3 (April–May 2021).
- Editorial
Why ESG Funds Fail to Scale
By: Gabriel Karageorgiou and George Serafeim
You’ve seen the headlines about the growth in environmental, social, and governance funds. Many investment professionals might read these and believe that launching a new ESG investment firm or ESG offering will be an automatic success. Our analysis of the data shows...
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Keywords:
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Disclosure;
ESG Disclosure Metrics;
ESG Ratings;
ESG Reporting;
Investment Management;
Investment Strategy;
Investments;
Investment Fund;
Sustainability;
Sustainable Finance;
Sustainable Investing;
Investment;
Management;
Strategy;
Investment Portfolio;
Finance;
Growth and Development;
Failure
Karageorgiou, Gabriel, and George Serafeim. "Why ESG Funds Fail to Scale." Institutional Investor (January 11, 2021).
- 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.