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    • Faculty Publications  (13)

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    • All HBS Web  (83)
      • Faculty Publications  (13)

      Esg Disclosure Remove Esg Disclosure →

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      How ESG Issues Become Financially Material to Corporations and Their Investors
      Market Reaction to Mandatory Nonfinancial Disclosure
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      • Article

      Human Capital and the Future of Work: Implications for Investors and ESG Integration

      By: Sakis Kotsantonis and George Serafeim
      Human capital development (HCD) is a key consideration for most companies, but only recently have investors focused on understanding the risks and opportunities related to human capital with the emergence of environmental, social, and governance (ESG) investment...  View Details
      Keywords: Future Of Work; Esg; Employee Engagement; Employee Compensation; Human Capital; Human Resources; Employees; Compensation And Benefits; Wages
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      Kotsantonis, Sakis, and George Serafeim. "Human Capital and the Future of Work: Implications for Investors and ESG Integration." Journal of Financial Transformation 51 (April 2020): 115–130.
      • January 2020 (Revised July 2020)
      • Case

      BlackRock: Linking Purpose to Profit

      By: Rohit Deshpandé, Aiyesha Dey and George Serafeim
      The case revolves around the actions that Barbara Novick, co-founder and Vice-Chair of Blackrock, and Michelle Edkins, Global Head of Investment Stewardship, would need to take in response to the controversial CEO letters from Laurence (Larry) Fink, Chairman and CEO of...  View Details
      Keywords: Boards Of Directors; Institutional Investors; disclosure; Transparency; Corporate Purpose; Corporate Profits; Esg; Esg Disclosure Metrics; Corporate Sustainability; Engagement Strategy Of Institutions; Stewardship Role Of Institutions; Blackrock; Corporate Governance; Governing And Advisory Boards; Institutional Investing; Accounting; Corporate disclosure; Mission And Purpose; Profit; Environmental Sustainability; Climate Change; Diversity; Corporate Accountability; Financial Services Industry; United States
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      Deshpandé, Rohit, Aiyesha Dey, and George Serafeim. "BlackRock: Linking Purpose to Profit." Harvard Business School Case 120-042, January 2020. (Revised July 2020.)
      • 2020
      • Working Paper

      How ESG Issues Become Financially Material to Corporations and Their Investors

      By: David Freiberg, Jean Rogers and George Serafeim
      Management and disclosure of environmental, social and governance (ESG) issues have received substantial interest over the last decade. In this paper, we outline a framework of how ESG issues become financially material, affecting corporate profitability and valuation....  View Details
      Keywords: Materiality; Esg; Pharmaceutical Companies; Business Ethics; Sustainability; Environment; disclosure; Disclosure And Access; Regulation; Social Impact; Environmental Sustainability; Social Issues; Corporate Governance; Ethics; Corporate disclosure; Corporate Accountability; Resource Allocation; Finance; Accounting; Valuation
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      Freiberg, David, Jean Rogers, and George Serafeim. "How ESG Issues Become Financially Material to Corporations and Their Investors." Harvard Business School Working Paper, No. 20-056, November 2019. (Revised November 2020.)
      • 2019
      • Chapter

      The Consequences of Mandatory Corporate Sustainability Reporting

      By: Ioannis Ioannou and George Serafeim
      A key aspect of the governance process inside organizations and markets is the measurement and disclosure of important metrics and information. In this chapter, we examine the effect of sustainability disclosure regulations on firms’ disclosure practices and...  View Details
      Keywords: Mandatory Disclosure; Mandatory Reporting; Sustainability; Corporate Social Responsibility; Social Impact; Valuation; Corporate Governance; China; South Africa; Europe; Asia; Regulation; Corporate disclosure; Integrated Corporate Reporting; Corporate Social Responsibility And Impact; Governing Rules, Regulations, And Reforms; Corporate Governance; China; Denmark; Malaysia; South Africa
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      Ioannou, Ioannis, and George Serafeim. "The Consequences of Mandatory Corporate Sustainability Reporting." In The Oxford Handbook of Corporate Social Responsibility: Psychological and Organizational Perspectives, edited by Abagail McWilliams, Deborah E. Rupp, Donald S. Siegel, Günter K. Stahl, and David A. Waldman, 452–489. Oxford University Press, 2019.
      • 2019
      • White Paper

