Caroline Flammer

Dean’s Research Scholar Associate Professor, Strategy and Innovation Co-Faculty Director, Social Impact Program

Caroline Flammer is an Associate Professor and Dean’s Research Scholar at Boston University’s Questrom School of Business. She is also a Fellow of the Susilo Institute. Her research interests are in competitive strategy at the intersection of corporate governance, impact investing, corporate social responsibility, climate change, and innovation, with a focus on the antecedents and implications of companies’ investments in sustainable practices. Her research examines how, and under which conditions, firms can enhance their competitiveness and long-term profitability while having a positive impact on society and the natural environment. Identifying the extent to which firms can improve their competitiveness while strengthening—instead of undermining—the very system in which they operate is important, as firms can play a critical role in addressing climate change, poverty, inequality, global health, and other grand challenges related to society and the natural environment.

She has published in leading academic journals such as the Academy of Management Journal, Journal of Financial Economics, Management Science, and the Strategic Management Journal. Caroline was awarded the 2015 Alliance for Research on Corporate Sustainability (ARCS) Scholar Award. She is also the recipient of several other prestigious awards including the Moskowitz Prize for Best Paper in Sustainable and Responsible Investing in both 2013 and 2017, the 2015 French Social Investment Forum-Principles for Responsible Investment (FIR-PRI) Award for Best Published Paper in Finance and Sustainability, and the 2016 Investor Responsibility Research Center (IRRC) Institute Research Award.

Caroline serves as Associate Editor for the Strategic Management Journal, as Associate Editor for Management Science‘s special issue on Business and Climate Change, and is on the editorial board of the Academy of Management Journal. She also serves as Chair of the Academic Advisory Committee of the United Nations’ Principles for Responsible Investment (PRI), the largest network of responsible investors to date. At Boston University, she serves as the Academic Director of both the Social Impact MBA program and the university-wide Minor in Sustainable Energy. Furthermore, she is the PhD Coordinator for the Strategy & Innovation Department. Her website is at http://sites.bu.edu/cflammer/.

    Education
  • Post-doctoral researcher, MIT Sloan School of Management, 2013
  • PhD, University of St. Gallen, 2009
    Publications
  • Flammer, C. (In Press). "Corporate Green Bonds", Journal of Financial Economics
  • Flammer, C. (2020). "Green Bonds: Effectiveness and Implications for Public Policy", NBER Environmental and Energy Policy and the Economy 95-128
  • Flammer, C., Kacperczyk, A. (2019). "Corporate Social Responsibility as a Defense against Knowledge Spillovers: Evidence from the Inevitable Disclosure Doctrine", Strategic Management Journal, 40 (8), 1243-1267
  • Flammer, C., Hong, B., Minor, D. (2019). "Corporate Governance and the Rise of Integrating Corporate Social Responsibility Criteria in Executive Compensation: Effectiveness and Implications for Firm Outcomes", Strategic Management Journal, 40 (7), 1097-1122
  • Flammer, C. (2018). "Competing for Government Procurement Contracts: The Role of Corporate Social Responsibility", Strategic Management Journal, 39 (5), 1299-1324
  • Flammer, C., Bansal, P. (2017). "Does a Long-Term Orientation Create Value? Evidence from a Regression Discontinuity", Strategic Management Journal, 38 (9), 1827-1847
  • Flammer, C., Luo, J. (2017). "Corporate Social Responsibility As An Employee Governance Tool: Evidence From A Quasi-Experiment", Strategic Management Journal, 38 (2), 163-183
  • Flammer, C., Kacperczyk, A. (2016). "The Impact of Stakeholder Orientation on Innovation: Evidence from a Natural Experiment", Management Science, 62 (7), 1982-2001
  • Flammer, C. (2015). "Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach", Management Science, 61 (11), 2549-2568
  • Flammer, C. (2015). "Does Product Market Competition Foster Corporate Social Responsibility? Evidence from Trade Liberalization", Strategic Management Journal, 36 (10), 1469-1485
  • Flammer, C. (2013). "Corporate Social Responsibility and Shareholder Reaction: The Environmental Awareness of Investors", Academy of Management Journal, 56 (3), 758-781
    Awards and Honors
  • 2020, Responsible Research in Management Award
  • 2019, Questrom Award for Institutional Leadership, Questrom School of Business
  • 2018, Sustainable Finance Geneva Innovation Award, Sustainable Finance Geneva
  • 2018, PGGM Sustainable Asset Pricing and Impact Paper Award, Global Research Alliance for Sustainable Finance and Investment (GRASFI)
  • 2018, Slatkin Family Research Fund Award, Boston University Questrom School of Business
  • 2018, Outstanding SMJ Editorial Board Member, Strategic Management Journal
  • 2018, Dean's Research Scholar, Boston University Questrom School of Business
  • 2017, Investor Responsibility Research Center (IRRC) Institute Research Award (Honorable Mention), IRRC
  • 2017, Fiegenbaum Best Paper Award, Israel Strategy Conference / Rotem Strategy
  • 2017, Moskowitz Prize for Best Paper in Sustainable and Responsible Investing, UC Berkeley
  • 2017, Outstanding SMJ Editorial Board Member, Strategic Management Journal
  • 2017, AMJ Best Reviewer Award, Academy of Management Journal
  • 2017, Distinguished Paper Award, Business Policy and Strategy (BPS) Division of the Academy of Management
  • 2017, Investment for Impact Research Prize (Second Prize), UC Berkeley
  • 2016, Investor Responsibility Research Center (IRRC) Institute Research Award (2016), IRRC, Columbia University
  • 2016, Moskowitz Prize for Best Paper in Sustainable and Responsible Investing (Honorable Mention), UC Berkeley
  • 2016, Outstanding SMJ Editorial Board Member, Strategic Management Journal
  • 2016, ONE-NBS Research Impact on Practice Award (Honorable Mention), Organizations and the Natural Environment (ONE) Division of the Academy of Management & Network for Business Sustainability
  • 2015, Ivey Emerging Leaders Award, Ivey Business School
  • 2015, FIR-PRI Award for Best Published Paper in Finance and Sustainability, Forum pour l'Investissement Responsable (FIR) & Principles for Responsible Investment (PRI)
  • 2015, MBA '80 Faculty Fellowship, Ivey Business School
  • 2015, ARCS Sustainability Scholar Award, Alliance for Research on Corporate Sustainability (ARCS)
  • 2014, Glueck Best Paper Award, Business Policy and Strategy (BPS) Division of the Academy of Management
  • 2013, Moskowitz Prize for Best Paper in Sustainable and Responsible Investing, UC Berkeley
  • 2013, Page Prize Award for Sustainability Issues in Business Curricula (Honorable Mention), University of South Carolina Darla Moore School of Business
  • 2007, Research Fellowship of the Swiss National Science Foundation, Swiss National Science Foundation