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MSBI Leading news

This movement aims at contributing to a more inclusive economy, where businesses seek to maximize their social impact together with their economic performance.

Origin and Mission

In November 2016, HEC Paris launched an ambitious initiative: the Movement for Social*Business Impact (MS*BI) 

This movement aims at contributing to a more inclusive economy, where businesses seek to maximize their social impact together with their economic performance.

The Movement for Social*Business Impact is a continuation of the HEC Paris Social Business/Enterprise and Poverty Chair, launched and funded by Danone, Schneider Electric, and Renault in 2008. co-chaired by 2006 Peace Nobel Prize Professor Muhammad Yunus and Martin Hirsch, former High Commissioner for Active Solidarity against Poverty in France, and currently Head of the Greater Paris University Hospitals. The Chair in turn supported the creation of the Action-Tank Social & Business, designed to incubate inclusive business models fighting poverty in France. Since 2010, the Action-Tank has helped develop and implement innovative poverty alleviation projects, bringing together companies, NGOs, public and academic authorities.


MS*BI focuses on four key actions :

  • This movement aims at contributing to a more inclusive economy, where businesses seek to maximize their social impact together with their economic performance.
  • Catalyzing world-class research on social business by building on partnerships with the best international academic teams.
  • Strengthening and broadening teaching opportunities focused on training a new generation of managers.
  • Accelerating the deployment and scaling up of social business projects incubated in France.
  • Providing institutional resources to develop international social business incubation models, which offer essential goods and services to the poorest populations.  
logo MSBI



Alleviate poverty and implement inclusive business solutions with Danone Communities


Developing innovative solutions on inclusive and sustainable mobility


Giving access to reliable, safe, efficient, and sustainable energy.


Developing initiatives on gender balance, inclusion of local businesses and food waste


Develop social and solidarity entrepreneurial solutions and giving access to drinking water in rural areas


Behavorial Economics with Programme Malin, Blédina


Christine Tovee has had a long and rich career in space and aeronautical projects on both sides of the Atlantic, including a stint as CTO of Airbus Group North America. Currently, she is a consultant for...
Boston-based Aurélie Bergugnat is Chief Data Officer of Schneider Electric and is participating in the business transformation from the inside-out. We’re celebrating her career as part of the 30-year...
In order to best anticipate the needs of the HEC Paris community, a monitoring unit has been created at the level of the general management. It began on January 27, 2020, and now meets on a weekly basis...
When HEC Paris professor, Olivier Sibony, brought out the short guide “Vous allez commettre une terrible erreur!” he could not imagine that it would have such a global impact. His exploration of nine...


Rethinking Firm's Actions and Their Impact

The M*BI strives through its differents actions to comprehend and offer the means to economic actors to maximize their societal impact.



Scholars have questioned whether hedge fund activism creates, captures, or destroys corporate value. Yet, most prior work either focuses solely on short-term financial performance or looks at the effect of other forms of shareholder activism on target firms' social performance. Research has yet to examine whether hedge fund activism promotes or inhibits the social performance of target firms.

We argue that targeted firms respond to hedge fund pressures by cutting back their social initiatives in an effort to increase short term profitability, but such cutbacks result in lower long-term social and financial performance.

Using matching and difference-in-differences, we test our hypotheses is on 1,143 US-based firms targeted by hedge fund activists from 2000 to 2012. Overall, findings from this study illuminate the short- and long-term social and financial consequences of hedge fund activism.


Managerial summary

We replicate and complement a recent study that showed that the events of a firm's addition, continuation, or deletion in a major sustainability index (Dow Jones Sustainability World Index, DJSI) has little impact on stock market corrections (Hawn et al., 2018).

First, we refine the comparison set that was previously used by following the DJSI methodology in order to compare across more observationally-equivalent firms in terms of CSR orientation, and find convergent results, including for instance in small increase of 50 basis points in stock market performance for addition to the DJSI index over the period 2010-2015.

Second, we expand the analysis to other outcomes and find that not only are investors valuing sustainability more and more but that sustainability attracts more attention from analysts (addition to or continuation on this index adds between two and four analysts in the more recent period) and significantly increases the volume of shares held by long-term investors (by an estimated value of 40 to 70 milliondollars  following DJSI events).



