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About the Author(s)

Caroline Flammer

Caroline Flammer is a professor of international and public affairs and of climate at Columbia University, with joint appointments at the School of International and Public Affairs (SIPA) and the Climate School, and a secondary appointment at Columbia Business School. She serves as the director of SIPA’s Sustainable Investing Research Initiative. She is an NBER research associate affiliated with the Environment and Energy Economics Program and a research member at the European Corporate Governance Institute.

Flammer’s area of expertise is sustainable investing. Her award-winning research has examined whether and how sustainable finance and impact investing can help finance a more sustainable world and under what conditions firms can incorporate environmental, social, and governance considerations to enhance competitiveness while also playing a critical role in addressing climate change, inequality, global health, and other challenges to society and the natural environment.

Flammer is ranked by the Web of Science as one of the top 100 Highly Cited Researchers in the economics and business profession for impact over the past 10 years. She is president of the Alliance for Research on Corporate Sustainability, a global multi-disciplinary network of scholars fostering rigorous academic research on corporate sustainability, and chairs the Academic Network Advisory Committee of the United Nations-supported Principles for Responsible Investment (PRI), the largest network of responsible investors to date. She is an associate editor of Management Science and the Strategic Management Journal.

Endnotes

1. ESG assets may hit $53 trillion by 2025, a third of global AUM,” Bloomberg Intelligence, February 23, 2021. Go to ⤴︎
2. Green Bonds: Effectiveness and Implications for Public Policy,” Flammer C. NBER Working Paper 25920, June 2019. Published in Environmental and Energy Policy and the Economy 1, 2020, pp. 95–128.   Go to ⤴︎
3. Green Bonds: Effectiveness and Implications for Public Policy,” Flammer C. NBER Working Paper 25920, June 2019. Published in Environmental and Energy Policy and the Economy 1, 2020, pp. 95–128. Go to ⤴︎
4. Living Planet Report 2022,” WWF, 2022. “State of Finance for Nature 2022,” United Nations Environment Programme, 2022. Go to ⤴︎
5. Closing the Nature Funding Gap: A Finance Plan for the Planet,” The Nature Conservancy, September 14, 2020. Go to ⤴︎
6. Biodiversity Finance,” Flammer C, Giroux T, Heal GM. NBER Working Paper 31022, March 2023. Go to ⤴︎
7. Impact Investing in Disadvantaged Urban Areas,” Boulongne R, Durand R, Flammer C. NBER Working Paper 30551, October 2022, and forthcoming in Strategic Management Journal. Go to ⤴︎
8. For a curated list of academic publications in sustainable investing, see https://www.unpri.org/research/top–academic–resources–on–responsible–investment/4417.article. Go to ⤴︎
9. Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach,” Flammer C. Management Science 61(11), November 2015, pp. 2549–2568. “Does a Long–Term Orientation Create Value? Evidence from a Regression Discontinuity,” Flammer C, Bansal P. Strategic Management Journal 38(9), September 2017, pp. 1827–1847. “Shareholder Activism and Firms’ Voluntary Disclosure of Climate Change Risks,” Flammer C, Toffel MW, Viswanathan KV. Strategic Management Journal, 42(10), October 2021, pp. 1850–1879. Go to ⤴︎
10. Diversity, Equity, and Inclusion,” Edmans A, Flammer C, Glossner S. NBER Working Paper 31215, May 2023. Go to ⤴︎
11. The Impact of Stakeholder Orientation on Innovation: Evidence from a Natural Experiment,” Flammer C, Kacperczyk AJ. Management Science 62(7), July 2016, pp. 1982–2001. “Corporate Social Responsibility As a Defense against Knowledge Spillovers: Evidence from the Inevitable Disclosure Doctrine,” Flammer C, Kacperczyk AJ. Strategic Management Journal 40(8), August 2019, pp. 1243–1267. “Corporate Social Responsibility As an Employee Governance Tool: Evidence from a Quasi–Experiment,” Flammer C, Luo J. Strategic Management Journal 38(2), February 2017, pp. 163–183. “Strategic Management during the Financial Crisis: How Firms Adjust Their Strategic Investments in Response to Credit Market Disruptions,” Flammer C, Ioannou I. Strategic Management Journal 42(7), July 2021, pp. 1275–1298. “Competing for Government Procurement Contracts: The Role of Corporate Social Responsibility,” Flammer C. Strategic Management Journal 39(5), May 2018, pp. 1299–1324. “Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach,” Flammer C. Management Science 61(11), November 2015, pp. 2549–2568. “Does Product Market Competition Foster Corporate Social Responsibility? Evidence from Trade Liberalization,” Flammer C. Strategic Management Journal 36(10), October 2015, pp. 1469–1485.   Go to ⤴︎
12.  “Does a Long–Term Orientation Create Value? Evidence from a Regression Discontinuity,” Flammer C, Bansal P. Strategic Management Journal 38(9), September 2017, pp. 1827–1847. “Corporate Governance and the Rise of Integrating Corporate Social Responsibility Criteria in Executive Compensation: Effectiveness and Implications for Firm Outcomes,” Flammer C, Hong B, Minor DB. Strategic Management Journal 40(7), July 2019, pp. 1097–1122. Go to ⤴︎

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