High quality research can inform practice and give a better understanding of ESG risks, opportunities and impacts, thereby increasing the effectiveness of investment practices. However, navigating academic research can be a challenge for investors.

To share the insights of academic research with investors, the PRI Academic Network Advisory Committee – led by Chair, Caroline Flammer (Professor of International and Public Affairs, Columbia University) – has curated a selection of rigorous and high-quality academic studies in the areas of: ESG Screening and Integration; ESG Shareholder Engagement and Activism; ESG Financial Instruments; ESG Performance Implications; Measurement, Disclosure, and Regulation; and Real Estate.

Please reach out to us with your feedback or questions.

Find out more about the Academic Network Conference which took place online on 19-23 September 2022.

 

Paper Authors Journal Year
Short-Term Investors, Long-Term Investments, and Firm Value: Evidence from Russell 2000 Index Inclusions Cremers M, Pareek A, Sautner Z Management Science 2020
Climate Finance Hong H, Karolyi GA, Scheinkman JA Review of Financial Studies 2020
Attention to Global Warming Choi D, Gao Z, Jiang W Review of Financial Studies 2020
Do Fund Managers Misestimate Climatic Disaster Risk Alok S, Kumar N, Wermers R Review of Financial Studies 2020
Hedging Climate Change News Engle RF, Giglio S, Kelly B, Lee H, Stroebel J Review of Financial Studies 2020
The Value of Green Energy: Optimal Investment in Mutually Exclusive Projects and Operating Leverage Detemple J, Kitapbayev Y Review of Financial Studies 2019
Product Categories as Judgment Devices: The Moral Awakening of the Investment Industry Arjaliès DL, Durand R Organisation Science 2019
Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows Hartzmark SM, Sussman AB Journal of Finance 2019
The Rise of Socially Responsible Investment Funds: The Paradoxical Role of the Financial Logic Yan S, Ferraro F, Almandoz J Administrative Science Quarterly 2018
Why Do Investors Hold Socially Responsible Mutual Funds? Riedl A, Smeets P Journal of Finance 2017
Asset Divestment as a Response to Media Attacks in Stigmatized Industries Durand R, Vergne J Strategic Management Journal 2014
Paper Authors Journal Year
Disentangling the effects of hedge fund activism on firm financial and social performance DesJardine MR, Durand R Strategic Management Journal 2020
Corporate governance proposals and shareholder activism: the role of institutional investors Gillan SL, Starks LT Journal of Financial Economics 2000
The Importance of Climate Risks for Institutional Investors Krueger P, Sautner Z, Starks LT Review of Financial Studies 2020
Do institutional investors drive corporate social responsibility? International evidence Dyck A, Lins KV, Roth L, Wagner HF Journal of Financial Economics 2019
Institutional Investors and Corporate Environmental, Social, and Governance Policies: Evidence from Toxics Release Data Kim I, Wan H, Wang B, Yang T Management Science 2019
Does Pay Activism Pay Off for Shareholders? Shareholder Democracy and Its Discontents Dasgupta S, Noe TH Management Science 2019
Creating Common Ground: A Communicative Action Model of Dialogue in Shareholder Engagement Beunza D, Ferraro F Organisation Science 2018
Does a Long-Term Orientation Create Value? Evidence from a Regression Discontinuity Flammer C, Bansal P Strategic Management Journal 2017
Active Ownership Dimson E, Karakas O, Li X Review of Financial Studies 2016
Through the Mud or in the Boardroom: Examining Activists Types and their Strategies in Targeting Firms for Social Change Eesley C, Decelles KA, Lenox M Strategic Management Journal 2016
Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach Flammer C Management Science 2015
Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes U.K. Focus Fund Becht M, Franks J, Mayer C, Rossi S Review of Financial Studies 2010
Paper Authors Journal Year
Corporate Green Bonds Flammer C Journal of Financial Economics 2021
Where's the greenium? Larcker DF, Watts EM Journal of Accounting and Economics 2020
Impact Investing Barber B, Morse A, Yasuda A Journal of Financial Economics 2020
Contracts with (Social) Benefits: The Implementation of Impact Investing Geczy C, Jeffers J, Musto D, Tucker A Journal of Financial Economics 2020
Categorical cognition and outcome efficiency in impact investing decisions Lee M, Adbi A, Singh J Strategic Management Journal 2020
Investing for Impact Chowdhry B, Davies SW, Waters B Review of Financial Studies 2010
Paper Authors Journal Year
