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COPENHAGEN BUSINESS SCHOOL
CENTER FOR CORPORATE GOVERNANCE
ANNUAL REPORT 2015
1
Table of contents
CENTER FOR CORPORATE GOVERNANCE 2
HIGHLIGHTS FROM 2015 2
AWARD WINNING PUBLICATIONS IN 2015: 3
RESEARCH PROJECTS 3
BOARD COMPOSITION AND PERFORMANCE 3 THE RESEARCH PROJECT ON INDUSTRIAL FOUNDATIONS 4 NORDIC FINANCE AND THE GOOD SOCIETY 4
FOCUS IN 2016 5
ORGANIZATION 5
RESEARCHERS 6 VISITING PROFESSORS 10 ADJUNCT PROFESSORS 10 PHD FELLOWS 11 STUDENT ASSISTANTS 11 ADMINISTRATION AND COMMUNICATION 11 ADVISORY BOARD 12
SUPERVISORY BOARD 12
AFFILIATED RESEARCHERS 12
DEPARTMENT OF ECONOMICS 12 DEPARTMENT OF FINANCE 12 DEPARTMENT OF ACCOUNTING AND AUDITING 12 DEPARTMENT OF LAW 12
BOARD MEMBERSHIPS AND PROFESSIONAL RESPONSIBILITIES 13
ACTIVITIES AT CENTER FOR CORPORATE GOVERNANCE 13
LARGER RESEARCH PROJECTS 16
PUBLICATIONS 17
RECRUITMENT 21
2
Center for Corporate Governance
Center for Corporate Governance (CCG) is an international, interdisciplinary research center at
Copenhagen Business School (CBS). The center is a forum for discussion and coordination of
research within corporate governance across departments and functions. CCG is one of the
largest centers of its kind in Europe and aims to have a world class research environment. The
overall focus of the center is to deliver timely and relevant research to the society, including the
business community. While maintaining a clear research focus, the center strives to make the
research useful through continuous dialogue with the business community by providing relevant
open seminars and offering a strong teaching environment.
Highlights from 2015 Throughout 2015, CCG had a high level of activity. Our research agenda was expanded
significantly and a range of domestic as well as international research seminars were conducted -
including the International Corporate Governance Society (ICGS). Furthermore, our teaching,
especially in the area of board training, was expanded together with the Board Leadership Society
in Denmark.
During 2015, CCG hosted several international conferences, events, research seminars and
workshops.
In June 2015, CCG and The Nordic Corporate Governance Network hosted the 7th Annual
Workshop at Copenhagen Business School. Leading academics from the Nordic countries
presented and discussed current Nordic corporate governance research. Keynote speakers,
Professor Roberta Romano (Yale Law School) and Professor Morten Bennedsen (Insead)
shared their expertise on the risks of overregulation and family ownership respectively.
In September 2015, more than 150 professors, researchers, and business executives visited
Copenhagen Business School to participate in the Inaugural Conference of the International
Corporate Governance Society.
In September 2015, a business seminar on global competitiveness and the financial sector in the
Nordic countries was executed. The event was a part of the research project “Nordic Finance and
the Good Society” and included a presentation from Arturo Bris, Professor of Finance and Director
of IMD World Competitiveness Center.
In the fall of 2015, CCG hosted three Financial Regulation Seminars. Three acknowledged
scholars from University of Oxford, Columbia University, and University of Bonn came to CBS and
gave interesting and focused presentations. Daniel Awrey (University of Oxford) gave his talk ““The
Mechanisms of Derivatives Market Efficiency”, Kathryn Judge gave her talk "Information Gaps and
Shadow Banking", and Martin Hellwig gave his talk ““Banks, Governments, and Central Banks in
the Crisis”. All three seminars got very positive feedback and we will continue the series of
seminars in the spring of 2016.
