Research

The Sustainable Investing Research Initiative (SIRI) is engaged in nurturing research in system-level investing at Columbia and beyond. Below, is a glimpse of our activities.

Management Science

Caroline Flammer is the Department Editor of the Sustainability Department at Management Science.

The 21^st century has brought with it profound challenges to our economic and social wellbeing—climate change, biodiversity loss, rising poverty and inequality, forced migration, heightened nationalism and warfare, and the list continues. As governments face obstacles in implementing effective policies and tackling these systemic challenges (in a context of weakening global governance), it is not surprising that the spotlight is increasingly on the private sector—both corporations and financial institutions—to help mitigate these challenges. Accordingly, understanding how and to what extent (non-profit and for-profit) organizations and investors can grow and sustain their organizations over time while strengthening—instead of undermining—the very system in which they operate is important. Private organizations can play a critical role in addressing these sustainability challenges, but they also have limitations as to what they can and cannot achieve. 

While the private sector—and academic research alike—are haltingly incorporating environmental, social, and governance (ESG) considerations in their business and investment decisions, key hurdles remain to make progress. In particular, business scholarship is typically confined to the portfolio- or firm-level perspective, neglecting the interrelationship between companies’ actions and the broader societal, environmental, economic, and political system, while societal academics, in turn, do not always consider the private sector, nor its needs and limitations. Yet, to foster a more sustainable world, it is critical to adopt a systems-focused approach, that is, taking into account how business and investment practices impact the broader system and, vice versa, how societal, environmental, economic, and political risks (and opportunities) impact firms’ business and investment practices. This is a not at all obvious, as it is not clear how much the private sector can do under current governance rules, and how governance would need to be changed in order to shift the balance of companies’ priorities. In addition, we need a better understanding of whether, how, and to what extent (private, public, and philanthropic) investors and (non-profit and for-profit) organizations can collaborate as stewards of systemic change. This includes within- and across-sector collaborations as well as public-private-philanthropic partnerships; it also includes the private sector’s active engagement with governments to shape policy and address pressing sustainability challenges. 

Understanding the interdependence and interrelationship between the private sector and the broader system requires rigorous research that bridges academic disciplines within business schools as well as the social and natural sciences. The Sustainability department will try to give Management Science a voice in this debate. It welcomes research that adopts a systems-focused approach, is academically rigorous and practice-relevant, bridges different levels of analysis, and spans across disciplinary boundaries. While broad in scope and open to all disciplinary and methodological approaches, the department does not seek work within business disciplines that is related to sustainability. Rather, the unifying focus of the Sustainability Department is on analyzing the private sector’s impact, risk exposure, opportunities, challenges, limitations, as well as the collaborative engagements and relationships with other actors in addressing the systemic challenges of the 21^st century.

National Bureau of Economic Research (NBER)

The National Bureau of Economic Research (NBER) founded in 1920 is the leading research organization committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community.

To promote research on all aspects of climate finance, the NBER has launched a new effort on Climate Finance led by NBER Research Associates Caroline Flammer (Columbia University) and Stefano Giglio (Yale University). With generous support from Norges Bank Investment Management, the NBER will convene a research conference in Cambridge, MA, on Friday, October 10, 2025. There will also be a pre-conference workshop for PhD students on the preceding day.

Alliance for Research on Corporate Sustainability (ARCS)

The Alliance for Research on Corporate Sustainability (ARCS) is a global multi-disciplinary network of scholars fostering rigorous academic research on corporate sustainability. ARCS is a consortium of universities and individuals that serves as a professional society of scholars studying the interface between business and sustainability. ARCS' activities bring together researchers from a variety of disciplinary and methodological perspectives who seek to advance the state of the field. ARCS is receptive to a wide range of perspectives and methods, including empirical research (quantitative and qualitative), theory development, formal theoretical modeling, and experimental methods. ARCS is especially interested in fostering research that has implications for management, organizations, and policy. A particular aim of the ARCS is to support junior scholars and scholars from the Global South as well as corporate sustainability research on the Global South.

Caroline Flammer serves as the President of ARCS.

PRI (Principles for Responsible Investment) Academic Network

Principles for Responsible Investment (PRI) is a United Nations-supported initiative and the largest network of responsible investors to date. 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, Caroline Flammer (A. Barton Hepburn Professor of Economics, Columbia University) has curated a selection of rigorous and high-quality academic studies in the following areas: ESG screening and integration; ESG shareholder engagement and activism; ESG financial instruments; ESG performance implications; measurement, disclosure and regulation; real estate, and climate. To view the top academic research in responsible investment, click here.

Caroline Flammer is the former Chair of the Academic Advisory Board.

ECGI Responsible Investment Programme

The European Corporate Governance Institute (ECGI) was established to improve corporate governance through fostering independent scientific research and related activities. ECGI is an international non-profit membership organisation that provides a platform for debate and dialogue among academics, policymakers, and business leaders, with a focus on major corporate governance, ESG, and stewardship issues.

The ECGI Responsible Investment Programme builds on the fact that responsible investment is transforming the international asset management industry. It explores whether and how investors can influence the ESG conduct of firms and what the specific challenges are for them to do so. Recent studies explore topics such as the motivations of responsible investors, the real impact of responsible investing strategies on firms’ ESG policies, ESG disclosure, and investors’ engagement, among others. This programme is directed by Caroline Flammer (A. Barton Hepburn Professor of Economics, Columbia University) and chaired by Rajna Gibson Brandon (Professor of Finance at the University of Geneva; Founder, Geneva Finance Research Institute).

PhD Courses

SIRI faculty co-teach two cutting-edge PhD courses, open to PhD students from around the world, along with other leading scholars. See below for more information:

Financial Economics of Climate and Sustainability | Instructors: Patrick Bolton, Ben Caldecott, Caroline Flammer, Stefano Giglio, Geoffrey Heal, Marcin Kacperczyk, Stefan Reichelstein, Laura Starks, Peter Tufano

Organizing the Climate Transition | Instructors: Tima Bansal, Rodolphe Durand, Fabrizio Ferraro, Caroline Flammer, Jennifer Howard-Grenville, Ioannis Ioannou, Desiree Pacheco, Paolo Quattrone, Juliane Reinecke, Sara Soderstrom, Jeff York

For Columbia PhD students: If you are interested in taking these courses, please contact Caroline Flammer.