A reliable system of corporate governance is considered to be an important requirement for the long-term success of a company. Unfortunately, after decades of research, we still do not have a clear understanding of the factors that make a governance system effective. Our understanding of...

Protecting the organization requires integrating multiple disciplines into a single defense framework. The delivery of sustainable stakeholder value in the 21st century requires internal auditors to focus on both value creation (offense) and value preservation (defense). While internal audit's...

We examine the link between age diversity on boards of directors and corporate misconduct. We find firms with age-diverse boards to be associated with significantly less corporate misconduct – both in terms of the number of violations and the fines paid. This finding is robust to various...

The IPO of Alibaba was the biggest IPO on record. However, outside shareholders who invest in Alibaba will have little say in how the company is actually run. The firm has put in place a number of mechanisms that make it deviate from the principles of good corporate governance. This paper uses...

We investigate whether managerial ownership enhances firm value by exploiting exogenous variation resulting from stock price reactions to blockholder deaths. We find, first, that the average stock price reaction to the sudden death of inside blockholders ranges from -5% for small ownership...

The financial crisis clearly highlighted that stakeholder interests were not adequately defended, and exposed failings in the traditional lines of defense that the stakeholders rely upon to defend their interests. This paper identifies these traditional lines of defense and suggests that...

This study investigates the effect of ownership and control on firm value using exogenous variation resulting from stock price reactions to the sudden death of individual blockholders. Stock market reactions range from -5% to 4% for inside blockholders as ownership increases and from 0% to -2%...

Corporate governance systems exist to discourage self-interested behavior. One question that is often overlooked is how extensive these systems should be. A look at corporate governance today suggests that self-interest is high because companies are compelled - by regulators and the market - to...

The rise in state-owned enterprises (SOEs) as growing actors in international trade and investment has received renewed attention in recent years, not least due to controversy that has arisen over SOE foreign investments. This has raised the profile of these issues with policy makers and tilted...