Projects and activities

Our focus in CBES research is working on the following themes:

1) Environmental sustainability

2) Societal/social impact

3) Economic sustainability

4) People and culture

5) Business ethics and education

There are eight sub-areas of research that CBES focuses on. These are:

• Business ethics
• Business education for a more ethical, sustainable and fairer world
• Work, individuals and human growth, practices and flourishing
• Ethical, sustainable and inclusive institutions and governance
• Sustainable and ethical professional practice
• Sustainability-oriented strategy and innovation
• Sustainable development and Sustainable Development Goals
• Mitigating sustainability and climate crises via green capitalism and triple bottom line (people, planet, profit)

Projects that CBES has led are listed below.

Winter 2025-Spring 2026

Professor Simone Varotto published the article 'Greenium Fluctuations and Climate Awareness in the Corporate Bond Market' (Dragotto, M., Dufour, A. and Varotto, S, International Review of Financial Analysis, 105. 104281. ISSN 1873-8079 doi: 10.1016/j.irfa.2025.104281). The abstract is provided below:

This paper offers a new perspective on the corporate bond greenium by showing that it is not a fixed market feature, but a time-varying phenomenon shaped by climate awareness and major climate-related events. Using a matched sample of corporate green and conventional bonds from 2014 to 2022, the study finds that green bonds do not always enjoy the same pricing advantage. Instead, the greenium strengthens and weakens over time in line with shifts in investor attention to climate issues.

A key contribution is the identification of the events that make the greenium more prominent. It rises sharply after landmark climate-policy developments, especially the 2015 Paris Agreement, and fades when political momentum on climate weakens. The study also shows that climate-related natural disasters and surges in media attention to climate change influence bond pricing in meaningful ways. These episodes appear to heighten investors' sensitivity to environmental risks and to increase the value they place on climate-aligned investments.

The findings carry important policy implications. They suggest that credible climate policy signals can shape capital markets by strengthening demand for green finance. International agreements, policy announcements and public communication on climate change can therefore affect firms' financing conditions and help channel private capital towards more sustainable activities.

Professor Kleio Akrivou published one paper, titled 'Viktor Frankl's Thought and its Potential to Enrich Humanistic Management From a Personalist Perspective' (Melé, D, and Akrivou, K. Philosophy of Management). This paper has University of Reading approved open access funding as part of the institutional agreement with Springer.

Dr Irina Heim published one paper, titled 'Responsible Leadership: a Systematic Literature Review, Theoretical Framework and Future Research Directions' (Heim, I, Laker, B, and Tabaeifard, S J, Journal of Business Research, 203, 115801).

Dr Chris Brewster published two papers. The first was titled 'Gender Equality in Academia: How Legislation Against Discrimination Can Backfire' (Machado, C F, Leite, R, Oliveira, B, and Brewster, C, Studies in Higher Education) and the second was titled 'Exploring One of the Darker Sides of Expatriation: Chinese Expatriates' Experiences with Petty Corruption in Tanzania' (Miao, C, and Brewster, C, International Business Review).

Dr Filipe Morais and Professor Nada Kakabadse collaborated in the submission of one paper, titled 'The Chair Buffering Role in Relation to the CEO During Company Turnaround Execution: a UK-Based Qualitative Study' (Morais, F, Kakabadse, A, and Kakabadse, N, Journal of Management Inquiry). This paper was accepted in January 2026.

CBES Research Workshop Series

CBES Director Professor Kleio Akrivou is organising half-day research workshops. The purpose is to present papers as part of the United Nations' Principles for Responsible Management Education reporting process and links to key sustainability, ethics and responsibility related research.

