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INSEAD Corporate Governance Centre


Research
INSEAD Corporate Governance Centre
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.
Latest Publications
Case Study (New!)
CEO Succession Planning at UPG
by Stanislav Shekshnia
Published: 6 February 2023
The board of directors of UPG, a public company with two main shareholders, is preparing to discuss plans for the CEO succession. UPG, the third largest developer in its country, has been growing fast despite COVID-19 and market turbulence.
Case Study (New!)
Crisis at HBL
by Stanislav Shekshnia
Published: 6 February 2023
The board of HBL, a privately-owned media holding, is to hold an emergency meeting to discuss a leadership crisis that emerged when the CEO was unexpectedly admitted to hospital and subsequently submitted his resignation.
Case Study
Crisis at MIAM Group
by Ludo Van der Heyden, Stanislav Shekshnia, Elin Williams
Published: 22 Apr 2022
You are a member of the board of directors at MIAM Group, a public multinational food company headquartered in Europe. After an eventful year – involving a global pandemic, a decline in performance and a campaign by activist investors – matters have come to a head. You are about to hold an emergency board meeting.
Case Study
Emmanuel Faber at Danone: Man on a Mission (A), (B) and (C)
By Stanislav Shekshnia, Ludo Van der Heyden, Elin Williams
Published: 24 Jan 2022
The case illustrates the importance of actively chairing a business board and example of how activist investors can derail a leader.
Book
The Changing C-Suite: Executive Power in Transformation
by José Luis Alvarez and Silviya Svejenova
The new book examines the changing corporate power structures. By exploring the emergence and evolution of these CXO positions, José Luis Alvarez and Silviya Svejenova examine the evolving ways in which power at the apex of complex organizations is structured through roles and relationships, in anticipation of and in response to diverse contingencies and interests.
Case Study
The Royal Dutch Rowing Federation (KNRB) (A): Corporate Governance for Competitive Performance of Dutch Rowing
Van der Heyden, L.; Massara, F. (2021)
Published: 8 Sep 2021
The case series presents the governance and leadership challenges and opportunities the Royal Dutch Rowing Federation (Koninklijke Nederlandse Roei Bond, or KNRB for short), which is a not-for-profit top sports federation.
Case Study
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.
Case Study
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?
Case Study
Goldman Sachs and 1MDB
By Ingo Walter
Published 19 Apr 2021
The case focuses on bribery and corruption in wholesale international capital markets with an emphasis on infrastructure finance – notably the theft of $4.5 billion in proceeds from bond issues by the 1 Malaysia Development Berhad (IMDB) totalling $6.5 billion. The scandal ensnared the Malaysian Prime Minister, an Abu Dhabi Sovereign Wealth Fund, major institutional investors and the Goldman Sachs Group in one of the largest financial frauds in recent history. The scope of the case spans a host of issues from public finance to due diligence, corporate culture, executive conduct and reputational risk.
Case Study
Goldman Sachs and 1MDB
By Ingo Walter
Published 19 Apr 2021
The case focuses on bribery and corruption in wholesale international capital markets with an emphasis on infrastructure finance – notably the theft of $4.5 billion in proceeds from bond issues by the 1 Malaysia Development Berhad (IMDB) totalling $6.5 billion. The scandal ensnared the Malaysian Prime Minister, an Abu Dhabi Sovereign Wealth Fund, major institutional investors and the Goldman Sachs Group in one of the largest financial frauds in recent history. The scope of the case spans a host of issues from public finance to due diligence, corporate culture, executive conduct and reputational risk.
Book (New!)
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.
Book
No Rules Rules - Netflix and the Culture of Reinvention
by Reed Hastings and Erin Meyer
The new book dives deep into unorthodox culture behind Netflix, one of the world's most innovative and imaginative companies.
Working Paper
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.
Journal Article
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).
Journal Article
Dancing With Activists
Journal of Financial Economics, 137(1), (pp1-41).
Bebchuk L. A., Brav A., Jiang W., Keusch T. (2020)
Working Paper
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.
Working Paper
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.
ICGC Report
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.
Journal Article
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
Case Study
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.
Best Paper Award
2019 Prix Académique de la Recherche en Management, Finalist
Syntec Conseil
"De-globalization: Theories, predictions, and Opportunities for International Business Research"
Book
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.
Digital Article
How Board Members Really Feel About ESG, from Deniers to True Believers
Harvard Business Review, 19 April 2019
by N. Craig Smith and Ron Soonieus
Digital Article
Corporate Boards Are Pessimistic About Trade Between the U.S. and China
Harvard Business Review, 29 March 2019
Michael WITT
Survey Report
Leadership in Corporate Sustainability—European Report 2018
Board Agenda, Mazars and INSEAD Corporate Governance Centre
PRYER Trevor, CEREY Anthony, SMITH Craig and SOONIEUS Ron
Award
2018 Best Paper Award Strategy as Practice
Academy of Management
"Shaping Top Managers' Moods: Board Emotion Regulation in the Strategy-Formulation Process”
VUORI T., HUY Q.