      Impact-Weighted Financial Accounts: The Missing Piece for an Impact Economy

      By: George Serafeim, T. Robert Zochowski and Jennifer Downing
      Reimagining capitalism is an imperative. We need to create a more inclusive and sustainable form of capitalism that works for every person and the planet. Massive environmental damage, growing income and wealth disparity, stress, and depression within developed...  View Details
      Keywords: Impact-weighted Accounts; Iwai; Background; Economic Systems; Economy; Corporate Social Responsibility And Impact; Measurement And Metrics; Financial Statements
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      Serafeim, George, T. Robert Zochowski, and Jennifer Downing. "Impact-Weighted Financial Accounts: The Missing Piece for an Impact Economy." White Paper, Harvard Business School, Boston, MA, September 2019.
      • July 2019
      • Article

      Market Reaction to Mandatory Nonfinancial Disclosure

      By: Jody Grewal, Edward J. Riedl and George Serafeim
      We examine the equity market reaction to events associated with the passage of a directive in the European Union (EU) mandating increased nonfinancial disclosure. These disclosures relate to firms’ environmental, social, and governance (ESG) performance and would be...  View Details
      Keywords: Nonfinancial Information; Nonfinancial Performance; Esg; Esg (environmental, Social, Governance) Performance; Investor Behavior; disclosure; Disclosure Regulation; Regulation; Sustainability; Corporate Performance; Information; Corporate disclosure; Governing Rules, Regulations, And Reforms; Performance; Environmental Sustainability; Corporate Governance; Outcome Or Result
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      Grewal, Jody, Edward J. Riedl, and George Serafeim. "Market Reaction to Mandatory Nonfinancial Disclosure." Management Science 65, no. 7 (July 2019): 3061–3084.
      • Article

      Four Things No One Will Tell You About ESG Data

      By: Sakis Kotsantonis and George Serafeim
      As the ESG finance field and the use of ESG data in investment decision-making continue to grow, the authors seek to shed light on several important aspects of ESG measurement and data. This article is intended to provide a useful guide for the rapidly rising number of...  View Details
      Keywords: Esg; Esg (environmental, Social, Governance) Performance; Esg Reporting; Data Analytics; Sustainability; Sustainability Reporting; Csr; Transparency; Investment Management; Socially Responsible Investing; Sustainable Finance; Sustainable Development; Climate Change; Inclusion; Inclusive Growth; Corporate Social Responsibility And Impact; Corporate Accountability; Investment; Management; Climate Change; Corporate Governance; Diversity; Integrated Corporate Reporting
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      Kotsantonis, Sakis, and George Serafeim. "Four Things No One Will Tell You About ESG Data." Journal of Applied Corporate Finance 31, no. 2 (Spring 2019): 50–58.
      • March 2016 (Revised April 2019)
      • Technical Note

      ESG Metrics: Reshaping Capitalism?

      By: George Serafeim and Jody Grewal
      In the past twenty-five years, the world had seen an exponential growth in the number of companies reporting environmental, social and governance (ESG) data. Investor interest in ESG data also grew rapidly. A growing belief that increasing levels of social inequality...  View Details
      Keywords: Capitalism; Sustainability; Accountability; Corporate Social Responsibility; Responsibilities To Society; Environment; Social Impact Investment; Esg; Corporate Social Responsibility And Impact; Environmental Sustainability; Measurement And Metrics; Integrated Corporate Reporting; Corporate Accountability; Accounting; Economic Systems
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      Serafeim, George, and Jody Grewal. "ESG Metrics: Reshaping Capitalism?" Harvard Business School Technical Note 116-037, March 2016. (Revised April 2019.)
      • Spring 2012
      • Article

