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Kenan Institute 2022 Annual Theme: Stakeholder Capitalism
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Market-Based Solutions to Vital Economic Issues

Research Spotlight

Kenan Insight
Does ESG Investing Generate Higher Returns?
The explosive growth in ESG investing has created confusion among investors. As part of our yearlong series on stakeholder capitalism, we unpack what they should expect from ESG and try to reconcile it with both financial theory and empirical evidence. The bottom line is a bit complicated.

Fellows

The Kenan Institute’s Distinguished Fellows comprise an exemplary set of global scholars committed to leveraging their individual expertise, thought leadership, research and networks to further the institute’s efforts to examine – and drive solutions to – the most complex and timely issues facing business and the economy today. Appointed on an annual basis, the 2022 Distinguished Fellows work to support the Kenan Institute’s exploration of stakeholder capitalism – and whether the model could be set to replace shareholder primacy.  

Alex Edmans
Professor of Finance, London Business School; Academic Director, Centre for Corporate Governance; Managing Editor, Review of Finance and 2022 Kenan Institute Distinguished Fellow
Olga Hawn
Associate Professor of Strategy and Entrepreneurship, UNC Kenan-Flagler Business School; Sustainability Distinguished Fellow and Faculty Director, Ackerman Center for Excellence in Sustainability and 2022 Kenan Institute Distinguished Fellow
Lubos Pastor
Charles P. McQuaid Professor of Finance, University of Chicago Booth School of Business and 2022 Kenan Institute Distinguished Fellow
Jacquelyn Pless
Fred Kayne (1960) Career Development Professor of Entrepreneurship and Assistant Professor of Technological Innovation, Entrepreneurship, and Strategic Management, MIT Sloan School of Management and 2022 Kenan Institute Distinguished Fellow
Emmanuel Yimfor
Assistant Professor of Finance, University of Michigan Ross School of Business and 2022 Kenan Institute Distinguished Fellow

More on Stakeholder Capitalism

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Mark Little, executive director of the Kenan Institute-affiliated center CREATE, provided expert testimony in a process that resulted in a May 11 settlement agreement regarding contracting and hiring practices for Dominion Energy’s $9.8 billion Coastal Virginia Offshore Wind renewable energy project.

London Business School Professor Alex Edmans, a 2022 Kenan Institute Distinguished Fellow, followed up his recent virtual presentation on “The Power of Purposeful Business” by answering key questions from the audience. This week’s Kenan Insight offers a curated Q&A with a few of our favorites, with Professor Edmans tackling topics such as which issues government is best equipped to regulate and which may require shareholders to step in, the limits of using data in ESG measurement, and how best to encourage purposeful thinking throughout an organization.

Stakeholder Capitalism

The explosive growth in ESG investing has created confusion among investors. As part of our yearlong series on stakeholder capitalism, we unpack what they should expect from ESG and try to reconcile it with both financial theory and empirical evidence. The bottom line is a bit complicated.

The Frank Hawkins Kenan Institute of Private Enterprise is thrilled to announce its 2022 class of Distinguished Fellows. Appointed on an annual basis, the Distinguished Fellows comprise an exemplary set of global scholars committed to leveraging their individual expertise, thought leadership, research and networks to further the institute’s efforts to examine and drive solutions to issues facing business and the economy today.

Stakeholder Capitalism

Purpose is the corporate buzzword of today, with politicians, the public and even shareholders calling on businesses to serve wider society. But purpose is also controversial, because companies have a responsibility to deliver returns to investors. Is there a trade-off between purpose and profit, or is it possible for companies to achieve both? The Kenan Institute of Private Enterprise hosted a virtual talk featuring London Business School Finance Professor Alex Edmans, who critically examined the case for purposeful business using rigorous evidence and real-life examples to show what works – and, importantly, what doesn’t. He discussed practical ways for businesses of all sizes to put purpose into practice, how investors and citizens can play their part, and how we can distinguish businesses that are truly purposeful from those that are greenwashing.

07
Apr
2022
Stakeholder Capitalism

Join the Kenan Institute of Private Enterprise for a virtual talk featuring London Business School Finance Professor Alex Edmans, who will critically examine the case for purposeful business using rigorous evidence and real-life examples to show what works – and, importantly, what doesn’t.

Hear from Kenan Institute and affiliated experts about why the time is now for a deep-dive exploration of stakeholder capitalism and ESG investing – forces which have already begun shaping business and economic outcomes on a global scale.

The Kenan Institute’s deep dive into stakeholder capitalism has exposed shortcomings in a key building block: ESG measurement. In this one-hour virtual session, we will convene a cross-sector group of panelists to discuss why ESG measurements matter to businesses large and small. The panelists will offer recommendations on scalable implementation, suggest how best to leverage such measures to meet the needs of different stakeholder groups, and provide tips on how to design reporting that is free from political influence and agendas.

The Kenan Institute’s deep dive into stakeholder capitalism has exposed shortcomings in a key building block: ESG measurement. Our experts have explored the issue at length, proposing ways of refining these measures to produce structures that could meet the needs of multiple stakeholders while also working to design reporting free from political influence and agendas. As a next step, the Kenan Institute hosted a conversation featuring a business leader, investor and standard setter to discuss how we might turn these ideas into solutions to help integrate stakeholder capitalism principals into business and investment decisions.

Stakeholder Capitalism

The idea of the Federal Reserve using monetary policy to help mitigate climate risk has gained traction in some circles, but Director of Research Christian Lundblad writes in a new piece for Fortune that such a shift would come with its own set of risks. In addition, nothing the Fed might do would change the fact that Congress must lead any governmental response to climate change.

Stakeholder Capitalism

With a recent report from the United Nations warning that climate change has already begun to cause irreversible damage, experts during the 2022 Kenan Institute Frontiers of Entrepreneurship Conference discussed the role innovation can – and should – be playing to combat these ill effects. This week’s insight explores the topic through Q&A with Dr. Eric Toone, executive managing director and technology lead at Breakthrough Energy Ventures, and Dr. Jacqueline Pless, the Fred Kayne (1960) Career Development Professor of Entrepreneurship at MIT Sloan School of Management.

Stakeholder Capitalism

Together with many business and economic leaders around the globe, we at the Kenan Institute of Private Enterprise support the harshest feasible sanctions against Vladimir Putin in the immediate interest of Ukraine and its people. More broadly, we view such measures as vital to the long-term survival of democratic values. But as the Russian invasion continues, seemingly unabated by unprecedented economic and financial sanctions, we must ask: what more is feasible? And for how long can such restrictions be sustained?