Publications
Publications
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- 2021
- Working Paper
The Changing Role of Business in Society
Business interaction with the U.S. government, historically based on securing industry or company special interests at the expense of the public good, has enabled and furthered government dysfunction. Gridlock within the American political system has precluded the...
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Keywords:
Politics;
Shared Value;
Social Progress Index;
Competitiveness;
Walmart;
BlackRock;
ESG (Environmental, Social, Governance) Performance;
ESG;
Transparency;
Campaign Contributions;
Campaign Finance;
Lobbying;
Revolving Door;
Political Ideology;
Political Parties;
Political Partisanship;
Government And Business;
Government Innovation;
Elections;
Democracy;
Capitalism;
Stakeholder Capitalism;
Shareholder Engagement;
Competition;
Strategy;
Government and Politics;
Society;
Social Issues;
Human Needs;
Wealth and Poverty;
Business and Community Relations;
Business and Government Relations;
Corporate Accountability;
Financial Services Industry;
Financial Services Industry;
United States
- July–August 2021
- Article
Lowering the Bar? External Conditions, Opportunity Costs, and High-Tech Startup Outcomes
By: Annamaria Conti and Maria P. Roche
We assess the heterogeneous impact of economic downturns on individuals’ decisions to bring high-technology ideas to the market in the form of new ventures. We thereby examine how worsening labor market conditions influence individuals’ opportunity costs of starting...
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- 2021
- Working Paper
Financial Innovation in the 21st Century: Evidence from U.S. Patents
By: Josh Lerner, Amit Seru, Nick Short and Yuan Sun
We develop a unique dataset of 24 thousand U.S. finance patents granted over the last two decades to explore the evolution and production of financial innovation. We use machine learning to identify the financial patents and extensively audit the results to ensure...
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- June 2021
- Case
Equity Bank: Charting the Future
By: Lauren Cohen, Michael Chitavi and Spencer C. N. Hagist
After climbing the ranks among Kenya's financial institutions from 66th to 1st, and toppling a quarter of the market share held by mobile money giant Safaricom, CEO James Mwangi must now guide Equity Bank into its next stage of development beyond "Equity 3.0." Should...
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- May–June 2021
- Article
Eliminate Strategic Overload
As companies respond to intensifying competitive pressures and challenges, they ask more and more of their employees. But organizations often have very little to show for the efforts of their talented and engaged workers. By selecting fewer initiatives with greater...
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- April 2021
- Case
The Mahindra Group: Leading with Purpose
By: Ranjay Gulati and Rachna Tahilyani
India headquartered Mahindra Group is a multibillion-dollar federation of companies operating across the globe. It is ahead of its time in articulating its purpose and mapping its values, something it had first done at inception and then refreshed yet again as ‘Rise’...
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Keywords:
Mission and Purpose;
Organizational Culture;
Change Management;
Communication Strategy;
Family Ownership;
Corporate Social Responsibility and Impact;
Revenue;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Asia;
India;
Mumbai;
South Korea;
Italy;
United States
- March 2021
- Case
Founders Factory
By: Jeffrey F. Rayport and James Barnett
In January 2020, Founders Factory (FF) Executive Chairman Brent Hoberman and CEO Henry Lane Fox were considering FF’s expansion strategy. FF operated as a venture capital (VC) fund built around an accelerator and incubator, and organized around sectors within...
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Keywords:
Entrepreneurship;
Markets;
Planning;
Expansion;
Global Range;
Business Model;
Talent and Talent Management;
Experience and Expertise;
Corporate Entrepreneurship;
Global Strategy;
Innovation Strategy;
Growth and Development Strategy;
Management Teams;
Organizational Change and Adaptation;
Partners and Partnerships;
Online Technology;
Mobile Technology;
Technology Industry;
Africa;
South Africa;
Johannesburg;
Europe;
France;
Paris;
United Kingdom;
England;
London;
United States;
New York (city, NY)
- February 2021
- Article
Do Household Wealth Shocks Affect Productivity? Evidence from Innovative Workers During the Great Recession
By: S. Bernstein, T. McQuade and R. Townsend
We investigate how the deterioration of household balance sheets affects worker productivity, and, in turn, economic downturns. Specifically, we compare the output of innovative workers who experienced differential declines in housing wealth during the financial crisis...
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- 2021
- Working Paper
The Effects of Local Government Financial Distress: Evidence from Toxic Loans
By: Boris Vallée and Julien Sauvagnat
We examine the response from both local governments and their voters to a sudden increase in public debt burden. We exploit plausibly exogenous variation in the ex post cost of toxic loans, a notorious financial innovation adopted by a large number of local governments....
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- January 2021 (Revised May 2021)
- Case
Aptiv PLC Board of Directors (A)
By: Lynn S. Paine and Will Hurwitz
Aptiv’s board must decide whether a joint venture with an auto maker is the right next step in the company’s efforts to develop and commercialize a production-ready autonomous driving system. While many commentators believed that Aptiv’s self-driving technologies had...
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Keywords:
Automotive Industry;
Bankruptcy Reorganization;
Board Of Directors;
Board Committees;
Board Decisions;
Board Dynamics;
Corporate Boards;
Innovation And Strategy;
Legal Aspects Of Business;
Spin Off;
Strategic Alliances;
Strategic Change;
Strategic Evolution;
Supplier Relationships;
Technological Change;
Corporate Governance;
Governing and Advisory Boards;
Innovation Strategy;
Going Public;
Joint Ventures;
Leadership;
Restructuring;
Technological Innovation;
Transformation;
Auto Industry;
Europe;
United States
- 2020
- Working Paper
Accounting for Product Impact in the Consumer Finance Industry
By: George Serafeim and Katie Trinh
We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor credit card providers within the consumer finance industry. We design a monetization methodology that allows us to calculate monetary impact estimates...
