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    • All HBS Web  (299)
      • Faculty Publications  (35)

      Shareholder Engagement Remove Shareholder Engagement →

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      • 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
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      Srinivasan, Suraj, and Li-Kuan Ni. "Sustainability Reporting at Dollar Tree, Inc." Harvard Business School Case 122-044, June 2022. (Revised August 2022.)
      • Article

      B Corps: Can It Remake Capitalism in Japan?

      By: Geoffrey Jones
      This article examines the B Corporation movement that originated in the United States in 2006. The founders sought to create a new type of company whose governance structure mandated them to consider financial, social and environmental performance. A certification...  View Details
      Keywords: Corporate Responsibility; Sustainability; B Corporations; Stakeholder Capitalism; Governance; Organizational Structure; Corporate Social Responsibility and Impact; Japan
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      Jones, Geoffrey. "B Corps: Can It Remake Capitalism in Japan?" Keizaikei [Kanto Gakuin Journal of Economics and Management] 284 (November 2021): 1–12.
      • October 2021
      • Case

      Financial Reporting at Mattel

      By: Aiyesha Dey, Trung Nguyen, Marshal Herrmann and Julia Kelley
      In September 2020, Diana Ferguson was nearing her first Audit Committee meeting as the newly appointed Audit Committee chair of Mattel, Inc. Mattel was just recovering from an accounting scandal which had revealed the company’s poor internal controls and weak board...  View Details
      Keywords: Accounting; Accounting Audits; Financial Reporting; Financial Statements; Governance; Corporate Accountability; Corporate Disclosure; Corporate Governance; Governance Compliance; Governance Controls; Governing Rules, Regulations, and Reforms; Governing and Advisory Boards; Lawsuits and Litigation; Business and Shareholder Relations; Consumer Products Industry; Entertainment and Recreation Industry; Financial Services Industry; North and Central America; United States; California
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      Dey, Aiyesha, Trung Nguyen, Marshal Herrmann, and Julia Kelley. "Financial Reporting at Mattel." Harvard Business School Case 122-006, October 2021.
      • October 2021 (Revised July 2022)
      • Case

      Engine No. 1: An Impact Investing Firm Engages with ExxonMobil

      By: Mark Kramer, Shawn Cole, Vikram S. Gandhi and T. Robert Zochowski
      ExxonMobil, the world's fifth largest source of carbon emissions, remained committed to aggressively expanding its oil & gas business despite global warming. During the COVID pandemic this strategy resulted in massive losses as the price and demand for oil declined. ...  View Details
      Keywords: Carbon Emissions; Global Warming; Impact Investment Funds; Hedge Fund Activism; Leadership Development; Business Model; Renewable Energy; Resource Allocation; Decision Choices and Conditions; Governing and Advisory Boards
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      Kramer, Mark, Shawn Cole, Vikram S. Gandhi, and T. Robert Zochowski. "Engine No. 1: An Impact Investing Firm Engages with ExxonMobil." Harvard Business School Case 222-028, October 2021. (Revised July 2022.)
      • 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...  View Details
      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
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      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
      • Working Paper

      The Changing Role of Business in Society

      By: Michael E. Porter
      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...  View Details
      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; Banking Industry; United States
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      Porter, Michael E. "The Changing Role of Business in Society." Working Paper, July 2021.
      • 2021
      • Book

      The Power of Trust: How Companies Build It, Lose It, Regain It

      By: Sandra J. Sucher and Shalene Gupta
      Trust is the most powerful force underlying the success of every business. Yet it can be shattered in an instant, with a devastating impact on a company’s market cap and reputation. How to build and sustain trust requires fresh insight into why customers, employees,...  View Details
      Keywords: Power; Corporate Culture; Future Of Work; Innovation; Technology Strategy; Automation; Stakeholder Engagement; Employee Attitude; Customer Behavior; Shareholder Value; Government And Business; Impact Investing; Corporate Change And Sustainability; Trust; Power and Influence; Globalization; Leadership; Organizational Culture; Innovation and Invention; Human Resources; Information Technology; Strategy; Corporate Accountability; Asia; Europe; South America; Middle East; North and Central America
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      Sucher, Sandra J., and Shalene Gupta. The Power of Trust: How Companies Build It, Lose It, Regain It. New York: PublicAffairs, 2021.
      • 2021
      • Working Paper