Presentations include recently published papers, works in progress submitted to conferences or journals or new research initiatives. Future meetings will progressively involve all community members in presenting and discussing their scholarly work and ideas on common activities or events related to current member research at the CBES. The agenda in the first half research workshop, which took place on 29 January 2026 at Henley Business School, was as follows:

2:00pm, Welcome and Aims, by Professor Kleio Akrivou

2:05pm, 'Sustainability Research Talk', by Professor Tom Oliver

2:20pm, 'The Prosperity and Resilience Interdisciplinary Theme - How Does it Relate to the Research Communities and Centres?' by Professor Adrian Bell

2:30pm, 'Eco-Consciousness, Sustainability Education and Business School Students' Presentation and Discussion, by Dr Mona Ashok and Professor Kleio Akrivou (co-authored with Dr Dimitrios Stafylas, Dr Emmanouil Platanakis and Professor Charles Sutcliffe)

3:00pm, 'Social Accountability Under Pressure: How Stakeholders Shape ESG Disclosures in Contentious Industries' Presentation and Discussion, by Dr Ronita Ram

3:30pm, 'Rethinking Employability Education in Business Schools: a Sustainable Careers Approach for the Era of Longevity' Presentation and Discussion, by Dr Tatiana Rowson

4:00pm, 'Flood Risk and Uninsurability: Evidence from the UK Insurance Market' Presentation and Discussion, by Professor Simone Varotto

4:30pm, Research at the CBES Community Discussion and Plans for July 2026's Research Meeting and Beyond

5:00pm, End

Summer-Autumn 2025

Professor Kleio Akrivou has new work under review associated with the United Nations' Sustainable Development Goals 4 (ensure inclusive and equitable quality education and promote lifelong learning opportunities for all), 16 (promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels) and 17 (strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development). She had an article accepted presenting new philosophical insights leading new ethical decision making research, titled 'Making Wiser Decisions in Organisations: Insights From Inter-Processual Self Theory and Transcendental Anthropology' (Akrivou, K, Martínez, M, Luis, E O, Scalzo, G, and Aoiz, M, Humanistic Management Journal, ISSN 2366-6048 doi 10.1007/s41463-025-00208-z). The abstract is provided below:

Current approaches in decision making, influenced by rationalist and pragmatist paradigms, offer notable strengths but fail to adequately address human growth, moral depth and relational dynamics. To address these gaps, we integrate Polo's transcendental personalist philosophy and the Inter-Processual Self (IPS) Theory to redefine decision making as an opportunity for personal and relational growth. Grounded in anthropological insights, this framework prioritises the human person as the center of moral action and decision making, fostering personal and relational growth through the transcendentals of personal love, knowledge and freedom. We argue that this enriched perspective addresses critical limitations of existing models, enabling decision making to serve as a source of systemic wisdom and sustainable growth. By applying this framework to organisational contexts, we show how it enhances personal growth and the persons’ transcendent motivation for virtues involving inter-relational growth and wisdom. Our approach offers a holistic and transformative lens to rethink decision making as a catalyst for individual and collective flourishing, providing actionable insights to meet contemporary challenges in business and society.

She presented new research which are now current papers under review in the European Business Ethics Network conference, the Philosophy of Management Conference and in leading academic symposia in Europe.

Working together with David Stannard, Dr Lisa Schopohl, James Turpin and Dr Filipe Morais, Professor Akrivou co-led Henley Business School's Principles for Responsible Management Education (PRME) Sharing Information on Progress integrated new report, published in September 2025. She also put together the new Responsible Education Summary Report 2024-25 and created a new Responsible Business Education section on the Henley Business School website and continued to serve in the Editorial Board of the Academy of Management Learning and Education and Ethics in Social and Environmental Policy, along with being a peer reviewer in a number of leading academic journals in the field.

Dr Mona Ashok had an article accepted: Making Sense of Artificial Intelligence Benefits: a Mixed-Method Study in Canadian Public Administration (Madan, R and Ashok, M, Information Systems Frontiers, 27. pp. 889-923. ISSN 1572-9419 doi: 10.1007/s10796-024-10475-0). She also has an other article in the review pipeline, including one article on the topic of Business School Education to Address Environmental/Climate Change and Sustainability (with Professor Akrivou as part of the author team).

