Natalie Carlson

Assistant Professor of Management · The Wharton School

I'm an Assistant Professor of Management at the Wharton School at the University of Pennsylvania. My research focuses on entrepreneurship and human capital, with a particular focus on emerging economies and microenterprise. My work draws on a variety of methodologies, with a focus on computational methods, text as data, and field experiments. I received my Ph.D. at Columbia Business School.


Research

Publications
Carlson, N.A. and Burbano, V. “The Use of LLMs to Annotate Data in Management Research: Foundational Guidelines and Warnings.” Strategic Management Journal 47(3).

The emergence of large language models (LLMs) has opened new avenues for integrating artificial intelligence into research, particularly for data annotation and text classification. However, the benefits and risks of using LLMs in research remain poorly understood, such that researchers lack guidance on how best to implement this tool. We address this gap by developing a foundational framework for implementing LLMs for annotation in management research, providing structured guidance on key implementation decisions and best practices. We illustrate the implementation of this framework through an empirical application: classifying sustainability claims in crowdfunding projects to assess the performance relationships of these claims. We demonstrate that while LLMs can match or exceed traditional methods' performance at lower cost, variations in prompt design can significantly affect results and downstream analyses. We thus develop procedures for sensitivity analysis and provide documentation to help researchers implement these robustness checks while maintaining methodological integrity.

Carlson, N.A. (2023). “Differentiation in Microenterprises.” Strategic Management Journal 44(5).

Small unregistered firms contribute to a substantial proportion of global economic activity, particularly in developing regions. In explaining variation in productivity in these types of informal firms, research has focused primarily on the adoption of effective business practices and access to capital, with little focus on fundamental positioning. This article explores the nature of differentiation in microenterprises, introducing a text‐based measure of differentiation using state‐of‐the‐art sentence embeddings. Using a combined sample of nearly 10,000 microenterprises across eight developing countries, I examine whether (and which) microenterprises differentiate, whether differentiation is related to performance (and for whom), and whether any existing policy interventions affect differentiation.

Choudhury, P., Wang, D.J., Carlson, N.A. & Khanna, T. (2019). “Machine Learning Approaches to Facial and Text Analysis: Discovering CEO Oral Communication Styles.” Strategic Management Journal 40(11).

We demonstrate how a novel synthesis of three methods—(a) unsupervised topic modeling of text data to generate new measures of textual variance, (b) sentiment analysis of text data, and (c) supervised ML coding of facial images with a cutting-edge convolutional neural network algorithm—can shed light on questions related to CEO oral communication. With videos and corresponding transcripts of interviews with emerging market CEOs, we use this synthesis of methods to discover five distinct communication styles that incorporate both verbal and nonverbal aspects of communication. Our data comprises interviews that represent unedited expressions and content, making them especially suitable as data sources for the measurement of an individual's communication style. We then perform a proof-of-concept analysis, correlating CEO communication styles to M&A outcomes, highlighting the value of combining text and videographic data to define styles. We also discuss the benefits of using our methods versus current research methods.

Working Papers
Ucel, C. and Carlson, N.A. “Support Organizations and Practice Adoption Under Resource Scarcity.”
Carlson, N.A. and Hager, A. “Entrepreneurship Training and Political Contact.”
Bahar, D., Carlson, N.A. & Hernandez, E. “The Impact of Immigrant Talent on Multinational Product Strategy.”
Borchhardt, G., & Carlson, N.A. “Computational Approaches to Understanding Gender Disparities in Small Business Performance.”
Carlson, N.A., Agarwal, A., & Burbano, V. “Competition and Gender in the STEM Pipeline: Field Experimental Evidence from a Curricular Learning System in Colombia.”

Teaching

MGMT 1170. Global Growth of Emerging Firms (Undergraduate)
Spring 2021 -

Syllabus for Spring '26 here.

MGMT 8170. Global Growth of Emerging Firms (MBA)
Spring 2023 -

Syllabus for Spring '26 here.