ECGI | European Corporate Governance Institute

Latest Working papers

24 February 2021

Higher Purpose, Banking and Stability

This paper provides survey evidence on higher purpose for individuals and organizations and develops a theoretical model consistent with the evidence. The survey of 1,019 individuals in the U.S. sought to learn about their...

Stuart Bunderson | Anjan Thakor

Stakeholders

23 February 2021

Have exchange-listed firms become less important for the economy?

The firms listed on the stock market in aggregate contribute less to total non-farm employment and GDP now than in the 1970s. A major reason for this development is the decline of manufacturing and the growth of the service economy as...

Frederik Schlingemann | René Stulz

Stewardship

17 February 2021

Systematic Stewardship

This paper frames a normative theory of stewardship engagement by large institutional investors and asset managers in terms of their theory of investment management – “Modern Portfolio Theory” -- which describes investors as...

Jeffrey Gordon

Regulation

13 February 2021

Climate Regulation and Emissions Abatement: Theory and Evidence from Firms’ Disclosures

We construct measures of firms' beliefs about climate regulation, plans for future abatement, and current emissions mitigation from responses to the Carbon Disclosure Project. These measures vary in a pronounced, distinctive...

Tarun Ramadorai | Federica Zeni

Takeovers

11 February 2021

Target Employee-Shareholder Conflicts of Interest, Unemployment Insurance and Takeover Outcomes

We examine the extent that unemployment insurance (UI) reduces employee-shareholder conflicts of interest in target firms and affects takeover outcomes. A 10% increase in UI level raises takeover likelihoods by 15- 26% over the...

Lixiong Guo | Jing Kong | Ronald Masulis

Purpose

08 February 2021

Corporate Purpose: A Management Concept and its Implications for Company Law

Many companies have recently been following the so-called corporate purpose concept that is recommended by leading management scholars. To this end, they identify a raison d'être for their enterprise that goes beyond mere profit...

Holger Fleischer

Banking

08 February 2021

Unbundling Banking, Money, and Payments

For centuries, our systems of banking, money, and payments have been legally and institutionally intertwined. The fact that these three—theoretically distinct—systems have been bundled together so...

Dan Awrey

Investment Decisions

04 February 2021

Wage gap and stock returns: Do investors dislike pay inequality?

Recent research shows that a high wage gap between managers and workers identifies better-performing firms, but the stock market does not seem to price this information. In this paper, we show that not all investors neglect pay...

Ingolf Dittmann | Maurizio Montone | Yuhao Zhu

COVID-19

03 February 2021

COVID-19 and Comparative Corporate Governance

With the pandemic caused by the novel coronavirus SARS-CoV-2 raging around the world, many countries’ economies are at a crucial juncture. The COVID-19 external shock to the economy has the potential to affect corporate governance...

Martin Gelter | Julia Puaschunder

COVID-19

25 January 2021

The Role of Corporate Culture in Bad Times: Evidence from the COVID-19 Pandemic

After fitting a topic model to 40,927 COVID-19-related paragraphs in 3,581 earnings calls over the period January 22 to April 30, 2020, we obtain firm-level measures of exposure and response related to COVID-19 for 2,894 U.S. firms. We...

Kai Li | Xing Liu | Feng Mai | Tengfei Zhang

25 January 2021

General Principles of EU Corporate and Insolvency Law

Over more than forty years, the European Union (formerly the European Community) has enacted a large number of directives aimed at harmonising company law rules across Member States. Nevertheless, differences across Member States...

Federico Mucciarelli

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For an economy to operate successfully, a society must first find a politically sustainable social equilibrium

The demand that companies be legally obliged to anchor a corporate purpose in the articles of association deserves no support

Creating a level legal playing field in banking need not pose a serious threat to both monetary and financial stability

For an economy to operate successfully, a society must first find a politically sustainable social equilibrium

The demand that companies be legally obliged to anchor a corporate purpose in the articles of association deserves no support

Creating a level legal playing field in banking need not pose a serious threat to both monetary and financial stability

For an economy to operate successfully, a society must first find a politically sustainable social equilibrium

The demand that companies be legally obliged to anchor a corporate purpose in the articles of association deserves no support

Creating a level legal playing field in banking need not pose a serious threat to both monetary and financial stability

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