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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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Shareholder Activism and Firms’ Voluntary Disclosure of Climate Change Risks

by Caroline Flammer, Michael W. Toffel, and Kala Viswanathan

Shareholder resolutions typically fail, and often by a wide margin. So why do active investors bother? It turns out that resolutions nonetheless can influence corporate transparency. Specifically, after being targeted with shareholder resolutions on environmental topics, this research shows that companies are more likely to publicly disclose their climate change risks—and that such disclosure increases these companies’ valuation.

Torched Planet: The Business Case to Reinvent Almost Everything

by Rebecca Henderson

With climate change scorching the planet, business leaders have a once-in-a-lifetime opportunity to change the world—and make money in the process, says Rebecca Henderson. Open for comment; Comment(s) posted.

Decarbonization Factors

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

This paper contributes to a growing knowledge base about how climate change impacts investor expectations, capital allocations and thereby pricing and returns. It provides actionable insights into how to decarbonize portfolios and evaluate the likely performance and carbon exposure differences across strategies.

Undisclosed Debt Sustainability

by Laura Alfaro and Fabio Kanczuk

Presenting a scenario in which non-Paris Club lending and borrowing is fully disclosed, this study illustrates that transparency has potential effects of decreased debt sustainability for investors such as China, and significant welfare gains for recipient countries. Effects are particularly strong if the debt is large.

Even for Non-Believers, These Are the Next Steps on Climate Change

by John Macomber

Are there immediate steps business and government should take to address climate change? Somewhere between trillion-dollar solutions and the next eco-calamity are opportunities to take action, argues John Macomber. Open for comment; Comment(s) posted.

Has the Corporate Mission Just Been Disrupted?

by Sean Silverthorne

In a recent statement from the Business Roundtable, 200 powerful CEOs said corporations should widen their missions beyond just maximizing profits for shareholders. Open for comment; Comment(s) posted.

Should a Pension Fund Try to Change the World?

Re: Rebecca M. Henderson, George Serafeim

Can inclusivity, sustainability, and better governance boost economies? Rebecca Henderson and George Serafeim discuss the impact investing efforts of GPIF, Japan’s government pension fund. Open for comment; Comment(s) posted.

How Transparency into Internal and External Responsibility Initiatives Influences Consumer Choice

by Ryan W. Buell and Basak Kalkanci

Three studies examined how firms can use transparency into social and environmental responsibility initiatives to differentiate themselves in the consumer market. Results show that transparency into internal, responsible operations practices can increase sales at least as much as transparency into external, corporate social responsibility practices, if not more so.

Consumers Blame Business for Global Health Problems. Can Business Become the Solution?

by Danielle Kost

Millions of people have been harmed by cigarettes, defective merchandise, pollution, addiction and other business by-products. now, pioneering companies are exploring healthier ways to operate, say Amy C. Edmondson and Dr. Howard K. Koh. Open for comment; Comment(s) posted.

Open Innovation Contestants Build AI-Based Cancer Tool

by Martha Lagace

Radiation oncologists are few in number, especially if you are nowhere near a cancer facility. Could artificial intelligence be used to deliver an oncologist's skills for radiation therapy? Karim R. Lakhani discusses a unique open innovation experiment. Open for comment; Comment(s) posted.

Pursuing Precision Medicine at Intermountain Healthcare

Re: Richard G. Hamermesh, Kathy E. Giusti

What happens when Intermountain Healthcare invests resources in an innovative precision medicine unit to provide life-extending, genetically targeted therapies to late-stage cancer patients? Professors Richard Hamermesh and Kathy Giusti discuss the case and its connections to their work with the Kraft Precision Medicine Accelerator. Open for comment; Comment(s) posted.

Relative Performance Transparency: Effects on Sustainable Choices

by Ryan W. Buell, Shwetha Mariadassou, and Yanchong Zheng

Encouraging consumers to purchase a more sustainable product or use resources more responsibly is a key challenge for society. This paper discusses experiments involving more than 7,000 participants to shed light on how information and its presentation regarding sustainable performance can be a tool for enhancing sustainable choices in practice.

The Business of Saving the Planet

by Sean Silverthorne

The biggest challenge facing today's business leaders? Putting their operations in harmony with the environment. Read the latest research around building sustainability into business processes and management practices. Open for comment; Comment(s) posted.

Understanding and Overcoming Roadblocks to Environmental Sustainability. Past Roads and Future Prospects

by Ann-Kristin Bergquist, Shawn A. Cole, John Ehrenfeld, Andrew A. King, and Auden Schendler

At a summer 2018 Harvard Business School conference, historians, scholars, and business professionals debated barriers and opportunities for business and environmental sustainability. Although ideas of a future path differed, many participants said sustainability objectives based on voluntary firm action have become diffuse, making progress difficult.

Green Businesses Are Incredibly Difficult to Make Profitable. Try It Anyway

by Dina Gerdeman

Making a business successful is a challenge in itself, but making a green business profitable is an even harder journey. For society's sake, entrepreneurs must be prepared to make that journey, says Geoffrey Jones. Open for comment; Comment(s) posted.

'Green Bonds' May Be Our Best Bet for Environmental Damage Control

by Michael Blanding

The popularity of green bonds as a way to finance environmentally friendly projects is on the upswing, say Malcolm Baker and George Serafeim. Open for comment; Comment(s) posted.

Corporate Sustainability: A Strategy?

by Ioannis Ioannou and George Serafeim

Between 2012 and 2017, companies within most industries adopted an increasingly similar set of sustainability practices. This study examines the interplay between common and strategic practices. This dynamic distinction helps for understanding whether and how sustainability practices can help companies establish a competitive advantage over time.

The Digital Commons: Tragedy or Opportunity? A Reflection on the 50th Anniversary of Hardin’s Tragedy of the Commons

by Frank Nagle

Garrett Hardin’s Science article “The Tragedy of the Commons” 50 years ago focused on a physical world where common goods are finite and rivalrous. By contrast, this paper explores the digital commons, calling for better understanding of its long-term impact and for government policies supporting benefits while mitigating costs.

Financing the Response to Climate Change: The Pricing and Ownership of US Green Bonds

by Malcolm Baker, Daniel Bergstresser, George Serafeim, and Jeffrey Wurgler

Green bonds are used for environmentally friendly purposes like renewable energy. Complementing previous research, this paper explores the US corporate and municipal green bond and shows that a subset of investors is willing to give up some return to hold green bonds.

How Companies Can Increase Market Rewards for Sustainability Efforts

by Rachel Layne

There is a connection between public sentiment about a company and how the market rewards its corporate social performance, according to George Serafeim. Is your company undervalued? Open for comment; Comment(s) posted.