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- March 2022 (Revised May 2022)
- Case
Transforming Kimball International, Inc. (A)
By: Lynn S. Paine and Will Hurwitz
Kimball International, Inc. (KII), led by CEO Kristie Juster, and its board of directors, chaired by Kim Ryan, faced critical questions about KII’s future in the spring of 2021. Two years earlier, the board had appointed Juster as the new CEO of KII, a publicly traded,...
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Keywords:
Board Of Directors;
Board Committees;
Board Decisions;
Board Dynamics;
CEO Compensation;
CEO Succession;
Compensation Committee;
Compensation Consultants;
Compensation Design;
Compensation Mix;
Corporate Purpose;
COVID-19;
ESG;
Furniture;
Furniture Industry;
Manufacturing;
Midwest;
Pandemic;
Purpose;
Spin Off;
Strategic Change;
Strategic Decisions;
Strategic Evolution;
Target-setting;
Executive Compensation;
Family Ownership;
Governance;
Restructuring;
Strategy;
Transformation;
Manufacturing Industry;
United States
- March 2022
- Supplement
Transforming Kimball International, Inc. (B)
By: Lynn S. Paine and Will Hurwitz
In the spring of 2021, the board of directors of Kimball International, Inc. (KII) was considering changes to the company’s executive compensation plan. Two years earlier, the board had appointed Kristie Juster as the new CEO of KII, a publicly traded, small cap maker...
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Keywords:
Board Of Directors;
Board Committees;
Board Decisions;
Board Dynamics;
CEO Compensation;
CEO Succession;
Compensation Committee;
Compensation Consultants;
Compensation Design;
Compensation Mix;
Corporate Purpose;
COVID-19;
ESG;
Furniture;
Furniture Industry;
Manufacturing;
Midwest;
Pandemic;
Purpose;
Spin-off;
Strategic Change;
Strategic Decisions;
Strategic Evolution;
Target-setting;
Executive Compensation;
Family Ownership;
Governance;
Restructuring;
Strategy;
Transformation;
Manufacturing Industry;
United States
- 2022
- Article
Which Corporate ESG News Does the Market React To?
By: George Serafeim and Aaron Yoon
Using a dataset that classifies firm-level ESG news as positive and negative, we examine how stock prices react to different types of ESG news. We analyze 111,020 firm-day observations for 3,126 companies and find that prices react only to issues identified as...
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- February 2022
- Case
Cleveland Clinic Abu Dhabi: Leading Through the Fog of the COVID-19 Pandemic
By: Linda A. Hill and Emily Tedards
As COVID-19 began to take lives, destroy healthcare systems, and shut down economies across the globe, Dr. Rakesh Suri, Chief Executive Officer of Cleveland Clinic Abu Dhabi, and his executive team adapted their leadership to instill the new levels of agility and...
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Keywords:
Organizational Behavior;
Culture;
Organizational Culture;
Organizational Adaptation;
Organizational Effectiveness;
Alignment;
Leadership;
Innovation;
Diversity;
Collaboration;
Co-creation;
Learning Organizations;
Empowerment;
Teamwork;
Ecosystem;
Agility;
Partnerships;
Data-driven Decision-making;
Operating Model;
Risk Management;
Virtual Work;
Team Dynamics;
Telemedicine;
Metrics;
Globalization;
Pandemic;
COVID-19;
Hospital;
Healthcare;
United Arab Emirates;
Middle East;
Health Care and Treatment;
Health Pandemics;
Organizational Change and Adaptation;
Crisis Management;
Leading Change;
Leadership Style;
Digital Transformation;
United Arab Emirates;
Middle East
- February 18, 2022
- Article
Transparency as a Solution for COVID-19 Related Hospital Capacity Issues
By: Regina E. Herzlinger and Richard Boxer
In the initial phases of the COVID-19 pandemic, many U.S. hospitals could not provide an adequate supply of beds to meet demand. Solving the problem of hospital bed capacity is of great importance in the “new normal,” which requires recognizing that SARS-CoV-2 is but...
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Keywords:
COVID;
COVID-19 Pandemic;
Health Care;
Health Care Demand;
Health Care Delivery;
Health Care Industry;
Health Care Operations;
Health Care Policy;
Transparency;
Hospital;
Hospital Management;
Hospitals;
Health Pandemics;
Health Care and Treatment;
Service Delivery;
Operations;
Performance Capacity;
Policy;
Health Industry
- Working Paper
Electoral Turnovers
By: Benjamin Marx, Vincent Pons and Vincent Rollet
In most national elections, voters face a key choice between continuity and change. Electoral turnovers occur when the incumbent candidate or party fails to win reelection. To understand how turnovers affect national outcomes, we study the universe of presidential and...
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- January 2022
- Article
Why Is Corporate Virtue in the Eye of the Beholder? The Case of ESG Ratings
By: Dane Christensen, George Serafeim and Anywhere Sikochi
Despite the rising use of environmental, social, and governance (ESG) ratings, there is substantial disagreement across rating agencies regarding what rating to give to individual firms. As what drives this disagreement is unclear, we examine whether a firm’s ESG...
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- December 2021 (Revised February 2022)
- Case
Bed Bath & Beyond: The New Strategy to Drive Shareholder Value
By: Benjamin C. Esty and Daniel W. Fisher
At one time, Bed Bath & Beyond was one of the most successful specialty retailers in the United States—its growth and profit margins far exceeded both peer retailers in the home goods market as well as many other discount retailers. But in 2014, its stock price peaked,...
