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Corporate Social Responsibility and ImpactRemove Corporate Social Responsibility and Impact →

New research on corporate social responsibility and impact from Harvard Business School faculty on issues including measuring impact, reporting results, and community involvement.
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What Does an ESG Score Really Say About a Company?

by Kristen Senz

A key gauge in the $30 trillion sustainable investment market provides a murky picture of corporate social responsibility. Research by Anywhere Sikochi and George Serafeim probes the underlying factors. Open for comment; 0 Comments.

Accounting for Product Impact in the Telecommunications Industry

by George Serafeim and Katie Trinh

A product impact framework is a systematic methodology applicable to different companies across a wide range of industries. This study examines the telecommunications industry, estimating the value of a product’s reach, accessibility, quality, optionality, environmental use emissions, and end-of-life recyclability.

Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement

by George Serafeim and Aaron Yoon

Company performance evaluations have included sell-side analyst forecasts, recommendations, and credit ratings, but a newer set has emerged: environmental, social, and governance (ESG) ratings. This study finds that ESG ratings are useful for predicting future ESG news, but their predictive ability diminishes for firms with large disagreement between raters.

Measuring Employment Impact: Applications and Cases

by Katie Panella and George Serafeim

Employment impact-weighted accounting statements quantify the positive and negative effects of firm practices for employees and the broader labor community. This analysis of companies in different sectors shows how these statements are beneficial both at an aggregate and more specific level.

COVID-19 Shines New Light on Working Conditions in Supply Chains

by Danielle Kost

Michael Toffel discusses how the coronavirus pandemic has renewed concerns about how suppliers treat employees, and how a new online resource can help. Open for comment; 0 Comments.

Auditor Independence and Outsourcing: Aligning Incentives to Mitigate Shilling and Shirking

by Ashley Palmarozzo, Jodi L. Short, and Michael W. Toffel

Firms use external auditors to monitor the quality of difficult-to-observe aspects of their business partners’ performance, including the working conditions of their suppliers. Firms can improve monitoring accuracy by having their own employees conduct some audits, and by rotating across third-party auditing firms.

To Fight Climate Change, Should Green Investors Reconsider Big Oil?

by Kristen Senz

Sustainability funds eschew some of the biggest backers of green technology: oil companies. Research by Lauren Cohen offers reasons to re-evaluate the role of traditional energy companies in addressing climate change. Open for comment; 0 Comments.

Dove: Maintaining a Brand with Purpose

Unilever’s Dove soap became a brand with purpose when it launched the “Campaign for Real Beauty” to combat media-driven stereotypes of female beauty. Can Dove maintain both its market position and social impact in the future? Senior Lecturer, Mark Kramer discusses his case, “Dove and Real Beauty: Building a Brand with Purpose.” Open for comment; 0 Comments.

Accounting for Product Impact in the Consumer Finance Industry

by George Serafeim and Katie Trinh

A framework and method for measuring and monetizing product impact across industries, applying it to two competitors in the consumer finance space.

Long-Run Returns to Impact Investing in Emerging Markets and Developing Economies

by Shawn Cole, Martin Melecky, Florian Mölders, and Tristan Reed

Examination of every equity investment made by the International Finance Corporation, one of the largest and longest-operating impact investors, shows this portfolio has outperformed the S&P 500 by 15 percent.

Growing a Manufacturing Company with a Social Mission

Nehemiah Manufacturing turned a social mission of hiring convicted felons into a competitive advantage. In this podcast, Michael Chu discusses the challenges and opportunities of combining profit with social impact. Open for comment; 0 Comments.

Are CEOs the Wrong Leaders for Stakeholder Capitalism?

by James Heskett

SUMMING UP: Who bears responsibility for fostering "stakeholder capitalism" to better serve societal goals? Directors? Shareholders? CEOs? Employees? Readers offer their own views to James Heskett. Open for comment; 0 Comments.

Market Investors Pay More for Resilient Companies

by Kristen Senz

During a market collapse, investors will pay up for companies considered resilient in their response, according to George Serafeim. Open for comment; 0 Comments.

Capitalism Is More at Risk Than Ever

by Martha Lagace

Almost a decade after writing Capitalism at Risk, Joseph Bower, Herman Leonard, and Lynn Paine argue that not enough companies are stepping up to fix big global problems. Open for comment; 0 Comments.

How Anchor Investors Help Impact Funds Succeed

by Sean Silverthorne

3Questions A startup fund's ability to attract a major first investor is a signal to others that the investment pool is just fine for entering. Shawn Cole and Rob Zochowski answer questions about anchor investors. Open for comment; 0 Comments.

Corporate Environmental Impact: Measurement, Data and Information

by George Serafeim, DG Park, David Freiberg, and T. Robert Zochowski

This paper proposes a methodology for investors, companies, or regulators to use established environmental resources, reasonably accessible in the public domain, to measure an organization’s environmental impact from operations. These measurements contain information that is different from environmental ratings widely used by investors and other stakeholders.

Nonprofits Hurt by COVID-19 Must Hoard Cash to Hold On

by Danielle Kost

Experts from Harvard Business School's Social Enterprise Initiative offer advice to nonprofits struggling to survive the coronavirus pandemic. Open for comment; 0 Comments.

How Investors Are Sizing Up Climate Change’s Risks—and Opportunities

by Danielle Kost

What are the financial implications of rising seas and extreme weather? Asset managers and risk experts gathered at Harvard Business School to discuss how they’re evaluating climate risk in their portfolios. Open for comment; 0 Comments.

How Social Entrepreneurs Can Increase Their Investment Impact

by Rachel Layne

Grants or investments? Philanthropic organizations have multiple funding tools available, but choosing the wrong one can dilute the benefits, according to research by Benjamin N. Roth. Open for comment; 0 Comments.

Businesses Need a 'Catalyst' to Make CSR Practices Stick

by Michael Blanding

Despite best intentions, many corporate social responsibility programs fail. One answer: Companies need community partners to sustain work over the long term, says Robert Kaplan. Open for comment; 0 Comments.