      The Need for Sector-Specific Materiality and Sustainability Reporting Standards

      By: Robert G. Eccles, Michael P. Krzus, Jean Rogers and George Serafeim
      Even though the supply of sustainability information has increased considerably in the last decade, companies are still failing to disclose material information in a comparable format. We believe this has two downsides. On the one hand, companies are not adequately...  View Details
      Keywords: Sustainability; Reporting; Accounting; Standard Setting; Regulation; Environmental Sustainability; Accounting; Standards; Integrated Corporate Reporting; Corporate disclosure; Competitive Advantage; Capital Markets; Accounting Industry; United States
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      Eccles, Robert G., Michael P. Krzus, Jean Rogers, and George Serafeim. "The Need for Sector-Specific Materiality and Sustainability Reporting Standards." Journal of Applied Corporate Finance 24, no. 2 (Spring 2012): 65–71.
      • September – October 2011
      • Article

      The Rise and Consequences of Corporate Sustainability Reporting

      By: Ioannis Ioannou and George Serafeim
      For many decades the cornerstone of corporate reporting has been financial information that is presented in a company's annual, semi-annual, and quarterly reports. These comprehensive financial reports—required by law for public companies in most countries...  View Details
      Keywords: Governing Rules, Regulations, And Reforms; Annual Reports; Operations; Strategy; Business And Shareholder Relations; Business And Stakeholder Relations; Performance; Geography; Civil Society Or Community; Business Model; Corporate Social Responsibility And Impact; Corporate disclosure
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      Ioannou, Ioannis, and George Serafeim. "The Rise and Consequences of Corporate Sustainability Reporting." European Business Review (September–October 2011).
      • Article

      Market Interest in Nonfinancial Information

      By: R. G. Eccles, Michael P. Krzus and George Serafeim
      Market interest in nonfinancial (e.g., Environmental, Social, and Governance [ESG]) information, including data produced by the Carbon Disclosure Project (CDP), is growing. Using data from Bloomberg we analyze this interest from a variety of different perspectives, and...  View Details
      Keywords: Markets; Data And Data Sets; Perspective; Environmental Sustainability; Social Issues; Corporate disclosure; Projects; Interests
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      Eccles, R. G., Michael P. Krzus, and George Serafeim. "Market Interest in Nonfinancial Information." Journal of Applied Corporate Finance 23, no. 4 (Fall 2011): 113–127.
      • June 2011 (Revised February 2013)
      • Case

      Mandatory Environmental, Social, and Governance Disclosure in the European Union

      By: Robert G. Eccles, George Serafeim and Phillip Andrews
      In 2011, the European Commission was deciding on how to best modify the existing European Union policy on corporate disclosure of environmental, social, and governance (ESG) information. Previous directives had recommended that European companies report ESG...  View Details
      Keywords: Integrated Corporate Reporting; Corporate Strategy; Corporate disclosure; Environmental Accounting; Competitive Strategy; International Accounting; Financial Reporting; Corporate Social Responsibility And Impact; Governing Rules, Regulations, And Reforms; Debates; Europe
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      Eccles, Robert G., George Serafeim, and Phillip Andrews. "Mandatory Environmental, Social, and Governance Disclosure in the European Union." Harvard Business School Case 111-120, June 2011. (Revised February 2013.)
      • Forthcoming
      • Article

      Material Sustainability Information and Stock Price Informativeness

      By: Jody Grewal, Clarissa Hauptmann and George Serafeim
      As part of the SEC’s revision of Regulation S-K, many investors proposed the mandatory disclosure of sustainability information in the form of environmental, social, and governance (ESG) data. However, progress is contingent on collecting evidence regarding which...  View Details
      Keywords: Voluntary Disclosure; Accounting Standards; Sustainability; Nonfinancial Information; Corporate Social Responsibility; Stock Price Informativeness; Synchronicity; Environmental Sustainability; Corporate disclosure; Corporate Accountability; Stocks; Price; Corporate Social Responsibility And Impact; Accounting; Standards
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      Grewal, Jody, Clarissa Hauptmann, and George Serafeim. "Material Sustainability Information and Stock Price Informativeness." Journal of Business Ethics (forthcoming).
      • 1

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      How ESG Issues Become Financially Material to Corporations and Their Investors
      Market Reaction to Mandatory Nonfinancial Disclosure
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