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Keywords:
Product Innovation;
Impact;
Impact Investing;
Impact Measurement;
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Ratings;
Social Corporate Responsibility;
Corporate Social Responsibility;
Social Impact;
Consumer Finance;
Financial Services;
Financial Inclusion;
Product;
Product Design;
Product Positioning;
Society;
Corporate Social Responsibility and Impact;
Personal Finance;
Credit Cards;
Financial Services Industry
- September 2020
- Case
Building India's 2.0: PayNearby
By: Lauren Cohen and Spencer C. N. Hagist
Headquartered in Mumbai, India, FinTech startup Nearby Technologies has seen its flagship brand, PayNearby, rapidly flourish across most of its target market within just four years. The unprecedented success of its payment app, which allows users to access banking...
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- September–October 2020
- Article
Social-Impact Efforts That Create Real Value
By: George Serafeim
Until the mid-2010s few investors paid attention to environmental, social, and governance (ESG) data—information about companies’ carbon footprints, labor policies, board makeup, and so forth. Today the data is widely used by investors. How can organizations create...
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Keywords:
Sustainability;
Sustainability Management;
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Disclosure;
ESG Disclosure Metrics;
ESG Ratings;
ESG Reporting;
Social Impact;
Impact Measurement;
Social Innovation;
Purpose;
Corporate Purpose;
Corporate Social Responsibility;
Strategy;
Social Enterprise;
Society;
Accounting;
Investment;
Environmental Sustainability;
Climate Change;
Corporate Strategy;
Mission and Purpose;
Corporate Social Responsibility and Impact;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
North America;
Europe;
Japan;
Australia
- August 2020
- Teaching Note
Sesame Workshop (B): Celebrating 50 Years of Helping Kids Grow Smarter, Stronger, and Kinder
By: Rosabeth Moss Kanter and Joyce J. Kim
Teaching Note for Case No. 321-015. In 2019, Sesame Workshop celebrated its 50th anniversary while on a winning streak of social impact, innovation, and peak media and financial results. Over the past four years, CEO Jeff Dunn and his turnaround team exhibited...
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- 2020
- Working Paper
Updating the Balanced Scorecard for Triple Bottom Line Strategies
By: Robert S. Kaplan and David McMillan
Many companies are now attempting to achieve triple bottom line performance on financial, environmental, and societal metrics. Successful strategies for such performance, however, generally require new relationships among multiple players in multiple sectors across a...
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- July 2020
- Case
Amanda and Kristen: Mented Cosmetics
By: Steven Rogers, Jeffrey J. Bussgang and Alterrell Mills
The co-founders (Black HBS alumnae) of an e-commerce beauty startup explore the unmet needs within the beauty industry. This case study examines the entrepreneurial opportunities that come from identifying an underserved market, specifically within the Black community...
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Keywords:
Brands and Branding;
Competition;
Customers;
Disruption;
Disruptive Innovation;
Distribution Channels;
Entrepreneurship;
Finance;
Macroeconomics;
Marketing;
Marketing Channels;
Marketing Communications;
Marketing Strategy;
Mission and Purpose;
Organizational Culture;
Product Design;
Product Development;
Product Positioning;
Sales;
Social Issues;
Social Marketing;
Business Startups;
Strategic Planning;
Strategy;
Supply Chain Management;
Venture Capital;
Beauty and Cosmetics Industry;
Advertising Industry;
Public Relations Industry;
Chemical Industry;
Manufacturing Industry;
Retail Industry;
North and Central America;
United States;
New York (city, NY);
New York (state, US)
- July 2020
- Supplement
Sesame Workshop (B): Celebrating 50 Years of Helping Kids Grow Smarter, Stronger, and Kinder
By: Rosabeth Moss Kanter and Joyce J. Kim
In 2019, Sesame Workshop celebrated its 50th anniversary while on a winning streak of social impact, innovation, and peak media and financial results. Over the past four years, CEO Jeff Dunn and his turnaround team exhibited values-driven leadership, instituted...
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- June 2020
- Case
RBC: Transforming Transformation (A)
By: Ethan Bernstein, Francesca Gino and Aldo Sesia
In 2017, the Royal Bank of Canada (RBC), a Canadian financial icon, mandated a swat team of “enablers of collaboration” (their job description) to support the personal and commercial bank in the enterprise-wide RBC Cultural Transformation initiative. Historically,...
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Keywords:
Service Delivery;
Technology;
Transformation;
Change Management;
Collaborative Innovation and Invention;
Innovation and Management;
Decision Making;
Human Resources;
Management Systems;
Organizational Design;
Organizational Structure;
Groups and Teams;
Management Teams;
Financial Services Industry;
Financial Services Industry;
Canada
- June 2020
- Supplement
RBC: Transforming Transformation (B)
By: Ethan Bernstein, Francesca Gino and Aldo Sesia
In 2017, the Royal Bank of Canada (RBC), a Canadian financial icon, mandated a swat team of “enablers of collaboration” (their job description) to support the personal and commercial bank in the enterprise-wide RBC Cultural Transformation initiative. Historically,...
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Keywords:
Service Delivery;
Technology;
Transformation;
Change Management;
Collaborative Innovation and Invention;
Innovation and Management;
Decision Making;
Human Resources;
Management Systems;
Organizational Design;
Organizational Structure;
Groups and Teams;
Management Teams;
Financial Services Industry;
Financial Services Industry;
Canada
- May 2020
- Supplement
Valuing Peloton
Peloton Interactive, a well-known unicorn in the connected fitness space, had gone public with a market capitalization of over $8.0 billion. In the weeks following its public debut, Peloton’s stock price fell by over 25%. Taylor Knox, a stock analyst and enthusiastic...
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