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- October 2020 (Revised November 2020)
- Case
Digging for Gold: Paulson & Co.'s Activism in the Gold Sector
By: Suraj Srinivasan and Jonah S. Goldberg
The case describes the efforts of hedge fund Paulson & Co to influence corporate governance and improve performance in the gold industry. In an innovative move, the hedge fund led the creation of the Shareholder Gold Council, a consortium of large investors in gold...
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- October 6, 2020
- Article
COVID-19 Is Rewriting the Rules of Corporate Governance
By: Lynn S. Paine
Boards are facing a complex new reality as a result of COVID-19. The new environment is characterized by pressures and demands from various stakeholder groups, heightened expectations for societal engagement and corporate citizenship, and radical uncertainty about the...
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- January 2020 (Revised July 2020)
- Case
BlackRock: Linking Purpose to Profit
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...
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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
- 2019
- Working Paper
Intelligent Design of Inclusive Growth Strategies
By: Robert S. Kaplan, George Serafeim and Eduardo Tugendhat
Improving corporate engagement with society, as advocated in the Business Roundtable’s 2019 statement, should not be viewed as a zero-sum proposition where attention to new stakeholders detracts from delivering shareholder value. Corporate programs for sustainable and...
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- October 2019
- Case
A Conversation with Ellen J. Kullman, Chairman & CEO of DuPont, 2009-2015
By: Lynn S. Paine and Will Hurwitz
Ellen J. Kullman, the retired Chairman and CEO of DuPont, describes how she guided the storied science and technology company through a contentious proxy battle with activist investor Trian Partners, which acquired DuPont shares in 2013 and sought to break up the...
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- September 2019
- Case
JTC: Stronger Together with Shared Ownership
By: Ethan Bernstein and Daniela Beyersdorfer
Nigel Le Quesne, CEO of Jersey-based financial services firm JTC, firmly believed that "shared ownership" was at the heart of his company’s successful track record. The firm had seen its revenues, profits, and number of clients and staff grow steadily throughout its...
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- October 2018
- Case
The Proxy Fight at ADP
By: Robin Greenwood and E. Scott Mayfield
In July 2017, shares of Automatic Data Processing, Inc. (ADP) surged 12% following a report that the activist investor Bill Ackman had acquired a sizable stake in the company and planned to nominate his own slate of directors at the company’s annual meeting in...
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- Article
Are Buybacks Really Shortchanging Investment?
By: Jesse M. Fried and Charles C.Y. Wang
It’s no secret that the American economy is suffering from the twin ills of slow growth and rising income inequality. Many lay the blame at the doors of America’s largest public corporations. The charge? These firms prefer to distribute cash generated from their...
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- 2018
- Chapter
Return on Invested Capital (ROIC)
Return on invested capital (ROIC) is a financial measure of the profitability of a firm or business unit. If it is greater than the business's cost of capital, then reinvestment of earnings increases shareholder VALUE. The ROIC also determines a maximum self-sustaining...
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- October 2016 (Revised October 2017)
- Case
Misaki Capital and Sangetsu Corporation
By: Ian Gow, Charles C.Y. Wang, Naoko Jinjo and Nobuo Sato
Japan’s corporate culture has traditionally prioritized the interests of stakeholders such as employees and suppliers over those of shareholders. After a decades-long economic slump, Japan’s government has begun efforts to improve corporate governance and firms'...
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- 2015
- Other Unpublished Work
Do Managers Have a Role to Play in Sustaining the Institutions of Capitalism?
By: Rebecca Henderson and Karthik Ramanna
In a capitalist system based on free markets, do managers have responsibilities to the system itself? If they do, should these responsibilities shape their behavior when they engage in the political processes that structure the institutions of capitalism? The...
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- April 29, 2014
- Column
Corporate Reporting in the Big Data Era
By: George Serafeim
Advancements in information technology can improve corporate communication with shareholders, but not through incessant data dumps. Instead, companies will more likely be poised for continued success if they use digital platforms for long-term oriented engagement and...
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Keywords:
Integrated Reporting;
Big Data;
Corporate Reporting;
Sustainability;
Corporate Social Responsibility;
Corporate Governance;
Accounting;
Reporting;
Organizational Change and Adaptation;
Corporate Accountability;
Data and Data Sets;
Information Technology;
Communication;
Financial Reporting;
Business and Shareholder Relations
- 2016
- Working Paper
Consequences to Directors of Shareholder Activism
By: Ian D. Gow, Sa-Pyung Sean Shin and Suraj Srinivasan
Using a comprehensive sample for 2004–2012, we examine the impact of shareholder activist campaigns on the careers of directors of targeted firms. We find that activism is associated with directors being almost twice as likely to leave—and performance-sensitivity of...
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- 2013
- Article
Multinational Corporations, Global Justice and Corporate Responsibility: A Question of Purpose
By: Nien-he Hsieh
Do multinational corporations (MNCs) have a responsibility to address unjust conditions—not simply by refraining from contributing to injustice, but also by actively working to bring about a just state of affairs? This paper examines whether this question can be...
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- 2013
- Chapter
The Most Successful CEOs Come from Within
By: Joseph L. Bower
The financial crisis of 2008 and the Great Recession caused a crisis of public confidence in business and American-style capitalism, with its focus on maximizing shareholder value. Corporate leaders understood that reform was needed and that they needed to commit... View Details
- 2013
- Working Paper
Managers and Market Capitalism
By: Rebecca Henderson and Karthik Ramanna
In a capitalist system based on free markets, do managers have responsibilities to the system itself? If they do, should these responsibilities shape their behavior when they are engaging in the political process in an attempt to structure the institutions of...
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- November 2011
- Article
How Great Companies Think Differently
Corporate leaders have long subscribed to the belief that the sole purpose of business is to make money. That narrow view, deeply embedded in the American capitalist system, molds the actions of most corporations, constraining them to focus on maximizing short-term...
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- November 2010
- Article
Stress-Test Your Strategy: The 7 Questions to Ask
By: Robert Simons
An economic downturn can quickly expose the shortcomings of your business strategy. But can you identify its weak points in good times as well? And can you focus on those weak points that really matter? I identify seven questions all executives should ask in order to...
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- November 2009
- Article
Responding to Public and Private Politics: Corporate Disclosure of Climate Change Strategies
By: Erin Marie Reid and Michael W. Toffel
The challenges associated with climate change will require governments, citizens, and firms to work collaboratively to reduce greenhouse gas emissions, a task that requires information on companies' emissions levels, risks, and reduction opportunities. This paper...
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- summer 2008
- Article
Corporate Social Responsibility Through an Economic Lens
By: Forest L. Reinhardt, Robert N. Stavins and Richard H.K. Vietor
Business leaders, government officials, and academics are focusing considerable attention on the concept of "corporate social responsibility" (CSR), particularly in the realm of environmental protection. Beyond complete compliance with environmental regulations, do...
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