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New research on science from Harvard Business School faculty on issues including science-based businesses, environmental sustainability, and climate change.
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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; Comment(s) posted.

The ESG-Innovation Disconnect: Evidence from Green Patenting

by Lauren Cohen, Umit G. Gurun, and Quoc H. Nguyen

Energy-producing firms are more likely to produce “blockbuster” green patents than other firms. Yet energy firms are excluded from many environmental, social, and governance (ESG) funds, and are the targets of divestiture campaigns whose stated aims often include green energy innovation.

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.

The European Commission’s Sustainable Corporate Governance Report: A Critique

by Mark Roe, Holger Spamann, Jesse Fried, and Charles Wang

The European Commission commissioned a report on sustainable corporate governance that purports to find serious problems of corporate short-termism. The report is wholly flawed: it conflates time horizon problems with externality problems, mismeasures investment and its financing, and proposes ineffective, possibly harmful reforms.

Accounting for Organizational Employment Impact

by David Freiberg, Katie Panella, George Serafeim, and T. Robert Zochowski

Impact-weighted accounting methodology standardizes previously disparate measures of impact, in this case the impact of employment. This paper’s methodology and analysis of Intel, Apple, Costco, and Merck shows the feasibility of measuring firm employment impact for insight into firm practices and performance. Closed for comment; Comment(s) posted.

Updating the Balanced Scorecard for Triple Bottom Line Strategies

by Robert S. Kaplan and David McMillan

Society increasingly expects businesses to help solve problems of environmental degradation, inequality, and poverty. This paper explains how the Balanced Scorecard and Strategy Map should be modified to reflect businesses’ expanded role for society.

How to Launch a New Biosciences Product: Start Small or Dive in?

C16 Biosciences wants to replace palm oil, a major contributor to deforestation, with a lab-grown substitute. But CEO Shara Ticku faces a tough decision in bringing the product to market. Jeff Bussgang discusses his case study. Open for comment; Comment(s) posted.

Two Case Studies on the Financing of Forest Conservation

by Andrew Baxter, Connor Cash, Josh Lerner, and Ratnika Prasad

Case studies about The Conservation Fund and Sonen Capital highlight three broad lessons about fresh approaches to the ownership and management of forestland.

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; Comment(s) posted.

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; Comment(s) posted.

Corporate Resilience and Response During COVID-19

by Alex Cheema-Fox, Bridget LaPerla, George Serafeim, and Hui (Stacie) Wang

Investors look for evidence during a market crisis that a company is resilient. This study includes findings that challenge the notion that companies need to adopt practices that hurt their employees because investors want them to do so.

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; Comment(s) posted.

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.

COVID-19’s Hard Lessons Might Prepare Business for Climate Change

by Danielle Kost

We asked experts from the HBS Business and Environment Initiative how the coronavirus crisis might change the way companies think about sustainability. Open for comment; Comment(s) posted.

Fighting Climate Change Requires a New Capitalism

by Danielle Kost

Tackling one of the biggest crises of our time—climate change—requires leaders to embrace a new vision of business, argues Rebecca Henderson. Open for comment; Comment(s) posted.

The Key to Powerful Social Change: Small Villages

by Dina Gerdeman

When institutions let us down, look for leadership outside of hierarchies, says Rosabeth Moss Kanter. These leaders "don’t wait to be asked; they just get moving." Open for comment; Comment(s) posted.

Is the Healthiest Building in the World Worth the Rent?

Some people call 425 Park Avenue, New York, the healthiest building in the world. But will tenants pay a premium for better air and environmental friendliness? John Macomber and Joseph Allen discuss their recent case study and new book. Open for comment; Comment(s) posted.

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; Comment(s) posted.

Why COVID-19 Raises the Stakes for Healthy Buildings

by Kristen Senz

Like it or not, humans have become an indoor species, so buildings have a major impact on our health. That's why the Healthy Building Movement is gaining momentum, say John Macomber and Joseph Allen. Open for comment; Comment(s) posted.

Global Ocean Trust: Protecting the Blue Planet in New Ways

Following a successful career in finance, Torsten Thiele has devoted himself to the challenging cause of ocean conservation and stewardship. Rosabeth Moss Kanter and Thiele discuss strategy for solving one of the world's biggest problems. Open for comment; Comment(s) posted.