3
CCG has in 2015 appointed two new adjunct professors; Ole Andersen (Chairman, Danske Bank)
and Marianne Phillip (partner at Kromann Reumert). These appointments are recognitions of their
work in the field of corporate governance and board training. With the adjunct professorships
awarded to Ole Andersen and Marianne Philip, CCG has further strengthened our network in the
business community in order to make CCG one of the leading global centers for research and
teaching in the field of corporate governance and board work.
In 2015, CCG published in total 17 peer-reviewed papers in top journals among these two papers
were nominated and won several awards.
Award Winning Publications in 2015: Florence Villeseche, Evis Sinani, Olaf Sigurjonsson (2015) - Symposium “Women on
Boards: Reopening Governance"
This paper won Emerald Best International Symposium Award at Academy of Management
meeting in August 2015 in Vancouver
Vergne, J-P., Georg Wernicke, Steffen Brenner (2015) – Working Paper “Bang for the
buck? Media disapproval of overpaid CEOs at philanthropic firms“
This paper won the Best Paper Award in the Strategic Management Interest Group and the Best
Paper Award in the Strategic Management General Track at the annual meeting of the European
Academy of Management in Warsaw 2015.
Steffen Brenner and Georg Wernicke (2015) – Working Paper “Dad is in the press: CEO
identities and the social constraints on CEO compensation”
This paper was nominated for the Best Paper Award at the annual meeting of the International
Corporate Governance Society 2015 in Copenhagen.
Research Projects
Board composition and performance
Center for Corporate Governance continued its research program with Amrop, one of the largest
international retained executive search networks in the world. The project, which was launched in
September 2014, is scheduled to run for 3 years.
The objective of the research project is to provide insights on board selection, board composition,
and board evaluation. This includes clarifying the board's influence on strategy and performance in
order to enhance the understanding of the impact of board selection and board competences for
value creation in companies. Internally, the project is driven by Professor Sabina Nielsen,
Associate Professor Aleksandra Gregoric, and Associate Professor Evis Sinani. The first outcome
of the project is the largest meta-study in the area of board compensation and gender diversity
where more than 400 scientific publications were reviewed.
4
The Research Project on Industrial Foundations
The research project began in late 2011 and was completed in 2015. The research project on
industrial foundations deals with the numbers of foundations and the regulation of these.
Furthermore, the project analyses how the foundations influence the companies they own. 12
researchers participated during the project and 15 research papers have been published so far.
In cooperation with Statistics Denmark, the Danish Business Authority and Experian, the
researchers have mapped the activities of all Danish industrial foundations and foundation-owned
companies. The industrial foundations are a unique company structure often seen in the Danish
business sector accounting for 10 percent of the private business community, 50 percent of Danish
research and a significant part of the stock exchange through industrial foundations, e.g. Maersk
and Novo Nordisk.
In Denmark, more than 1300 foundations exist of which approximately 400 have real economic
significance as they own companies. The project presents results in terms of working papers,
reports and open seminars. These research finding will be published in a book about Danish
industrial foundation in December 2016.
The strategy of CCG is to continue this research tradition by announcing a chair in Nordic
Corporate Governance.
Nordic Finance and the Good Society
The Nordic Finance and the Good Society project started in 2015. Together with key stakeholders,
CCG is conducting a research project focusing on the challenges of the financial sector in the
future and how these challenges will either create or destroy wealth for the society – including
aspects such as job- and export creation.
The primary focus of the research project is to examine the strategic and regulatory issues
affecting the financial sector and to study how to create the right framework conditions in a market
with growing international competition. To ensure the relevance of the research, Copenhagen
Business School has established a partnership with several players from the financial sector.
Among the sponsors, who have made the research project possible, are the Financial Services
Union Denmark (Finansforbundet), Danske Bank, Sparinvest, Investment Bank Carnegie, LOPI
(Lokale Pengeinstitutter), The Association of Local Banks, Savings Banks and Cooperative Banks
in DenmarkThe Danish Bankers Association (Finansrådet), The Nordic Council of Ministers, and
the Nordic Financial Union (NFU).
The project runs until 2018 and is structured as an open multi-disciplinary research project.
