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Rethinking How We Measure Companies on Social and Environmental Impact

MIT Sloan management review, 2023-01, Vol.64 (2), p.1-4 [Peer Reviewed Journal]

Copyright Massachusetts Institute of Technology, Cambridge, MA Winter 2023 ;ISSN: 1532-9194 ;EISSN: 1532-8937

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  • Title:
    Rethinking How We Measure Companies on Social and Environmental Impact
  • Author: Andreou, Nicholas ; Besharov, Marya
  • Subjects: Corporate profits ; Environmental impact ; Profits ; Social impact
  • Is Part Of: MIT Sloan management review, 2023-01, Vol.64 (2), p.1-4
  • Description: A new framework is proposed for assessing a company's social and environmental impact, taking into account both internal and external factors. Existing frameworks, such as ESG assessments and impact investing, have limitations in fully capturing a company's impact. The proposed framework considers four levers including products and services, customer segments, operations, and the use of profits. Each lever contributes to a company's overall impact, and considering all four together provides a comprehensive assessment. The framework aligns with the concept of impact management, which focuses on positive outcomes for people and the planet. Companies can use existing tools and assessments to measure their performance on each lever. Implementing the framework requires organizations to assess the quality and quantity of impact, consider both positive and negative impacts, and account for unintentional consequences. Adopting this integrated framework is crucial for businesses to optimize their social and environmental impact and address global challenges effectively.
  • Publisher: Cambridge: Massachusetts Institute of Technology, Cambridge, MA
  • Language: English
  • Identifier: ISSN: 1532-9194
    EISSN: 1532-8937
  • Source: AUTh Library subscriptions: ProQuest Central
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