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2026/2027  KAN-CGMAA8005U  Sustainable Business in Northern Europe

English Title
Sustainable Business in Northern Europe

Course information
Language English
Course ECTS 1.5 ECTS
Type Elective
Level Full Degree Master
Duration Summer
Start time of the course Summer
Timetable Course schedule will be posted at calendar.cbs.dk
Min. participants 15
Max. participants 40
Study board
Study Board for cand.merc. and GMA (CM)
Programme Master of Science (MSc) in Economics and Business Administration - General Management and Analytics (GMA)
Course coordinator
  • Kristjan Jespersen - Department of Management, Society and Communication (MSC)
For academic questions related to the course, please contact instructor Kristjan Jespersen kj.msc@cbs.dk. Other academic questions: contact academic director Martin Jes Iversen at mji.si@cbs.dk.”
Main academic disciplines
  • CSR and sustainability
  • Globalisation and international business
  • Management
Teaching methods
  • Face-to-face teaching
Last updated on 06-05-2026

Relevant links
Learning objectives
The course is designed in such a fashion that theory and practice are closely studied. It introduces students to the ways in which Northern European countries and companies have positioned themselves as global leaders in sustainable business. We explore this dynamic topic through lectures and class-based case exercises focused on Nordic and Northern European organisations and institutions. The course adopts a comparative international perspective, relating cases from the region to practices elsewhere in the world. The classroom dynamics are managed through a dialogue-based approach to teaching, with students regularly tasked to consider tradeoffs and a variety of options so as to devise solutions to complex “real-life” sustainability dilemmas and opportunities.

By the end of the course, students should be able to:

• Demonstrate an understanding of the historical, cultural, and institutional factors that have shaped Northern Europe's reputation for sustainability leadership.
• Analyse how stakeholder-oriented governance traditions in the Nordic and Northern European context influence corporate sustainability strategy and long-term value creation.
• Evaluate the ways in which Northern European companies integrate environmental and social responsibility into their business models, management systems, and reporting practices.
• Compare sustainability approaches in Northern Europe with practices in other regions, and assess which elements may be transferable to different contexts.
• Apply theoretical frameworks from CSR, sustainability, responsible finance, and international business to real-life cases drawn from Northern European firms and institutions.
• Reflect critically on the tradeoffs, tensions, and emerging challenges facing sustainable business in Northern Europe today.
Course prerequisites
This course is a special course limited to graduate students returning from exchange. To qualify for the course you:

1. Enrolled in a graduate program at CBS
2. Have to have passed 28 ECTS during your exchange
3. Have to submit a motivational statement to outboundexchange@cbs.dk
Examination
Sustainable Business in Northern Europe:
Exam ECTS 1,5
Examination form Home assignment - written product
Individual or group exam Group exam
Please note the rules in the Programme Regulations about identification of individual contributions.
Number of people in the group 4-5
Size of written product Max. 5 pages
Assignment type Written assignment
Release of assignment Subject chosen by students themselves, see guidelines if any
Duration Written product to be submitted on specified date and time.
Grading scale Pass / Fail
Examiner(s) One internal examiner
Exam period Summer and Summer
Make-up exam/re-exam
Same examination form as the ordinary exam
Course content, structure and pedagogical approach

The financial world is under increasing scrutiny to “lead” in the service of sustainability. In order to respond to such a calling, financial organizations are tasked to design new and innovative financial mechanisms, that can not only withstand heavy investment and expected returns, but also ensure #thefuturewewant. 