Low-income workers face many constraints that are negatively affecting their subjective well-being as well as economic and social outcomes. One way to alleviate some of these constraints is through tangible improvement in short-distance geographical mobility, for instance with the provision of the new car under a low-cost leasing scheme, or by the provision of at-cost quality car maintenance.

In this interim report, we advance the theory linking short-distance geographical mobility to subjective well-being and we describe a research design that will evaluate the impact of the Renault Mobilize program, which is an intervention targeted to low-income workers (notably job-seekers) that promotes improvements in short-distance your graphical mobility.

In the theory, we emphasize the role of restrictions in mental bandwidth as a driver of poor economic and social outcomes and of lower subjective well-being. In our research design, we take advantage of a hard threshold for eligibility to the program in order to strengthen the causal interpretation of the analyses.



We define hybrid organizations as forms that exist across the boundaries of and merge elements from different organizational entities. They are social innovations at the intersection of changing state-market relations, novel institutional designs and the growing role of civil society organizations as key stakeholders to creation economic and social value.
Hybrid organizations can be sorted accordingly to their level of hybridity. Two are distinguished in this paper.
The first level is obtained when one focal organization embraces two (or more) distinct logics: economic and social objectives.
The second level of hybridity is obtained when at least two organizations from distinct sectors with distinct identities must agree on mutual interests and decide to collaborate through pooling their resources, competencies and logics.

For hybrid organization’s, it is a big challenge to create a uniting organizational Identity and can face tensions between logics. Moreover, the effects of potential conflicts between institutional demands and partners can lead to organizational paralysis or break up.
In this paper, we explore the microfoundations of hybrid organizational forms and reveal how second level hybrid organizations operate to explain when and how they are capable to take advantage of governance mechanisms- accountability and reporting systems, board composition - to internally incorporate elements of the competing logics they embody and maintain their hybrid nature over time.

In this paper, we discuss what factors contribute to a hybrid sustainability? We contribute in three ways.
We identify the cross-(sector ?) organization collaboration as a distinct type of hybridity.
We offer a comprehensive analysis of hybridity challenges and means of addressing them.
Our framework advances that appropriate organizational governance, by monitoring dual performance objectives and aligning the interests of multiple principal stakeholders , remedies to internal tensions and institutional pressures and can guarantee the survival of second order hybrid organizations.
Taken together, our proposed theoretical framework of hybrid organizations sheds new light on the novel hybrid organizational forms that retain their hybrid nature over time and continue to create value.



We provide time-consistent microfoundations to the idea that a fiscal power is needed for fiat money to be traded in economies where money is essential.

We extend a classical OLG monetary model by introducing an authority that maximizes the utility of current agents' consumption and public expenditures by imposing taxes and carrying out money market operations.

We show that, the time-consistent optimal policy selects a unique equilibrium, one in which money has real value and inflation is disconnected from any fiscal variable.

Such optimal policy provides for fiscally backed monitoring interventions occurring only out of equilibrium. However, for this result to hold taxes must be flexible. When instead taxes are fixed ex-ante, inflation responds to fiscal variables and the uniqueness of equilibrium can get lost if fiscal capacity is not sufficiently large.

Our analysis points out to the need of providing microfoundations to the authority behavior in the debate on the price level determination and offers new perspective on the importance of fiscal backing.



Developing programs on inclusive and social business

The aim of the Inclusive & Social Business Certificate is to train a new generation of managers, aware of societal challenges and aspiring to be part of the solution, regardless of their professional activity.

More on the Certificate

FACT Impact (France or Planet) proposes to support and accompany a social entrepreneur or an entrepreneur coming from an underprivileged area in his project.

More on FACT

This module critically investigates the set of reasons that prompt firms to contribute to poverty alleviation and analyzes the innovative inclusive and social business models that they develop.  It explores how firms transform themselves when seeking to become more inclusive.  More fundamentally, this module also challenges participants to question their roles as managers and future executives.

This intensive week allows students to work on these issues through case studies and lectures taught by a team of HEC professors and consultants and through visits to corporate and social partners like ARES, a work integration social enterprise.

