Narae Lee

Narae Lee

PhD Candidate
Strategic Management & Entrepreneurship


  • Master of Science
    Johns Hopkins University
  • Master of International Affairs
    Institut de hautes études internationales et du développement
  • Bachelor of Arts
    Business Administration, Economics (Minor) Seoul National University


Narae Lee is a PhD candidate in Strategy and Entrepreneurship at the Carlson School of Management of the University of Minnesota. Her research interests relate to heterogeneity in environmental performance. Prior to joining her PhD program, Narae had an extensive career in promoting the private sector’s engagement in environmental sustainability. Most recently, she worked at the Inter-American Investment Corporation (Inter-American Development Bank Group) where she focused on developing and executing projects to help the small and medium size companies to invest in energy efficiency projects. Narae holds a MSc in Energy and Climate Change from the Johns Hopkin University, a MA in international affairs from Institut de hautes études internationales et du développement (Switzerland) and a BA in Business from the Seoul National University (South Korea).

Selected Works & Activities.

  • Journal Articles
    Berry, H., Kaul, A., & Lee, N. (2021). FOLLOW THE SMOKE: THE POLLUTION HAVEN EFFECT ON GLOBAL SOURCING. Strategic Management Journal.
  • Honors and Awards

    Carlson School Doctoral Dissertation Fellowship, 2021-2022 University of Minnesota
    Carlson School Travel Fellowship, 2018-2021 University of Minnesota
    Finalist, Best Paper, 2020 Academy of Management (International Management Division)
    PhD student teaching awards (Instructor; Fundamentals of Management), 2019 University of Minnesota
    Conference travel awards, 2019 Alliance for Research Sustainability
    Scholarship awards, 2018 Seoul National University Alumni Association

  • Current Research

    Narae Lee and Jiao Luo, Are native plants green?; Assessing environmental performances of local-owned facilities, Dissertation chapter, Finalizing manuscript for journal submission


    We study the impact of corporate ownership and community conditions on firm environmental pollution. While the existing literature often thinks of environmental pollution as a unitary construct, we emphasize the distinction between toxic emissions, which have immediate but locally bounded impact, and greenhouse gas (GHG) emissions which have gradual but global impact, producing climate change. Using a facility-level panel of all manufacturing facilities in the US from 2010-2018, and leveraging within-facility changes in ownership status, we show that locally owned firms have lower levels of toxic emissions, but they are also less likely to report GHG emissions, and have higher levels of such emissions when they do report them, with these effects being stronger where the owner is not only headquartered locally, but has operations limited to that state. Our study suggests that while the pressures of local embeddedness may drive firms to be more environmentally responsible towards their local community, they also make firms more indifferent to their global environmental impact.

    Narae Lee, Where you are from matters; Heterogeneous impact of immigrants on firm environmental pollution, Dissertation chapter, Manuscript in progress


    This study examines the impact of immigrant population on firm environmental performances. Leveraging a longitudinal dataset of 11,909 manufacturing facilities by merging a facility-level emissions data from the EPA and immigrant data from the US census, I document that as the number of immigrant population increases in a locale, toxic pollutions by sample facilities increase.  I further evidence that the effects are stronger when immigrants are at a greater disadvantage in participating in political and civil affairs but weaker for home immigrants, defined as immigrants who originate from the same home country as the focal facility’s parent firm. These results are robust to the use of an instrumental variable as well as a wide variety of alternative measures, specifications, and subsamples. These findings suggest that immigrants exert their influence on firm sustainability through various channels; and that both internal motivations and external pressures are important levers for improving firm environmental performances. The results also suggest the need of policy tools to integrate immigrants into local populations for better environmental outcomes.

  • Scholarly Service

    Ad-hoc reviewer for Strategic Management Journal

    Reviewer for Academy of Management Annual Meetings, for Academy of International Business Annual Meeting, for Strategic Management Society Conference 

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