Person: Goergen, Marc
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Marc
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Goergen
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IE University
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IE Business School
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Finance
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Publication Trust and monitoring(Elsevier B.V., 2022) Lesmeister, Simon; Limbach, Peter; Goergen, Marc; Vanderbilt University; University of Antwerp ; Ivey Business School; Western University; Agencia Estatal de Investigación; https://ror.org/02jjdwm75We show that in countries with more societal trust shareholders cast fewer votes at shareholder meetings and are more supportive of management proposals. This result is confirmed by instrumental variable regressions. It also holds at the U.S.-county level and for voting by U.S. institutional investors. Lower monitoring via voting relates less negatively to future firm performance in high-trust countries,suggesting that managers do not exploit greater discretion when trust is high. We also find a negative relation between trust and bond spreads. Our evidence supports theory arguing that trust substitutes for monitoring and has implications for investors’ optimal monitoring effort. © 2022Publication Measuring the ownership and control of UK listed firms: Some methodological challenges(Academic Press, 2023) Mira, Svetlana; Goergen, Marc; https://ror.org/02jjdwm75While scholars in business,management,accounting and finance frequently use data on the ownership and control structure of companies in their research,we show that determining this structure for a UK public limited company using publicly available information can be fraught with a number of difficulties. The latest changes to the UK Listing rules following the Hill Review (2021) may further exacerbate these difficulties via the potential increase in listed companies with dual-class shares. With the help of case studies and further empirical work,we demonstrate some of the methodological challenges faced by researchers. We provide guidance on how to tackle these challenges. © 2023 The AuthorsPublication Do multiple credit ratings reduce money left on the table? Evidence from U.S. IPOs(Elsevier, 2021-04) Goergen, Marc; Gounopoulos, Dimitrios; Koutroumpis, Panagiotis; https://ror.org/02jjdwm75Using credit ratings as an uncertainty-reducing mechanism, we provide evidence of the beneficial impact of multiple credit ratings on reducing IPO underpricing and filing price revision. We find that the acquisition of multiple ratings in the pre-IPO period mitigates uncertainty more than the acquisition of a single rating. Multi-rated firms also have higher probabilities of survival than those with a single rating, whereas credit rating levels matter only for IPOs with more than one rating. The IPOs that are awarded the first rating on the borderline between investment and non-investment grades are more likely to seek an additional rating.Publication Sovereign wealth funds, productivity and people The impact of Norwegian Government Pension Fund-Global investments in the United Kingdom(Wiley, 2018-04-03) Goergen, Marc; O'Sullivan, Noel; Wood, Geoffrey; Baric, Marijana; https://ror.org/02jjdwm75Sovereign wealth funds have an increasing presence in the globalfinancial ecosystem, principally through their investments in equi-ties, which, in turn, may influence HRM. This study examines theinfluence of the world's largest sovereign wealth fund, the Norwe-gian Government Pension Fund‐Global (NGPF‐G), on employmentin its U.K. investee firms. We find that firms with NGPF‐G invest-ment are significantly less likely to reduce their demand for labour,more specifically in the immediate aftermath of the 2008 financialcrisis. When a drop in the demand for labour does occur, it is lessextreme when compared to similar organisations without a NGPF‐Gshareholding, and this is evident even in the case of relatively smallNGPF‐G investments. These findings are in line with the fund's objec-tive of promoting corporate sustainability and Norwegian values.We draw out the key implications of our findings for HR practice.Publication Governance Through Ownership and Sustainable Corporate Governance(Oxford Research Encyclopedias, 2022-03-23) Goergen, Marc; https://ror.org/02jjdwm75Sustainable corporate governance has been defined as corporate governance that ensures corporations are run in such a way that they are sustainable over the long term. Note that for corporations to be sustainable in the long run, they need to ensure the preservation, as well as possibly the enhancement, of their ecosystem. This not only includes establishing and maintaining good relations with their shareholders and stakeholders but also preserving their environment. Here, the term environment should be understood as taking on a broader meaning. Indeed, corporations preserving their environment should not be reduced to mere environmentalism but they should also operate in harmony with the broader economic and social system. Put differently, sustainable corporate governance should also ensure that corporations are run in such a way to avoid future crises, such as the Great Recession. This would require a move away from business models that focus on short-term shareholder value while endangering the survival of the corporation over the long term. Whereas much of the existing literature suggests that corporations should merely maximize shareholder value and that a stakeholder approach will result in vague and often contradictory objectives for the management, long-term shareholder value creation is nevertheless compatible with the corporation looking after the interests of its immediate, as well as possibly more remote, stakeholders. Ultimately, sustainable business practices will not only benefit the corporation’s employees, customers, and the broader society but also its owners. The key question that arises is whether there is a link between various types of owners and sustainable corporate governance. A number of related questions emerge. What different types of owners are there and how influential are they in putting their stamp on how their investee firms are managed? Attempting to answer these questions requires revisiting the premise of the principal-agent theory that owners are typically disinterested from engaging with their investee firms. The main critique of this premise is that, even within the Anglo-Saxon corporate governance system, firms tend