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Faculty & Research


Ivana Naumovska

Associate Professor of Entrepreneurship and Family Enterprise


Additional Information
Research Areas
  • Strategic Management and Organization Theory
  • Sociological Influences on Financial Markets
  • Corporate Fraud
  • Diffusion of Practices
  • Reverse Mergers and Special Purpose Acquisition Companies
Teaching Areas
  • Entrepreneurial Finance
  • Organizational Foundations of Financial Markets
  • Entrepreneurship Through Acquisition and Search Funds


Ivana Naumovska is an Associate Professor at INSEAD. She studies corporate financial misconduct and controversial financial practices. She is interested in how investors and other market participants respond to financial practices that lack legitimacy and seeks to explain the antecedents and consequences of the diffusion of such practices. A distinctive feature of Ivana’s research is its focus on novel and understudied financial phenomena, such as reverse mergers and special purpose acquisition companies (SPACs).

Ivana's research has been published or is forthcoming in leading academic journals such as Academy of Management Journal, Academy of Management Annals, Administrative Science Quarterly, Organization Science, Review of Finance, and Strategic Management Journal. Her research has also received numerous prestigious recognitions and awards, including Best Dissertation Award from the Dutch Royal Academy of Arts and Sciences, and multiple Best and Distinguished Paper Awards from the Academy of Management and the Strategic Management Societies. Ivana’s research and expert opinions have been featured in leading business media (e.g., Bloomberg, CBS News, Financial Times, Reuters, TechCrunch and The Wall Street Journal).

Ivana is an Associate Editor at the Strategic Management Journal, and on the editorial boards of Academy of Management Journal, Administrative Science Quarterly, and Strategy Science. She has also been an elected Representative at Large of the Behavioral Strategy, Corporate Strategy, and Competitive Strategy Interest Groups at the Strategic Management Society.

At INSEAD, Ivana teaches in Degree and Executive Programs. Her teaching focuses on entrepreneurship through acquisition, search funds, SPACs, corporate governance, and financial decision-making. She has received numerous recognitions and awards for her teaching, including the Best Teaching Award for an MBA Elective.

Ivana completed a Postdoc at the Kellogg School of Management, Northwestern University. She holds a Ph.D. in Management and Finance (cum laude) as well as an MSc in Finance (cum laude) from Rotterdam School of Management, Erasmus University, and a BSc in Financial Economics from Utrecht School of Economics, Utrecht University (cum laude).