INSEAD's research on corporate governance is multi-disciplinary and touches on different academic areas, mainly those of accounting, economics, strategy, finance and organisational behaviour. Here you can find publications written by INSEAD faculty, including books, edited volumes, working papers, case studies and academic journal articles.
Initial Coin Offerings and Digitalization of Assets: Returns and Risks of Token Investing
By Massimo Massa, Jean Wee
Published: 28 May 2021
The case focuses on the financing of blockchain and its pros and cons. The use of security tokens, initial coin offerings (ICOs) and related issues in terms of financing costs, liquidity and governance are analysed.
Banking on EIB to Lead Sustainable Finance to Impact the Climate Emergency
By Luk Van Wassenhove, Ravi Fernando
Published 23 Apr 2021
The case follows the journey of European Investment Bank (EIB) from the innovation of ‘green’ bonds in 2007, to the game-changing announcement that it will cease investment in fossil fuel projects from 2021. The focus is on how sustainability has been embedded in its corporate strategy under president Werner Hoyer, and how the EIB has set a global benchmark for sustainable finance to impact the climate emergency. Can it inspire the global finance community to follow suit?
Leading a Board: Chairs’ Practices Across Europe 2nd ed. 2021 Edition
by Stanislav Shekshnia and, Veronika Zagieva (Editor)
In this second edition, 18 experts from 14 European countries interviewed more than 300 chairs, CEOs, directors and shareholders to detect and compare specific practices and instruments that chairs use to deal with various challenges. Researchers also assessed the impact of the COVID-19 pandemic on the work of chairs and the boards they lead.
No Rules Rules - Netflix and the Culture of Reinvention
by Reed Hastings and Erin Meyer
The new book, titled dives deep into unorthodox culture behind Netflix, one of the world's most innovative and imaginative companies.
Leading in Wicked Times: A Radical Shift to Inquiry, Humility, and Fairness (2020/34/DSC/TOM)
by Karelaia N., Van der Heyden L. (2020). 2020/34/DSC/TOM
Humanity is facing an increasing number of wicked problems, including the current COVID pandemics. Resolving wicked problems calls for a very different set of virtues than those traditionally associated with leadership. These virtues include both confidence and humility, decisiveness and fairness, empathy and courage. We discuss the leadership behaviors required at different stages of making decisions in the face of wicked problems and illustrate using examples of Jacinda Ardern, Angela Merkel, Gretchen Whitmer, Charlie Baker, and Mario Cuomo, amongst others.
Last to Come and Last to Go? On the Complex Role of Gender and Ethnicity in the Reputational Penalties for Directors Linked to Corporate Fraud
Academy of Management Journal, 63(3), (pp881-902).
Naumovska I., Wernicke G., Zajac E. J. (2020).
EU Banking in the COVID-19 Crisis: Time for a “New Deal” (2020/25/FIN/TOM)
by Nathanial P., Van der Heyden L. (2020).
The current COVID-19 sanitary and economic crisis requires a “New Deal” between EU governments and EU banks: EU banks agree to partner with governments in enabling the effective transmission of the government’s vital financial support to the real economy in exchange for a transformation of the EU banking sector.
Crisis Management: Framework and Principles with Applications to CoVid-19 (2020/17/FIN/TOM)
by Nathanial P., Van der Heyden L. (2020).
This article tries to sum up lessons all facing any crisis should be aware of. The authors use the CoVid-19 crisis to illustrate these lessons and put them in a context that concerns us all today.
The Market for Corporate Directors 2019
by Jose Luis Alvarez and Francois-Lucien Vulliermet, 18 December 2019
With this 2019 Report on Directors Job Market, the INSEAD Corporate Governance Centre looked into the call for board renewal and the development of full time professional directors.
Women Don’t Mean Business? Gender Penalty in Board Composition
Organization Science 30(6):1270-1288 (2019)
By Isabelle Solal, Kaisa Snellman
New Research Shows The More Women On A Company’s Board, The More Market Value Is Lost
Governance of the Tata Group: In Pursuit of Profitability, Philanthropy and Power
by Massimo Massa, Ludo Van der Heyden, Kaikhushru (Kai) Taraporevala
Published: 31 May 2019
This case describes the Tata Group’s governance and the role it played in overseeing 150 years of growth of the Tata empire of companies. It illustrates how a business is affected and shaped by its governance, whether by family owners, and family or charitable trusts.
Leading a Board - Chairs’ Practices Across Europe
by S.Shekshnia, V.Zagieva (2019), Palgrave Macmillan
This book represents the first cross-country study of the work of board chairs in Europe. It includes unique data collected through interviews with almost 200 experienced board chairs and their key stakeholders – board members, CEOs and shareholders.
2018 CGIO Best Paper in International Corporate Governance Finalist
Academy of Management
"I Did It My Way: An International Analysis of Deviation from Corporate Governance Norms”
WITT M. A.
At the award ceremony, which took place at the Academy of Management’s Annual meeting in Chicago, Illinois, USA, on 12 August, the judging committee commented on “the depth of the case study, the scholarly argument and the insightful account explaining the rise and fall of Nokia”.
How to be a good board chair: the key to remember you're not the CEO
Harvard Business Review. 96(2) 96-105
SHEKSHNIA S. (March 2018)
Venture Boards: Past Insights and Future Directions
Strategic Entrepreneurship Journal, Vol. 11, Issue 3, September 2017, pp 326-343
FURR Nathan; GARG Sam
Case StudyInitial Coin Offerings and Digitalization of Assets: Returns and Risks of Token Investing by Wee J., Massa M.
published: 28 May 2021
Case StudyBanking on EIB to Lead Sustainable Finance to Impact the Climate Emergency by Van Wassenhove L., Fernando R.
published: 23 Apr 2021
Case StudyTaiwan's Formosa Plastics Group in Transition: The Interplay of Succession, Inheritance and Family Strife by Bennedsen M., Henry B., Chung H., Lu Y.
published: 19 Feb 2021
Case Studynam.R: Addressing Sustainability by Leveraging (Open) Data by Jarisch D., Costantini J.
published: 11 Feb 2021
ReportEvgeniou T., Venugopal A., Malik A., Pryer T. (2021). Leadership in AI 2021: Boards, Barriers and New Beginnings. London: Board Agenda