Applications for ECGI Research Membership

ECGI is seeking to appoint leading research scholars as research members of the institute. ECGI operates as a global network and as such applications are welcome from all locations and no physical presence is required at the Institute's administrative office in Brussels. Applications will be...
28 January 2019


Wed 12 December 2018 > Thu 13 December 2018

This academic conference will focus on the theme of 'Differential Voting Shares'. Attendance is by invitation only.

Fri 07 June 2019 > Sat 08 June 2019

The fifth annual GCGC conference will take place at the House of Finance, Goethe University Frankfurt on 7 - 8 June 2019. The deadline for submissions is 14 September 2018. Attendance is by invitation only.

Featured papers

The Costs and Benefits of Shareholder Democracy

Firms with strong corporate governance are often likened to democracies. Through their proposals and votes, shareholders can determine the broad direction of a company. However, shareholder participation also exacerbates the risk that boards feel compelled to comply with a meaningless cacophony...

Nickolay Gantchev
Mariassunta Giannetti
20 December 2018

Why Are Firms with More Managerial Ownership Worth Less?

Many investors and governance experts believe that “skin in the game” of managers, i.e. substantial stock and option ownership of top management, is good for firm value. Managers who own a lot of stock have aligned incentives with shareholders and will work hard to maximize shareholder value....

Kornelia Fabisik
Ruediger Fahlenbrach
René Stulz
Jérôme Taillard
20 December 2018

Legal Personhood and Liability for Flawed Corporate Cultures

Although the phrase, ‘corporate culture’, has been described by commentators as ‘inherently slippery’, it has become part of the global regulatory zeitgeist. It is now a central feature of a range international discussions about corporate governance and risk management. Numerous international...

Jennifer Hill
14 January 2019

Employee-Manager Alliances and Shareholder Returns from Acquisitions

In this article, we examine the potential for management-worker alliances when employees have substantial voting rights from their equity ownership, and how such alliances affect the agency relationship between managers and shareholders in the context of corporate acquisition decisions. Employee...

Ronald Masulis
Cong Wang
Fei Xie
11 December 2018

Working papers



Research Members

The research work that emanates from ECGI is undertaken by leading scholars around the globe. This important network of academics is at the very core of what ECGI does, drawing on the finest minds in academia from all over the world to tackle some of the most important issues that confront business and governments today.
Real name: 
Research Member
Professor of Law and Director, Centre for Business Research
University of Cambridge
Real name: 
Research Member
Robert L. Dickens Professor of Finance
Fuqua School of Business, Duke University

Patron Members

The ECGI Patron Members provide regular and long-term support for Academic Research through their contributions to the European Corporate Governance Research Foundation (ECGRF). Their philanthropic donations stimulate the production of research studies and other academic work of excellence in corporate governance.

Institutional Members

The Institutional Members of ECGI provide a vital connection between the academic world and the policy and practitioner aspects of corporate governance. These members recognise the importance of evidence-based research in developing their corporate governance policies and seek to continuously improve the standards of corporate governance.