      Proxy Advisory Firms and Corporate Shareholder Engagement

      By: Aiyesha Dey, Joshua White and Austin Starkweather
      We examine the influence of proxy advisors on firms’ shareholder engagement behavior. Our analyses exploit a quasi-natural experiment using Say-On-Pay voting outcomes near a threshold that triggers a review of engagement activities by Institutional Shareholder Services...  View Details
      Keywords: Proxy Advisors; ISS; Shareholder Engagement; Disclosure; Business and Shareholder Relations; Executive Compensation; Corporate Disclosure
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      Dey, Aiyesha, Joshua White, and Austin Starkweather. "Proxy Advisory Firms and Corporate Shareholder Engagement." Harvard Business School Working Paper, No. 21-137, June 2021. (Revised February 2022.)
      • April 22, 2021
      • Article

      Shareholders Are Pressing for Climate Risk Disclosures. That's Good for Everyone

      By: Caroline Flammer, Michael W. Toffel and Kala Viswanathan
      Does shareholder activism induce firms to voluntarily disclose climate change risks? And how do markets respond to these disclosures? New research finds that the extent of climate-risk disclosure increases by approximately 4.6% for each environment-related proposal...  View Details
      Keywords: Reporting; Transparency; Activism; Shareholder Activism; Shareholder Engagement; Climate Change; Corporate Disclosure; Investment Activism; Business and Shareholder Relations
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      Flammer, Caroline, Michael W. Toffel, and Kala Viswanathan. "Shareholders Are Pressing for Climate Risk Disclosures. That's Good for Everyone." Harvard Business Review Digital Articles (April 22, 2021).
      • 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...  View Details
      Keywords: Board Of Directors; Hedge Funds; Shareholder Activism; Gold; Corporate Governance; Governing and Advisory Boards; Investment Funds; Investment Activism; Performance Improvement; Corporate Accountability; Mining Industry; Canada; United States
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      Srinivasan, Suraj, and Jonah S. Goldberg. "Digging for Gold: Paulson & Co.'s Activism in the Gold Sector." Harvard Business School Case 121-021, October 2020. (Revised November 2020.)
      • 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.)
      • 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...  View Details
      Keywords: Inclusion; Sustainability; Performance Measures; Environmental Sustainability; Social Issues; Strategy; Governance; Corporate Social Responsibility and Impact; Business and Stakeholder Relations
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      Kaplan, Robert S., George Serafeim, and Eduardo Tugendhat. "Intelligent Design of Inclusive Growth Strategies." Harvard Business School Working Paper, No. 20-050, October 2019.
      • 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...  View Details
      Keywords: Ownership; Employee Ownership; Leadership Style; Compensation and Benefits; Organizational Culture; Employee Stock Ownership Plan; Going Public; Mission and Purpose; Management Practices and Processes; Human Resources; Financial Services Industry; Channel Islands; Europe; United States
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      Bernstein, Ethan, and Daniela Beyersdorfer. "JTC: Stronger Together with Shared Ownership." Harvard Business School Case 420-008, September 2019.
      • 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...  View Details
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      Greenwood, Robin, and E. Scott Mayfield. "The Proxy Fight at ADP." Harvard Business School Case 219-052, October 2018.
      • March 2018
      • Case