Do Investors Care about Carbon Risk? Bolton P, Kacperczyk M Journal of Financial Economics Forthcoming
Responsible investing: The ESG-efficient frontier Pedersen LH, Fitzgibbons S, Pomorski L Journal of Financial Economics 2021
Socially responsible corporate customers Dai R, Liang H, Ng L Journal of Financial Economics 2021
Sustainable Investing in Equilibrium Pastor L, Stambaugh RF, Taylor LA Journal of Financial Economics 2021
Stakeholder Preservation or Appropriation? The Influence of Target CSR on Market Reactions to Acquisition Announcements Tong L, Wang H, Xia J Academy of Management Journal 2020
Tax-Exempt Lobbying: Corporate Philanthropy as a Tool for Political Influence Bertrand M, Bombardini M, Fisman R, Trebbi F American Economic Review 2020
Losing Prosociality in the Quest for Talent? Sorting, Selection, and Productivity in the Delivery of Public Services Ashraf N, Bandiera O, Davenport E, Lee SS American Economic Review 2020
An inconvenient cost: The effects of climate change on municipal bonds Painter M Journal of Financial Economics 2020
Corporate Sociopolitical Activism and Firm Value Bhagwat Y, Warren NL, Beck JT, Watson GF, IV Journal of Marketing 2020
Pollution and Performance: Do Investors Make Worse Trades on Hazy Days? Huang J, Xu N, Yu H Management Science 2020
Creating Mutual Gains to Leverage a Racially Diverse Workforce: The Effects of Firm-Level Racial Diversity on Financial and Workforce Outcomes Under the Use of Broad-Based Stock Options Han JH, Shin D, Castellano WG, Konrad AM, Kruse DL, Blasi JR Organisation Science 2020
An Institutional Approach to Gender Diversity and Firm Performance Zhang L Organisation Science 2020
The Importance of Climate Risks for Institutional Investors Krueger P, Sautner Z, Starks LT Review of Financial Studies 2020
Corporate Governance and Pollution Externalities of Public and Private Firms Shive SA, Forster MM Review of Financial Studies 2020
Temperature Shocks and Establishment Sales Addoum JM, Ng DT, Ortiz-Bobea A Review of Financial Studies 2020
Is managerial entrenchment always bad and corporate social responsibility always good? A cross‐national examination of their combined influence on shareholder value Surroca JA, Aguilera RV, Desender K, Tribó JA Strategic Management Journal 2020
Chief sustainability officers and corporate social (Ir)responsibility Fu R, Tang Y, Chen G Strategic Management Journal 2020
Drilling Like There's No Tomorrow: Bankruptcy, Insurance, and Environmental Risk Boomhower J American Economic Review 2019
CEO Horizon, Optimal Pay Duration, and the Escalation of Short‐Termism Marinovic I, Varas F Journal of Finance 2019
Disaster on the horizon: The price effect of sea level rise Bernstein A, Gustafson MT, Lewis R Journal of Financial Economics 2019
Peer Effects of Corporate Social Responsibility Cao J, Liang H, Zhan X Management Science 2019
Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence Albuquerque R, Koskinen Y, Zhang C Management Science 2019
One Step Forward, Two Steps Back: How Negative External Evaluations Can Shorten Organizational Time Horizons DesJardine MR, Bansal P Organisation Science 2019
Stock Market Responses to Unethical Behavior in Organizations: An Organizational Context Model Baker B, Derfler-Rozin R, Pitesa M, Johnson M Organisation Science 2019
Financial analyst coverage and corporate social performance: Evidence from natural experiments Qian C, Lu LY, Yu Y Strategic Management Journal 2019
Corporate social responsibility as a defense against knowledge spillovers: Evidence from the inevitable disclosure doctrine Flammer C, Kacperczyk AJ Strategic Management Journal 2019
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 D Strategic Management Journal 2019
Investor Sentiment for Corporate Social Performance Naughton JP, Wang C, Yeung I Accounting Review 2019
No Time Like the Present: How a Present Time Perspective Can Foster Sustainable Development Kim A, Bansal P, Haugh H Academy of Management Journal 2019
Competing for Government Procurement Contracts: The Role of Corporate Social Responsibility Flammer C Strategic Management Journal 2018
Does a Long-Term Orientation Create Value? Evidence from a Regression Discontinuity Flammer C, Bansal P Strategic Management Journal 2017
The Impact of Stakeholder Orientation on Innovation: Evidence from a Natural Experiment Flammer C, Kacperczyk AJ Management Science 2016
Socially Responsible Firms Ferrell A, Liang H, Renneboog L Journal of Financial Economics 2016
Corporate sustainability: First evidence on materiality Khan M, Serafeim G, Yoon A Accounting Review 2016
Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach Flammer C Management Science 2015
Does Product Market Competition Foster Corporate Social Responsibility? Evidence from Trade Liberalization Flammer C Strategic Management Journal 2015
The impact of corporate social responsibility on investment recommendations: Analysts’ perceptions and shifting institutional logics Ioannou I, Serafeim G Strategic Management Journal 2015
Corporate Goodness and Shareholder Wealth Krueger P Journal of Financial Economics 2015
Corporate social responsibility and access to finance Cheng B, Ioannou I, Serafeim G Strategic Management Journal 2014
Spinning Gold: The Financial Returns to External Stakeholder Engagement Henisz WJ, Dorobantu S, Nartey LJ Strategic Management Journal 2014
Environmental Externalities and Cost of Capital Chava S Management Science 2014
The Impact of Corporate Sustainability on Organizational Processes and Performance Eccles RG, Ioannou I, Serafeim G Management Science 2014
Corporate social responsibility and shareholder reaction: the environmental awareness of investors Flammer C Academy of Management Journal 2013
Does the stock market fully value intangibles? Employee satisfaction and equity prices Edmans A Journal of Financial Economics 2011
The price of sin: The effects of social norms on markets Hong H, Kacperczyk M Journal of Financial Economics 2009
Paper Authors Journal Year
Shareholder Activism and Firms’ Voluntary Disclosure of Climate Change Risks Flammer C, Toffel M, Viswanathan K Strategic Management Journal Forthcoming
Pricing Uncertainty Induced by Climate Change Barnett M, Brock W, Hansen LP Review of Financial Studies 2020
Shareholder Wealth Effects of Modern Slavery Regulation Cousins P, Dutordoir M, Lawson B, Neto JQF Management Science 2020
Managing Supplier Social and Environmental Impacts with Voluntary Versus Mandatory Disclosure to Investors Kalkanci B, Plambeck EL Management Science 2020
Bad Greenwashing, Good Greenwashing: Corporate Social Responsibility and Information Transparency Wu Y, Zhang K, Xie J Management Science 2020
Do Corporate Social Responsibility Engagements Lead to Real Environmental, Social, and Governance Impact? Li J, Wu D Management Science 2020
Regulation by Shaming: Deterrence Effects of Publicizing Violations of Workplace Safety and Health Laws Johnson MS American Economic Review 2020
Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows Hartzmark SM, Sussman AB Journal of Finance 2019
Market Reaction to Mandatory Nonfinancial Disclosure Grewal J, Riedl EJ, Serafeim G Management Science 2019
Reluctant Disclosure and Transparency: Evidence from Environmental Disclosures Fabrizio KR, Kim EH Organisation Science 2019
Do Investors Actually Value Sustainability Indices? Replication, Development, and New Evidence on CSR Visibility Durand R, Paugam L, Stolowy H Strategic Management Journal 2019
A Dollar for a Tree or a Tree for a Dollar? The Behavioral Effects of Measurement Basis on Managers' CSR Investment Decision Church BK, Jiang W, Kuang X, Vitalis A Accounting Review 2019
Financial Reporting Quality, Investment Horizon, and Institutional Investor Trading Strategies Bushee BJ, Goodman TH, Sunder SV Accounting Review 2019
Beyond Profits: The Rise of Dual-Purpose Organizations and Its Consequences for Disclosure Arya A, Mittendorf B, Ramanan RNV Accounting Review 2019
Do investors actually value sustainability? New evidence from investor reactions to the Dow Jones Sustainability Index (DJSI) Chatterji AK, Mitchell W Strategic Management Journal 2017
Do ratings of firms converge? Implications for managers, investors and strategy researchers Chatterji AK, Durand R, Levine DI, Touboul S Strategic Management Journal 2016
Corporate sustainability: First evidence on materiality Khan M, Serafeim G, Yoon A Accounting Review 2016
Voluntary nonfinancial disclosure and the cost of equity capital: the initiation of corporate social responsibility reporting Dhaliwal DS, Zhen Li O, Tsang A, Yang YG Accounting Review 2011
Paper Authors Journal Year
Is the Risk of Sea Level Rise Capitalized in Residential Real Estate? Murfin J, Spiegel M Review of Financial Studies 2020
Does Climate Change Affect Real Estate Prices? Only If You Believe In It Baldauf M, Garlappi L, Yannelis C Review of Financial Studies 2020
Doing Well by Doing Good? Green Office Buildings Eichholtz P, Kok N, Quigley MJ American Economic Review 2010
Disaster on the horizon: The price effect of sea level rise Bernstein A, Gustafson MT, Lewis R Journal of Financial Economics 2019

 

Topics