to have block holders, and there exist activist shareholders. Further, since the 1980s there has been an emergence - as well as an increase in the prevalence - of activist shareholders. Are some types of owners or shareholders more likely to enhance and maintain sustainability than others? A review of extant evidence on the effects of various types of shareholders on long-term financial and non-financial goals suggests the following. While some types of owners are found to promote and support sustainable corporate governance, the effect of other types is less clear or even negative. This difference in effects could be due to three reasons. First, context, including the national setting, is important. Second, some types of investors, such as sovereign wealth funds, show great diversity in their characteristics and objectives. Finally, the goalposts are shifting with an increasing number of investors embracing corporate social responsibility and environmental, social, and governance issues. Importantly, given the increasingly visible consequences of global warming and societal unrest caused by a worsening of wealth inequality, the transition to a more sustainable society should not merely be the responsibility of corporate owners. Others, including corporate executives and business schools, are key to achieving this transition.Publication Why female board representation matters The role of female directors in reducing male CEO overconfidence(Science Direct, 2019-09) Goergen, Marc; Chen, Jie; Sau Leung, Woon; Song, Wei; https://ror.org/02jjdwm75We suggest a novel reason why there might be a need for female board representation. Female participation in the boardroom attenuates the CEO’s overconfident views about his firm’s prospects as we find that male CEOs at firms with female directors are less likely to hold deepin-the-money options. Further, we argue that female board representation matters for industries where male CEO overconfidence is more prevalent. We find support for our argument as female directors are associated with less aggressive investment policies, better acquisition decisions, and improved financial performance for firms operating in industries with high overconfidence prevalence. We also identify a market failure around economic crises. Firms that do not have (sufficient) female board representation suffer a greater drop in performance as a result of the crisis than those that have female board representation.Publication Private Equity and Employment(2012-01-01) Goergen, Marc; O’Sullivan, Noel; Wood, Geoffrey; Springer International Publishing; https://ror.org/02jjdwm75Private equity houses are normally structured in the form of private partnerships, with the silent partners, typically institutional investors and the odd wealthy individuals providing the financing, while the general partners choose the firms to be acquired. The general managers charge a fixed management fee for their efforts and they also receive a percentage of the profits – confusingly called carried interest – when the private equity house exits an investee firm. Investee firms are typically acquired through debt finance with a fairly minor share of the financing being in the form of equity (Brealey et al. 2022). Private equity acquisitions – or for that matter, even for the growing number of firms where private equity merely takes a minority stake – may have quite profound effects not only on financial performance but also on the long-term sustainability of the firm, and indeed, on a wide range of stakeholders, most notably employees (Goergen 2022)....Publication How Far That Little Candle Throws His Beams! An Interview With Mats Isaksson(SAGE Journals, 2018-10) Goergen, Marc; Merendino, Alessandro; Centre for Business in Society; Faculty of Business and Law; Coventry University; United Kigdom; https://ror.org/02jjdwm75This article adopts a policy-maker perspective on corporate governance, while exploring the role of academia in influencing corporate governance principles, the reasons for the boilerplate approach to governance rules typically adopted by most companies, and the reasons for a possible disconnect between research and corporate governance policies. The article ends with some key lessons about corporate governance and the future research agenda.Publication Looking Forward, Looking Back: British Journal of Management 2000–2015(Wiley, 2018-01-17) Goergen, Marc; Evanschitzky, Heiner; https://ror.org/02jjdwm75This paper reflects on the past 16 years of the British Journal of Management (BJM) and discusses what the future holds. The paper analyses publication statistics and submission figures, as well as Special Interest Group (SIG) affiliation of submissions over the more recent period of 2007 to 2015. We find that human resource management (HRM) has a clear dominance among the SIGs. Other fields that are well represented include strategy, work psychology, corporate governance and performance management. We also highlight that submissions to the BJM are predominantly made by UK-based authors, possibly reflecting the concentration of UK-based academics among the pool of associate editors and the editorial board members. Finally, we look forward by suggesting potential areas of interest for new submissions in the areas of Marketing & Retailing, Corporate Finance, and Corporate Governance, capitalising on areas of strength as well as areas in line with the cross-disciplinary nature of the BJM.Publication The relationship between public listing, context, multi-nationality and internal CSR(Elsevier, 2019-08) Goergen, Marc; Chahine, Salim; Wood, Geoffrey; Brewster, Chris; https://ror.org/02jjdwm75Are MNEs more socially responsible, and where is this more likely to occur? Are firms less responsible in emerging or transitional economies, and what impact does the dominant national corporate governance regime have? We explore the association between public listing and the existence of a CSR code within specific institutional settings and assess whether MNEs are any different to their local counterparts, based on an internationally comparative survey. We find that listed firms as well as firms from civil law countries are more likely to have CSR statements. MNEs are also more likely to have CSR statements, independent of their country of origin. While we find consistent evidence of a correlation between the existence of a CSR statement and investment in staff training, the correlation between the former and employee-friendly HRM is weaker
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