Award
2018 CGIO Best Paper in International Corporate Governance Finalist
International Management
Academy of Management
"I Did It My Way: An International Analysis of Deviation from Corporate Governance Norms”
WITT M. A.
Award
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”.
Journal Article
The Differential Effects of CEO Narcissism and Hubris on Corporate Social Responsibility
Strategic Management Journal. Vol. 39(5) 1370-1387
TANG Y., MACK D., CHEN G. (2018)
Journal Article
The Differential Effects of CEO Narcissism and Hubris on Corporate Social Responsibility
Strategic Management Journal. Vol. 39(5) 1370-1387
TANG Y., MACK D., CHEN G. (2018)
Digital article
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)
Journal Article
Post-Merger Integration
Journal of Organizational Design, Vol. 7(1) 1-20
BODNER J., CAPRON L.
Journal Article
Post-Merger Integration
Journal of Organizational Design, Vol. 7(1) 1-20
BODNER J., CAPRON L.
Book
Athletic CEOs: Leadership in Turbulent Times
Cambridge: Anthem Press (January 2018)
SHEKSHNIA S., ZAGIEVA V., ULANOVSKY A.
Journal Article
Venture Boards: Past Insights and Future Directions
Strategic Entrepreneurship Journal, Vol. 11, Issue 3, September 2017, pp 326-343
FURR Nathan; GARG Sam
Working Paper
Corporate Governance 4.0: Facing Interdependency and Speed in a Complex World
INSEAD Working Paper 2017/45/STR
DOZ Yves L., Cuomo Andrea
Working Paper
Corporate Governance 4.0: Facing Interdependency and Speed in a Complex World
INSEAD Working Paper 2017/45/STR
DOZ Yves L., Cuomo Andrea
Case Study (New!)
CEO Succession Planning at UPG
by Stanislav Shekshnia
Published: 6 February 2023
The board of directors of UPG, a public company with two main shareholders, is preparing to discuss plans for the CEO succession. UPG, the third largest developer in its country, has been growing fast despite COVID-19 and market turbulence.
Case Study (New!)
Crisis at HBL
by Stanislav Shekshnia
Published: 6 February 2023
The board of HBL, a privately-owned media holding, is to hold an emergency meeting to discuss a leadership crisis that emerged when the CEO was unexpectedly admitted to hospital and subsequently submitted his resignation.
Case Study
Crisis at MIAM Group
by Ludo Van der Heyden, Stanislav Shekshnia, Elin Williams
Published: 22 Apr 2022
You are a member of the board of directors at MIAM Group, a public multinational food company headquartered in Europe. After an eventful year – involving a global pandemic, a decline in performance and a campaign by activist investors – matters have come to a head. You are about to hold an emergency board meeting.
Case Study
Emmanuel Faber at Danone: Man on a Mission (A), (B) and (C)
By Stanislav Shekshnia, Ludo Van der Heyden, Elin Williams
Published: 24 Jan 2022
The case illustrates the importance of actively chairing a business board and example of how activist investors can derail a leader.
Book
The Changing C-Suite: Executive Power in Transformation
by José Luis Alvarez and Silviya Svejenova
The new book examines the changing corporate power structures. By exploring the emergence and evolution of these CXO positions, José Luis Alvarez and Silviya Svejenova examine the evolving ways in which power at the apex of complex organizations is structured through roles and relationships, in anticipation of and in response to diverse contingencies and interests.
Case Study
The Royal Dutch Rowing Federation (KNRB) (A): Corporate Governance for Competitive Performance of Dutch Rowing
Van der Heyden, L.; Massara, F. (2021)
Published: 8 Sep 2021
The case series presents the governance and leadership challenges and opportunities the Royal Dutch Rowing Federation (Koninklijke Nederlandse Roei Bond, or KNRB for short), which is a not-for-profit top sports federation.
Case Study
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.
Case Study
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?
Case Study
Goldman Sachs and 1MDB
By Ingo Walter
Published 19 Apr 2021
The case focuses on bribery and corruption in wholesale international capital markets with an emphasis on infrastructure finance – notably the theft of $4.5 billion in proceeds from bond issues by the 1 Malaysia Development Berhad (IMDB) totalling $6.5 billion. The scandal ensnared the Malaysian Prime Minister, an Abu Dhabi Sovereign Wealth Fund, major institutional investors and the Goldman Sachs Group in one of the largest financial frauds in recent history. The scope of the case spans a host of issues from public finance to due diligence, corporate culture, executive conduct and reputational risk.
Book (New!)
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.
Book
No Rules Rules - Netflix and the Culture of Reinvention
by Reed Hastings and Erin Meyer
The new book dives deep into unorthodox culture behind Netflix, one of the world's most innovative and imaginative companies.
Working Paper
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.
Journal Article
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).
Journal Article
Dancing With Activists
Journal of Financial Economics, 137(1), (pp1-41).
Bebchuk L. A., Brav A., Jiang W., Keusch T. (2020)
Working Paper
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.
