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ESG, Corporate Governance & Future of the Firm

The system of formal and informal rules by which a company is governed. Corporate governance shapes more than just a given’s company value – it dictates who controls the capital in the economy and so how this capital is being put the use. Corporate governance therefore affects and is affected by the degree of cronyism and rent-seeking in society.

ESG, Corporate Governance & Future of the Firm

Addressing Climate Change Must Begin with Verifiable Carbon Accounting

Robert Kaplan
Robert Kaplan and Karthik Ramanna propose a new approach for verifiable accounting on indirect corporate emissions that would apply to all corporations, increase incentives...
ESG, Corporate Governance & Future of the Firm

The Social Responsibility of Business Includes Profits

Alex Edmans
Profits these days are often seen as a dirty word, but it is wrong to demonize profits. A company’s responsibility is not to sacrifice...
ESG, Corporate Governance & Future of the Firm

Managers Should Satisfy Only the Ethically Permissible Preferences of Shareholders

Santiago Mejia
Oliver Hart and Luigi Zingales have proposed a revision to the dominant model of the objective of the firm, most famously defended by Milton...
Antitrust and Competition

Unreliable Accounts: How Regulators Fabricate Conceptual Narratives to Diffuse Criticism

Karthik Ramanna
In 2010, as the world was reeling from the global financial crisis, the body that determines generally accepted accounting principles for listed corporations in...
ESG, Corporate Governance & Future of the Firm

Two Years After the Business Roundtable Statement: Pointing in the Right Direction

Margaret Blair
The 2019 Business Roundtable statement was a welcome break from the position that the nation’s top corporate CEOs took in 1997, when the BRT pledged...
ESG, Corporate Governance & Future of the Firm

“Comments for Sale”: Charitable Donations Can Lead Non-profits to Support Corporate Regulatory Agendas

Marianne Bertrand
A new paper shows how financial ties between companies and non-profits can subvert rulemaking process and lead to regulations that favor the interests of...
ESG, Corporate Governance & Future of the Firm

Two Years Later, Has the Business Roundtable Statement Transformed Capitalism?

Alex Edmans
Two years after the Business Roundtable redefined its statement of Purpose of a Corporation to include “a fundamental commitment to all of our stakeholders”...
Commentary

Why Corporate Purpose is Important to the Recovery From the Pandemic

Martin Lipton
A new initiative seeks to encourage directors, managers, asset owners, and other internal and external stakeholders to collaborate on articulating an actional principle of...
ESG, Corporate Governance & Future of the Firm

The Aristocracy of Talent: Business Intelligence

Adrian Wooldridge
In the following excerpt from his new book, The Aristocracy of Talent: How Meritocracy Made the Modern World, Adrian Wooldridge traces "how universities became more...
ESG, Corporate Governance & Future of the Firm

No More “Mystery Meat”: Why We Need Better Corporate Governance Data

Jens Frankenreiter
Three decades of finance, economics, and legal studies in corporate governance have been built substantially on data sets with nearly unknown provenance. A new...
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