A Behavioral Revolution

Finance is no longer just about allocating capital - it’s about driving transformation.

Our latest research reveals how behavioural indicators, not traditional ESG scores, can pinpoint companies truly leading the shift to a regenerative, inclusive economy.

By analysing over 1.3 million corporate initiatives across 86 countries, we’ve identified patterns of action—Advocacy, Preparation, and Transformation—that correlate with real-world impact and financial performance.

Companies showing transformational behaviours (like innovation and organisational change) consistently outperform their peers, delivering stronger returns and greater resilience.

For example - portfolios built around these leaders generated 2.52% more annual alpha—meaning they beat the market by that margin, even after adjusting for risk.

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Download the free Executive Summary for a high-level overview or sign up to access the full report, including our methodology and data insights.

We break down complex metrics like “alpha” (extra return above the market average) and “Sharpe ratio” (how much return you get for each unit of risk) into clear, actionable guidance.

Whether you're an investor, policymaker, or corporate leader, this report equips you to move beyond ESG and invest in real change - making finance the engine of a sustainable future.

Authors

Matteo Burato

Matteo Burato

PhD Candidate
Mojtaba Nouri

Mojtaba Nouri

Research Consultant
Dr Filippo Pellegrino

Filippo Pellegrino

Research Fellow
Livio Scalvini

Livio Scalvini

Executive Director, Leonardo Centre on Business for Society
Shuying Wu - Research Fellow. Portrait.

Shuying Wu

Research Fellow in Sustainable Finance
Maurizio Zollo

Maurizio Zollo

Professor of Strategy & Sustainability - Scientific Director, Leonardo Centre on Business for Society

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