What are CEMS block seminars?

Block Seminars are intensive one-week seminars on an in­novative Management topic, run prior to or at the start of the MIM Term 1. Students from all CEMS institutions gather for the Block Seminars that are usually led by teams of tea­chers from different disciplines of Management studies.

The intensive academic and cultural experience is an ideal starter for students to the MIM program.

What is CEMS?

Founded in Europe in 1988, CEMS is a global alliance of academic and corporate institutions dedicated to educating and preparing future generations of international business leaders.

The alliance now comprises 30 member schools across 5 continents, delivering the joint CEMS Master's in International Management (MIM) around the world, and 69 CEMS corporate partners among whom L’Oréal. Since 2010, CEMS has also integrated non-profit organizations as Social Partners to positively influence all members of the CEMS alliance.

Since its creation, CEMS has worked alongside industry representatives and academics in providing expertise, insight and vision for all aspects of program development, implementation and support.

The HEC Paris MBA curriculum combines academically-challenging courses with leadership development and experiential learning.

Among its core courses, the ETHICS and SUSTAINABILITY course considers the ethical responsibilities of managers and corporations.
Among its electives classes, an off-campus seminar in the monastery of Sereys (Haute Loire) proposes to reflect on ETHICS and PERFORMANCE. In this seminar, the participants become more conscious of the ethical stakes of their business practices and learn how to assess their responsibilities as managers. In the specific context of the monastery, they experiment a distant point of view to think and exchange about the signification of management practices and their impact.

Experiential learning is at the very heart of the MBA program. Fieldwork projects allow students to apply classroom-taught knowledge in a real world setting.


Today, an increasing number of companies want to rethink their business models to expand in lower-income markets and explore new growth opportunities while proactively contributing to solving current societal challenges. This implies a different way of doing business, different partners, and different mindsets for corporate executives who need the right tools and knowledge to successfully tackle these new challenges.


  • Gain a unique interdisciplinary perspective on how to align social and environmental issues with corporate strategy
  • Acquire a pragmatic approach to inclusiveness
  • Develop the know-how to accelerate innovative business initiatives in your organization
  • Work on your own Inclusive Business project(s) through individual coaching with experts and discussion with peers

Please find more information HERE.

This Major is open to all Executive MBA participants. Its main objectives are:

  • Understand the complexities of dealing with low income communicates
  • Discover and analyze new business models that can create financial, social, and environmental value
  • Foster a culture of creativity, strategic innovation, and leadership by applying sustainable innovation learning in all organizations

Please find here more information on the Executive MBA.

Over the past few years, a growing number of corporations have started to explore inclusive business models as a way of expanding their traditional markets. If you want to find out what Inclusive Business can bring to your organization, then this could be the program for you. Our goal is to to enable you to discover new ways of developing business that have real social impact:

  • In both emerging and developed countries
  • For multinationals, entrepreneurs and SMEs.

Please find here more information on the dedicated webpage.


We believe that the clock is ticking and innovation is required to affect real change. Firms, small and large, play a powerful role in  this  transformation  process,  and  the  winners  of  tomorrow’s economy will be those who develop “innovation with purpose”.

As  part  of  the  summer  program  which  addresses  societal challenges,  students  will  discover  how  forward-looking  firms can develop creative market based solutions to alleviate poverty, at times in partnership with civil society and public authorities. Students  will  be  exposed  to  social  enterprises  with  innovative business models, as well as established firms who have realized it  is  in  their  interest  to  develop  inclusive  business  models.  

Students will work in teams in coordination with leading corporate partners executives to formulate an inclusive business model  that  they  present at the session close.

More on the Summer School

This MOOC is dedicated to social entrepreneurship, and is developed by professors of the S&O Center in partnership with the ‘Ticket for Change’ project, of which HEC Paris is a platinum partner.

The project aims to inspire and help aspiring entrepreneurs who want to make a difference in society. The MOOC is based on individual and collective action learning for each participant, through three different stages: inspiration, introspection, and implementation.


The Action Tank Social & Business' goal is to help large corporations develop and scale-up projects with social impact and viable business models.

All the projects