Professor Chris Brewster had articles and chapters accepted in Academic Journal Guide 2, 3 and 4 journals, among which was 'Advancing Inclusive Recruitment: a Practice Lens on Navigating Barriers to Refugee Employment' (Lee, E S, Szkudlarek, B, Johnson, S, and Brewster, C, Human Relations). The abstract is provided below:

By examining employers, rather than the refugees who have been the focus of most studies, researchers in Australia have been able to identify proximal and distal barriers to the recruitment of refugees into the workforce of their new country. According to a paper recently published in the prestigious journal Human Relations by Eun-Su Lee, Betina Szkudlarek, Sophia Johnson and Chris Brewster, most employer initiatives in favour of refugee employment focus on responding to immediate barriers, such as lack of provable qualifications and language issues. Whilst these are important in all cases, more proactive employers engage with the distal barriers of regulation, involvement and image. By joining government working groups, discussing with other employers the achievements they have had with their refugee programmes and by publicising the success of the refugees they have recruited, these employers are able to change the atmosphere surrounding refugee employment and move the discourse from the problems of such employment to the benefits it produces. It is easy for assumptions around the barriers to refugee employment to dominate thinking; but proactive employers are starting to encourage meaningful change in areas traditionally considered the domain of other actors. In doing so, they not only improve opportunities for otherwise disadvantaged potential recruits, but enable themselves and other employers to access the significant benefits of interculturality, international connections, new thinking and entrepreneurship that the refugees can provide.

He continued to serve on the Editorial Boards of seven journals (the Thunderbird International Business Review, the International Journal of Human Resource Management, the Japan Journal of Human Resource Management, the Journal of World Business, Management International Review, Management Review, the European Journal of International Management and the Joural of General Management), reviewing submissions for them and many others. He holds other advisory roles in academic and social policy roles in the UK and Europe, such as being an advisory board member of the 'Migration, Business and Society' initiative.

Dr Sinem Bulkan had one new article published, titled 'The Bad, the Very Bad and the Ugly: Towards an Integrated Model of Dark Leadership' (Higgs, M, Bulkan, S and Ererdi, C, Journal of Managerial Psychology, 1-19, https://doi.org/10.1108/JMP-04-2024-0282). She also co-authored a book, titled Dark Leadership: Navigating Toxic Organisations and Transformational Change (Bulkan, S and Higgs, M, Springer International Publishing, ISBN 9783031971020 https://link.springer.com/book/10.1007/978-3-031-97103-7).

Dr Irina Heim had work accepted associated with the United Nations' Sustainable Development Goal 16 (promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels), titled 'Organisational Wrongdoing Within the Context of the United Nations' Sustainable Development Goals: an Integrative Review' (Heim, I and Mergaliyeva, L, Journal of Business Ethics, 198. pp. 615-635. ISSN 1573-0697 doi: 10.1007/s10551-024-05806-9). Dr Heim and Professor Akrivou completed the full content design of a new Degree Apprenticeship course in the new entry-level apprenticeship programme, with a focus on contemporary issues of sustainability, business ethics and responsible management; this course is now offered to the first cohort of new apprenticeship students.

Professor Nada Kakabadse has had a number of articles accepted associated with the United Nations' Sustainable Development Goals 5 (achieve gender equality and empower all women and girls) and 10 (reduce inequality within and among countries). These included 'Navigating Ethical Tensions in Social Enterprises: a Business Ethics as Practice Perspective' (Horak, S, Kakabadse, N, and Clegg, S, European Management Review. ISSN 1740-4762 doi: 10.1111/emre.70024), 'Seven Mantras for Board Chair Effectiveness: an Enlightened Approach for the 21st Century' (Goyal, R, Kakabadse, N, Kakabadse, A, and Talbot, D, Journal of Management Inquiry, 34, 1. pp. 57-77. ISSN 1552-6542 doi: 10.1177/10564926231224213) and 'Institutional Context Matters: Board Diversity and Environmental, Social and Governance Outcomes in the United Arab Emirates' (Alawadi, A, Kakabadse, N, Khan, N, and Bodolica, V, Corporate Governance, 25, 6. pp. 1324-1341. ISSN 1472-0701 doi: 10.1108/CG-03-2024-0135).