 

This course is designed to immerse students into the global sustainability challenges embarked upon by institutional investors, investment firms and innovative companies, to develop strategy, management systems, metrics, and financing policies. Strongly grounded in theoretical and empirical studies from various disciplines in the field of finance, economics, development and environmental studies, this course will provide a thorough understanding of the growing field of ESG, sustainable and impact investment. Students will explore the field of sustainable asset management, and the strategies and reporting used by many of the leading organizations in the field. Participants will similarly acquire specific competencies in carbon finance, ecosystem service financing, sustainable real estate, and green bonds. Of particular note, students will learn how to finance new economic and social challenges in a sustainable manner. In addition to the highly qualified faculty leading the class, leading experts in the field, have actively volunteered their time to also relate how experts in this field must be an active leader in the field of sustainable investments. Students will explore the tradeoffs between equity investing with an ownership stake vs. investing without voting power. It is worth noting that students interested in this field must understand that investing in long term value creation is just as much about innovative schemes, as the fostering and development of new indices and metrics for attributing value in their financial dealings. The topic of sustainability is not only emerging as a critical component in these metrics and indices, it is viewed more and more as a competitive advantage.
Research-based teaching
CBS’ programmes and teaching are research-based. The following types of research-based knowledge and research-like activities are included in this course:
Research-based knowledge
  • Classic and basic theory
  • New theory
  • Teacher’s own research
  • Methodology
Research-like activities
  • Analysis
  • Discussion, critical reflection, modelling
  • Activities that contribute to new or existing research projects
Description of the teaching methods
This course blends a variety of pedagogical methods. You learn through interactive lectures combined with case study discussions. We will also use some short video supplements to explore selected issues more in depth. It is important that you read case studies prior to the lecture in which they are discussed. Please think about answers to the case questions, which are listed in this syllabus, as these will form the basis of class discussion.
Feedback during the teaching period
Students will be provided feedback throughout the course.
Student workload
In classroom or online learning 25 hours
Preparation for classroom activities 5 hours
Examination 11,5 hours
Expected literature
  • Oikonomou, I., Yin, C., & Zhao, L. (2020). Investment horizon and corporate social performance: the virtuous circle of long-term institutional ownership and responsible firm conduct. The European Journal of Finance, 26(1), 14-40.
  • Banerji, S., Duygun, M., Noe, T., & Shaban, M. (2020). Institutions, governance and finance in a globally connected environment. Journal of Corporate Finance.
  • Kawamoto, M., & Kanie, N. (2020). Engaging Business: The UN Sustainable Development Goals and Climate Change. In International Development and the Environment (pp. 47-54). Springer, Singapore.
  • Crifo, P., Durand, R., & Gond, J. P. (2019). Encouraging investors to enable corporate sustainability transitions: The case of responsible investment in France. Organization & Environment, 32(2), 125-144.
  • Chang, Y. (2019). Green Finance in Singapore: Barriers and Solutions. Handbook of Green Finance: Energy Security and Sustainable Development, 1-17.
  • Liu, F. H., Demeritt, D., & Tang, S. (2019). Accounting for Sustainability in Asia: Stock Market Regulation and Reporting in Hong Kong and Singapore. Economic Geography, 1-23.
  • Agrawal, A., & Hockerts, K. (2019). Impact Investing Strategy: Managing Conflicts between Impact Investor and Investee Social Enterprise. Sustainability, 11(15), 4117.
  • Porter, Michael E. and Mark Kramer, “The Big Idea: Creating Shared Value,” Harvard Business Review
  • Nicholls, Alex, “The Institutionalization of Social Investment: The Interplay of Investment Logics and Investor Rationalities,” Journal of Social Entrepreneurship, 1.1, pp. 70-100
  • Christian, Leslie, “A New Foundation for Portfolio Management,” RSF Social Finance and Portfolio 21 Investments, 2011. 
  • Ebrahim, Alnoor and V. Kasturi Rangan, “Acumen Fund: Measurement in Impact Investing (A) and (B),” HBS Cases, 9-310-011 and 9-106-043, 2010
  • Evolutions in Sustainable Investing: Strategies, Funds and Thought Leadership* Cary Krosinsky, Nick Robins, Stephen Viederman John Wiley & Sons, Inc. / Wiley Finance, 2012
Last updated on 06-05-2026