Working Paper
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.
ICGC Report
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.
Journal Article
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
Case Study
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.
Best Paper Award
2019 Prix Académique de la Recherche en Management, Finalist
Syntec Conseil
"De-globalization: Theories, predictions, and Opportunities for International Business Research"
Book
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.
Digital Article
How Board Members Really Feel About ESG, from Deniers to True Believers
Harvard Business Review, 19 April 2019
by N. Craig Smith and Ron Soonieus
Digital Article
Corporate Boards Are Pessimistic About Trade Between the U.S. and China
Harvard Business Review, 29 March 2019
Michael WITT
Survey Report
Leadership in Corporate Sustainability—European Report 2018
Board Agenda, Mazars and INSEAD Corporate Governance Centre
PRYER Trevor, CEREY Anthony, SMITH Craig and SOONIEUS Ron
Award
2018 Best Paper Award Strategy as Practice
Academy of Management
"Shaping Top Managers' Moods: Board Emotion Regulation in the Strategy-Formulation Process”
VUORI T., HUY Q.
Award
2018 CGIO Best Paper in International Corporate Governance Finalist
International Management
Academy of Management
"I Did It My Way: An International Analysis of Deviation from Corporate Governance Norms”
WITT M. A.
Award
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”.
Journal Article
The Differential Effects of CEO Narcissism and Hubris on Corporate Social Responsibility
Strategic Management Journal. Vol. 39(5) 1370-1387
TANG Y., MACK D., CHEN G. (2018)
Digital article
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)
Journal Article
Post-Merger Integration
Journal of Organizational Design, Vol. 7(1) 1-20
BODNER J., CAPRON L.
Book
Athletic CEOs: Leadership in Turbulent Times
Cambridge: Anthem Press (January 2018)
SHEKSHNIA S., ZAGIEVA V., ULANOVSKY A.
Journal Article
Venture Boards: Past Insights and Future Directions
Strategic Entrepreneurship Journal, Vol. 11, Issue 3, September 2017, pp 326-343
FURR Nathan; GARG Sam
Working Paper
Corporate Governance 4.0: Facing Interdependency and Speed in a Complex World
INSEAD Working Paper 2017/45/STR
DOZ Yves L., Cuomo Andrea
All Publications
Journal Article
Lee J. M., Park J. C., Chen G. (2023). A Cognitive Perspective on Real Options Investment: CEO Overconfidence. Strategic Management Journal, 44(4), pp2.Journal Article
Verhoeven A., van de Loo E., Marres H., Lalleman P. (2023). Knowing, Relating and the Absence of Conflict: Relational Leadership Processes Between Hospital Boards and Chairs of Nurse Councils. Leadership in Health Services, 36(2), pp1.Journal Article
Shi W., Xia C., Meyer-Doyle P. (2022). Institutional Investor Activism and Employee Safety: The Role of Activist and Board Political Ideology. Organization Science, 33(6), pp6.Journal Article
Nartey L. J., Henisz W. J., Dorobantu S. (2023). Reciprocity in Firm-Stakeholder Dialog: Timeliness, Valence, Richness, and Topicality. Journal of Business Ethics, 183(2), pp3.Case Study
Dynastic Control of Suzuki Motor by Bennedsen M., Henry B., Mehrotra V., Wiwattanakantang Y.published: 19 Oct 2022
Working Paper
Bhagavatula S., Bhalla M., Goel M., Vissa B. (2022). Diversity in Corporate Boards and Firm Outcomes. 2022/24/EFECase Study
Crisis at MIAM Group by Van der Heyden L., Williams E., Shekshnia S.published: 22 Apr 2022
Case Study
Crisis at MIAM Group - Directors' Profiles by Van der Heyden L., Williams E., Shekshnia S.published: 22 Apr 2022
Working Paper
Rau R., Sandvik J., Vermaelen T. (2022). Are Women Undervalued? Board Gender Diversity and IPO Underpricing. 2022/10/FINJournal Article
Witt M. A., Fainshmidt S., Aguilera R. (2022). Our Board, Our Rules: Nonconformity to Global Corporate Governance Norms. Administrative Science Quarterly, 67(1), pp12.Report
Soonieus R., Woods W., Young D., Tatar S. (2022). Directors Can up Their Game on Environmental, Social, and Governance Issues: The BCG-INSEAD Board ESG Pulse Check. INSEADJournal Article
Vuori T. O., Huy Q. (2022). Regulating Top Managers’ Emotions During Strategy Making: Nokia’s Socially Distributed Approach Enabling Radical Change from Mobile Phones to Networks in 2007-2013. Academy of Management Journal, 65(1), pp16.Case Study
Emmanuel Faber at Danone: Man on a Mission (A) by Shekshnia S., Williams E., Van der Heyden L.published: 24 Jan 2022
Case Study
Emmanuel Faber at Danone: Man on a Mission (B) by Shekshnia S., Williams E., Van der Heyden L.published: 24 Jan 2022