Researchers from CCG and CBS will contribute to the project, including five professors; Steen
Thomsen, Peter Bogetoft, Jan Damsgaard, Georg Ringe and Niels Westergård-Nielsen.
Furthermore, a number of international renowned professors are involved. Among these are;
Professor Arturo Bris from the International Institute for Management Development (IMD) in
Switzerland and Professor Marc Steffen Rapp from Philipps-Universität Marburg in Germany. At
5
last, a partnership model in the area of regulation is established with Southern Danish University
(SDU) and Aarhus University (AU).
The general public will have access to research results related to the financial sector. The aim is to
publish 12-14 articles within the relevant disciplines. The project will ultimately produce a research
report describing the strategic position of the entire sector including the competition situation,
internationalization, regulatory and compliance factors and employment potential.
Focus in 2016
Together with the advisory board, CCG has been through an extensive strategy process. We have
identified the core vision behind the proposal is to make Copenhagen a global center for research,
teaching and policy making in corporate governance. The aim is that executives and academics
will come to Copenhagen for inspiration and that our research will shape the global policy agenda.
We expect that world class academics will make Copenhagen a relevant and interesting place for
academics around the world and that world class executive board education will attract directors
from leading companies.
The Nordic corporate governance model should be an inspiration for global policy debates which
are strong enough to constructively challenge to predominance of existing governance models.
Outstanding links to the business community through adjunct professors and many other channels
will provide a constant interaction with best practices in corporate governance. CCG will play an
important part in this endeavor by evidence-based recommendations. The synergies between
research, teaching, policy and practice will provide a powerful driver for continuing progress.
In connection with the above, the objective is to create 9 new research positions over a period of 5
years including senior chairs in Nordic Corporate Governance, Board Leadership and Governance
regulation, and risk management.
The total research budget for this plan is DKK 38.6 mil and active fund raising has already
commenced.
Organization
Center for Corporate Governance is a virtual center that brings together researchers from several
departments and institutions inside as well as outside of Copenhagen Business School.
The center is managed by Director, Lars Ohnemus, and Chairman, Professor Steen Thomsen,
under the supervision of a board composed of representatives from the participating CBS
6
departments. The center is guided in long-term strategic matters by an advisory board consisting
of business professionals, where Lars Nørby Johansen is Chairman of the board.
Staff
Lars Christian Ohnemus is Director of Center for Corporate Governance. He
is a seasoned executive with experience from the academic world,
international board work, and executive positions. Lars has a wide and
profound network among Danish, Nordic, and Central European business
executives, which is of essence when building up contacts for potential
research areas and research funding channels for CCG. Lars has been
directly and indirectly involved in teaching activities at CBS and Baltic
Management Institute for nearly a decade and has a Ph.D.
Researchers
Steffen Brenner is Professor MSO. His research interests revolve around
understanding managerial choices. In one of his projects, he elicits risk
preferences of U.S. executives from their option exercising behavior and uses
these data to explain sorting into certain economic environments and risk-
taking decisions. Furthermore, he is interested in the social and moral
constraints of top executives pay that result from the institutional and
individual environment to which the manager is exposed to. More recently, he
uses phenotypic information of top decision makers to predict their financial
choices.
Aleksandra Gregorič is Associate Professor and her research interest
centers on the relationship between the social context (structures, norms and
processes), the heterogeneity and dynamics of corporate governance, and
the behavior of its main actors. Earlier, she studied the evolution of corporate
governance in transition economies. Her current research builds around the
Nordic corporate governance model, in particular issues related to gender
equality, workers’ participation in firm governance and, more generally,
employee-owner/manager relations in public and private firms.
7
Bersant Hobdari is Associate Professor and his research interests span the
broad areas of corporate governance, and international business and
economics. In corporate governance his research focuses on the role and
impact of ownership types and board of directors, the determinants of
investment and financing constraints, and how the role of national
governance bundles on firm operations in developed, developing and
emerging economies. In international business and economics his interests
cover a host of issues such as the organizational dynamics of multinational
enterprises, the interrelation between international trade and foreign direct
investment, and the political economy of trade and investment flows.
