Professor Dow joined the MBA faculty in 2009 as professor of International Finance. Prior to joining Middlebury she was a tenured professor of finance at the University of Quebec in Montreal where her career spanned 20 years. Professor Dow has published extensively and presented her work at numerous scholarly and practitioner venues. Her teaching interests include corporate governance; corporate finance; and environmental, social, and governance (ESG) risk management. 

As chair of the business program at the Middlebury Institute from 2013 to 2017 , Professor Dow and her colleagues completely redesigned the MBA program along with developing and instituting the signature “raw case” pedagogy. In 2017 Professors Dow and Shi were recognized for their pedagogical innovation by the Academy of Management where their article promoting raw cases received the Best Paper Award. Professor Dow and Professor Shi have coached many MBA teams to podium finishes in international case competitions since 2013, including first and second place finishes in the Economist Case Competitions and first and third place finishes in the Corporate Knights Business for a Better World Case Competition. In 2016, Professor Dow was appointed to the Grover Hermann Chair in International Business and in 2017 she was awarded the Middlebury Institute Faculty Excellence Award.

Areas of Interest

My primary academic interest addresses corporate governance issues. The field is exciting, providing great fodder for both scholarly pursuits and classroom teaching. Robust governance at the global, national and firm level is essential to promoting broad financial and extra-financial goals. I see a central role for business in addressing the world’s most pressing issues from climate change to economic inequality to population growth and displacement. I believe that we need the sharpest and best-trained minds to meet these challenges head-on so that today’s students will effectively contribute as tomorrow’s professionals.

Academic Degrees

  • PhD in Finance, Concordia University, Montréal, QC, Canada, 1987
  • MA in Economics, Dalhousie University, Halifax, NS, Canada, 1977
  • BA in Economics, Mount Allison University, Sackville, NB, Canada, 1975 

Professor Dow has been teaching at the Institute since 2009.


  • Dow, Sandra. “Managing Stakeholder Expectations”, in Reputation Risk Management in Banks, Petra Merl and Thomas Kaiser editors. RepRisk Books, 2014.
  • McGuire, Jean, Sandra Dow, and Bakr Ibrahim. “All in the family: Social performance and corporate governance in the family firm.” Journal of Business Research, Vol. 65, 11, 2012, pp. 1643–1650.
  • Aggarwal, Raj and Sandra Dow. “Dividends and strength of Japanese business group affiliation.” Journal of Economics and Business, Vol. 64, 3, 2012, pp. 214–230.
  • Aggarwal, Raj and Sandra Dow. “Corporate governance and business strategies for climate change and environmental mitigation.” European Journal of Finance, Vol. 18, 3-4, 2012, pp. 311-331.
  • Dow, Sandra, Jean McGuire and Toru Yoshikawa. “Disaggregating the group effect: Vertical and horizontal keiretsu in changing economic times.” Asia Pacific Journal of Management, Vol. 28, 2, 2011, pp. 299-323.
  • Aggarwal, Raj and Sandra Dow. “Navigating the C2 economy.” The European Financial Review, April/May 2011, pp. 46-51.
  • Dow, Sandra and Jean McGuire. “Industrial networks in Japan: Blessing or curse?” The European Financial Review, February/March 2011, pp. 17-21.
  • Dow, Sandra and Jean McGuire. “Propping and tunneling: Empirical evidence from Japanese keiretsu.” Journal of Banking and Finance, Vol. 33, 10, 2009, pp. 1817-1828.
  • McGuire, Jean and Sandra Dow. “Japanese keiretsu: Past, present, future.” Asia Pacific Journal of Management, Vol. 26, 2, 2009, pp. 333-351.