Person: Goergen, Marc
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Marc
Last Name
Goergen
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IE University
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IE Business School
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Finance
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13 results
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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 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 weakerPublication The Market for Non-Executive Directors Does Acquisition Performance Influence Future Board Seats(Wiley, 2018-03-23) Goergen, Marc; Mira, Svetlana; O’Sullivan, Noel; https://ror.org/02jjdwm75This paper investigates whether non-executive directors associated with good (bad) board decisions are subsequently rewarded (penalized) in the market for directors. This question is addressed by assessing whether the post-acquisition performance of acquiring companies influences the number of non-executive directorships that non-executives involved in these acquisitions hold subsequent to the acquisition. We find that non-executives on the boards of acquirers that increase (omit or cut) their dividend subsequently hold more (fewer) non-executive directorships in listed companies. Our findings suggest that the non-executive labour market is efficient and rewards (penalizes) non-executives for good (bad) acquisitions.Publication Passing the dividend baton: The impact of dividend policy on new CEOs’ initial compensation(Elsevier, 2019-06) Goergen, Marc; Chen, Jie; Song, Wei; https://ror.org/02jjdwm75We examine how firms’ dividend policy affects the initial compensation of their newly appointed CEOs. We focus on newly appointed CEOs to isolate the effect of dividends on compensation and to provide new insights into an aspect largely neglected by compensation research. We show that the dividend payout is positively related to new CEO compensation. Further, the positive effect of dividends is stronger for firms with no dividend cuts over the past two, three and four years, firms with relatively high institutional ownership, and those with strong boards, consistent with new CEOs receiving higher pay as compensation for greater dividend pressure.Publication Foreign Business Activities, Foreignness of the VC Syndicate, and IPO Value(SAGE Journals, 2018-09) Goergen, Marc; Chahine, Salim; Saade, Samer; https://ror.org/02jjdwm75This paper examines the role played by foreign venture capital (VC) firms in US initial public offerings (IPOs). We find that US VC-backed IPOs benefit from the foreignness of the VC syndicate. Specifically, jointly with domestic VC firms foreign VC firms certify the quality of their portfolio companies at the time of the IPO, which increases their IPO premium. Foreign VC firms also play an advisory role, enhancing the foreign business activities of their US investees, thereby increasing the IPO premium. Finally, value added by foreign VC firms is greater through their monitoring role if they originate from countries where the investee has foreign business activities.Publication How reported board independence overstates actual board independence in family firms: A methodological concern(Now Publisher, 2018) Goergen, Marc; Ansari, Iram; Mira, Svetlana; https://ror.org/02jjdwm75Despite successive codes of best practice of France, Germany and the UK highlighting the importance of the independence of non-executive directors, the codes tend to ignore the links that directors of family firms might have with the controlling shareholders. This is of particular concern for firms with concentrated family control as the risk of minority shareholder expropriation is greater for such firms. This paper proposes a new measure of board independence for family firms. Using a sample of listed French, German and UK family firms with an incumbent family CEO due for re-appointment or replacement over 2001-2010, we show that our measure of board independence is significantly lower than reported board independence. In contrast to reported board independence, our measure is a good predictor of the type of new CEO succeeding the incumbent CEO. Our results suggest that conventionally defined, or reported, board independence is biased and fails to provide investors, including minority shareholders, with an accurate measure of board independence. This conclusion has important policy implications for regulators and best practice in corporate governance.