      Sachem Head's Activism at Autodesk

      By: Suraj Srinivasan and Quinn Pitcher
      In 2015, activist hedge fund Sachem Head Capital, led by founder Scott Ferguson, launched an activist campaign at computer aided design (CAD) software maker Autodesk. The activist campaign, waged mainly in private, was over Autodesk's lackluster financial performance,...  View Details
      Keywords: Shareholder Activism; Investing; Activist Investing; Technology; CEO Turnover; Hedge Fund Activism; Benchmarking; Corporate Governance; Information Technology; Investment Activism; Performance Improvement; Management Succession; United States
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      Srinivasan, Suraj, and Quinn Pitcher. "Sachem Head's Activism at Autodesk." Harvard Business School Case 118-086, March 2018.
      • 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...  View Details
      Keywords: Economy; Investment; Stocks; Business and Shareholder Relations; Equality and Inequality; United States
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      Fried, Jesse M., and Charles C.Y. Wang. "Are Buybacks Really Shortchanging Investment?" Harvard Business Review 96, no. 2 (March–April 2018): 88–95.
      • February 2018
      • Case

      Hikma Pharmaceuticals Governance Journey

      By: Lynn Paine, Suraj Srinivasan and Gamze Yucaoglu
      The case opens with Said Darwazah, chairman and CEO of Hikma Pharmaceuticals, the multinational generics company, anticipating the company’s 2017 AGM and reflecting on changes made over the previous year to address concerns expressed by proxy advisors and some...  View Details
      Keywords: Jordan; Emerging Markets; Private Sector; For-profit Firms; Boards Of Directors; Pharmaceuticals; Remuneration; Shareholder Engagement; Corporate Governance; Governing and Advisory Boards; Business and Shareholder Relations; Executive Compensation; Business Growth and Maturation; Pharmaceutical Industry; Jordan
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      Paine, Lynn, Suraj Srinivasan, and Gamze Yucaoglu. "Hikma Pharmaceuticals Governance Journey." Harvard Business School Case 318-108, February 2018.
      • 2019
      • Chapter

      Return on Invested Capital (ROIC)

      By: Carliss Y. Baldwin
      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...  View Details
      Keywords: Capital Efficiency; Dupont Analysis; Financial Metrics; Schumpeterian Competition; Sustainable Growth; Competitive Advantage; Financial Strategy; Resource Allocation; Valuation; Value Creation
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      Baldwin, Carliss Y. "Return on Invested Capital (ROIC)." In The Palgrave Encyclopedia of Strategic Management. Continuously updated edition, edited by Mie Augier and David J. Teece. Palgrave Macmillan, 2017. Electronic. (Pre-published, October 2013.)
      • 2017
      • Working Paper

      Why and How Investors Use ESG Information: Evidence from a Global Survey

      By: Georgios Serafeim
      Using survey data from a sample of senior investment professionals from mainstream (i.e., not SRI funds) investment organizations, we provide insights into why and how investors use reported environmental, social, and governance (ESG) information. The primary reason...  View Details
      Keywords: Investment Management; Sustainability; ESG; ESG (Environmental, Social, Governance) Performance; Investment Fund; Investment Strategy; Corporate Accountability; Activist Shareholder; Engagement; Environment; Climate Change; Customers; Customer Satisfaction; Employee Engagement; Global Warming; Investment; Decision Making; Environmental Sustainability; Performance Expectations
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      Serafeim, Georgios. "Why and How Investors Use ESG Information: Evidence from a Global Survey." Harvard Business School Working Paper, No. 17-079, February 2017.
      • 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 customers, employees, and suppliers over those of shareholders. After a decades-long economic slump, Japan’s government has revitalized efforts to improve corporate governance...  View Details
      Keywords: Activist Investing; Constructivist Investing; Japan; Valuation; Stock Screens; Return On Equity; Investment; Business and Stakeholder Relations; Corporate Governance; Financial Strategy; Business and Shareholder Relations; Japan
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      Gow, Ian, Charles C.Y. Wang, Naoko Jinjo, and Nobuo Sato. "Misaki Capital and Sangetsu Corporation." Harvard Business School Case 117-007, October 2016. (Revised October 2017.)
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