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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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- 2021
- Working Paper
COVID-19, Government Performance, and Democracy: Survey Experimental Evidence from 12 Countries
By: Michael Becher, Nicholas Longuet Marx, Vincent Pons, Sylvain Brouard, Martial Foucault, Vincenzo Galasso, Eric Kerrouche, Sandra León Alfonso and Daniel Stegmueller
Beyond its immediate impact on public health and the economy, the COVID-19 pandemic has put democracy under stress. While a common view is that people should blame the government rather than the political system for bad crisis management, an opposing view is that...
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- 2021
- Chapter
Digital Infrastructure
By: Shane Greenstein
What determines the supply of innovative digital infrastructure and how does variance in supply shape the performance of digital services? The essay reviews research into the economic impact of deployment, innovation, and adoption of digital infrastructure. It...
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Keywords:
Information Technology;
Infrastructure;
Economics;
Policy;
Research;
Analysis;
United States
- 2021
- Working Paper
The Business of K-12 Education in China
By: Geoffrey Jones and Yuhai Wu
This working paper examines the evolution of K-12 education in China, especially between 1985 and the present day, drawing extensive interviews with participants in the educational sector. China has been hugely successful in reaching almost 100 percent literacy,...
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- October 2021
- Article
Board Design and Governance Failures at Peer Firms
By: Shelby Gai, J. Yo-Jud Cheng and Andy Wu
Our study introduces board committees as a crucial determinant of board actions. We examine how directors who structurally link different board committees—referred to as multi-committee directors (MCDs)—explain why some board actions are merely symbolic while others...
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- Article
Decarbonization Factors
By: Alex Cheema-Fox, Bridget LaPerla, George Serafeim, David Turkington and Hui (Stacie) Wang
In the face of accelerating climate change, investors are making capital allocations seeking to decarbonize portfolios by reducing the carbon emissions of their holdings. To understand the performance of portfolio decarbonization strategies and investor behavior...
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- October 2021
- Article
Directors' Perceptions of Board Effectiveness and Internal Operations
By: J. Yo-Jud Cheng, Boris Groysberg, Paul M. Healy and Rajesh Vijayaraghavan
We contribute to the growing literature on the effectiveness of corporate boards by examining the effect of two insights that have been largely unexplored in prior studies that use public data. First, since boards’ responsibilities are wide-ranging, more holistic...
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- September 2021
- Case
Community Solutions
By: Brian Trelstad and Tom Quinn
Community Solutions was an anti-homelessness nonprofit founded in 2011 after protagonist Rosanne Haggerty grew frustrated with the limited impact of traditional housing and outreach strategies. It set an ambitious goal, reached in some partner communities, of ending...
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Keywords:
Change;
Change Management;
Disruption;
Transformation;
Communication;
Communication Strategy;
Decision Making;
Cost vs Benefits;
Decision Choices and Conditions;
Decisions;
Forecasting and Prediction;
Social Entrepreneurship;
Ethics;
Values and Beliefs;
Capital Budgeting;
Capital Markets;
Country;
Government Administration;
Government Legislation;
Housing;
Disruptive Innovation;
Innovation and Invention;
Innovation Strategy;
Knowledge Sharing;
Leading Change;
Resource Allocation;
Mission and Purpose;
Performance Evaluation;
Performance Improvement;
Philanthropy and Charitable Giving;
Opportunities;
Social Enterprise;
Nonprofit Organizations;
Human Needs;
Public Opinion;
Social Issues;
Societal Protocols;
Poverty;
Welfare;
Well-being;
System;
Equality and Inequality;
Consulting Industry;
Real Estate Industry;
United States;
New York (city, NY);
Florida;
Texas
- 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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- August 2021
- Case
Danone S.A.: Becoming a Mission-Driven Company (A)
By: Benjamin C. Esty and Emilie Billaud
Emmanuel Faber became CEO of Danone SA, the French food and beverage company, in 2014. Right from the start, he ran the company with a dual commitment to both profit and purpose (i.e., ESG objectives). In fact, in 2018, he said, “It’s time to make sustainable business...
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- 2021
- Working Paper
How to Fix ESG Reporting
By: Robert S. Kaplan and Karthik Ramanna
Investors, advocacy groups, academics, and the 200 CEOs of the US Business Roundtable have asked corporations to take on an added purpose beyond a narrow pursuit of shareholder value. In response, many companies now issue ESG (Environmental, Societal, and Governance)...
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Keywords:
ESG Reporting;
Sustainability;
Corporate Purpose;
Greenhouse Gas;
Activity-Based Costing;
Environmental Sustainability;
Environmental Management;
Corporate Social Responsibility and Impact;
Measurement and Metrics;
Goals and Objectives;
Agreements and Arrangements;
Corporate Accountability
- 2021
- Working Paper
Multiple Team Membership, Turnover, and On-Time Delivery: Evidence from Construction Services
By: Hise O. Gibson, Bradely R. Staats and Ananth Raman
Firms who want to compete in dynamic markets are finding that they must build more agile operations to ensure success. One way for a firm to increase organizational agility is to allocate employees to multiple project teams, simultaneously—a practice known as multiple...
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