Professor Kevin Money had two articles published which address the United Nations' Sustainable Development Goal 1 (end poverty in all its forms everywhere). The first was titled 'Charity Starts at Home: Understanding What Drives Children From Economically Disadvantaged Communities to Engage in Social Action' (Garnelo-Gomez, I, and Money, K, Nonprofit and Voluntary Sector Quarterly, 54, 4. pp. 885-911. ISSN 1552-7395 doi: 10.1177/08997640241278640) and 'E-commerce Development, Poverty Reduction and Income Growth in Rural China' (Zhang, H, Millan, E, Money, K and Guo, P, Journal of Strategy and Management, 18, 1. pp. 148-176. ISSN 1755-425X doi: 10.1108/JSMA-06-2023-0148).

Professor Gavin Parker had various articles published associated with urban planning in the UK and the United Nations' Sustainable Development Goals 9 (build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation) and 11 (make cities and human settlements inclusive, safe, resilient and sustainable). These included 'Planning Education and the Field of Practice: a Bourdieusian Analysis' (Parker, G, and Maidment, C, Town Planning Review, 97, 1. ISSN 1478-341X doi: 10.3828/tpr.2025.20) 'Towards Everyday Conceptions of Justice in Community-Led Planning' (Lynn, T, Sturzaker, J, Parker, G, and Wargent, M, Planning Practice and Research, ISSN 1360-0583, oi: 10.1080/02697459.2025.2511693), 'The Temporal Governance of Planning in England: Planning Reform, Uchronia and Proper Time' (Dobson, M and Parker, G, Planning Theory, 24, 1. pp. 21-42. ISSN 1741-3052 doi: 10.1177/14730952241226570) and 'The Moral Economy of Localism in England: Neighbourhood Planning as Neoliberal Apprentice Piece' (Dobson, M, and Parker, G, Territory Politics Governance, 13, 4. pp. 488-504. ISSN 2162-2671; oi: 10.1080/21622671.2023.2184856).

Dr Tatiana Rowson had articles accepted associated with the United Nations' Sustainable Development Goals 3 (ensure healthy lives and promote well-being for all at all ages), 5 (achieve gender equality and empower all women and girls) and 8 (promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all). The three articles in question were 'With or Without You: Career Capital Development as Experienced by MBA Alumni' (Houldsworth, E, Tresidder, A and Rowson, T, Management Learning, 56 (2). pp. 284-304. ISSN 1461-7307 doi: 10.1177/13505076241236337), 'Making the Invisible Visible: Why Menopause is a Workplace Issue We Can't Ignore (Laker, B and Rowson, T, the British Medical Journal Leader, 9. pp. 67-71. ISSN 2398-631X doi: 10.1136/leader-2023-000943) and 'Understanding the Subjective Experience of Menopause at Work: a Systematic Review and Conceptual Model' (Rowson, T S ,and Jones, R J, Journal of Constructivist Psychology, ISSN 1521-0650 doi: 10.1080/10720537.2025.2465611).

Dr Lisa Schopohl had an article published related to the United Nations' Sustainable Development Goals 5 (achieve gender equality and empower all women and girls) and 9 (build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation), titled 'The Female Finance Penalty: Why are Women Less Successful in Academic Finance than Related Fields?' (Brooks, C, Schopohl, L, Tao, R, Walker, J, and Zhu, M, Research Policy, 54, 4. 105207. ISSN 0048-7333 doi: 10.1016/j.respol.2025.105207).