Niels Mygind is Professor and has been head of department 2008-2012. He
holds a M.Sc. from Department of Economics, Copenhagen University, and
he was Director of the Center for East European Studies 1996-2010. He has
done research on the effects of different ownership structures, the economic
transition and especially privatization, corporate governance and enterprise
restructuring in Eastern Europe with focus on the Baltic Countries. His current
research covers the development in politics, institutions and the economy in
emerging markets with focus on the BRIC countries. He is also working on
corporate governance in China with focus on employee ownership.
Sabina Nielsen is Professor with special responsibilities and a Marie Curie
post-doc research fellow. She holds a PhD from University of St. Gallen,
Switzerland. Her research in the area of corporate governance and top
management teams have been published in international scholarly journals
and in some of the best paper proceedings of the Academy of Management
and the Academy of International Business. Her research includes the
composition, dynamics and decision-making of top management teams and
boards of directors.
Thomas Poulsen is Associate Professor and holds a Ph.D. Thomas has
done several research studies within the field of corporate governance and
has published his work in Applied Financial Economics and Cogent
Economics and Finance, in which he, among other areas, focused on means
to reduce asymmetric information and underinvestment.
8
Larissa Rabbiosi is Associate Professor and holds a Ph.D. from Politecnico
di Milano, Italy. Her research interest lies in the relationship between a
number of dimensions of organizational design (e.g., formal structures,
coordination mechanisms, human resource management practices) and firm
strategic processes and outcomes (e.g., international expansion, knowledge
transfer, innovation). Her work has appeared in the Human Resource
Management, Industrial and Corporate Change, Journal of International
Management, Journal of World Business and Long Range Planning.
Caspar Rose is a Professor with special responsibilities at CCG and with
special tasks in Company Law and Corporate Governance. He holds a PhD
in finance from Copenhagen Business School as well as a Master of Law
degree from the University of Copenhagen. He serves as a free-lance
consultant for large corporations and he has formerly worked as a legal
advisor for the Confederation of Danish Industries and as Chief Analyst in
Operational Risk at Danske Bank. His current research is on mergers and
acquisitions
Evis Sinani is Associate Professor. She has several publications in Journal
of Comparative Economics, Applied Economics and Journal of International
business Studies. Her research interests lie in corporate governance,
networks of firms, and boards of directors.
Therese Strand is Assistant Professor at CCG and Associate Research
Scholar in Law at Center for the Study of Corporate Law, Yale Law School
(2014-2015), and chairman of the Nordic Corporate Governance Network
(NCGN). Her research interests lie within corporate ownership and control,
corporate law and governance, short-termism in financial markets,
shareholder activism, financial intermediaries, and proxy voting, institutional
investors, and foreign corporate ownership and cross-border voting.
Steen Thomsen is the Chairman of the CCG board and Professor, PhD. He
has published extensively on corporate governance including a 2012 textbook
and papers in Strategic Management Journal and Journal of Corporate
Finance. His current research is focused on industrial foundations. He has
served as a consultant and lecturer to several large companies and
government organizations, including the EU, the UN, Copenhagen Stock
Exchange and the Danish Central Bank.
9
Florence Villesèche is Assistant Professor and Marie Curie Fellow. She
holds a PhD and MSc in Business Administration from the University of
Geneva as well as an MPhil in Anglophone Studies. She received an
Emerald/EFMD award for outstanding doctoral research in 2012. She
currently conducts a research project on the role of networks for women’s
access to board positions. Her research interests are networks, gender,
boards of directors, identity, institutional work, and discourse analysis
methods.
Georg Wernicke is Assistant Professor and received his Ph.D. in
Management from the University of Mannheim, Germany. His research
mostly focuses on issues of corporate governance and corporate social
responsibility, particularly on topics related to the role of the media as
governance watchdog as well as the impact of public norms on executive
compensation, boards of directors and firms’ social responsibility.
Niels Westergård-Nielsen is Professor, MSc (Econ) from Aarhus University,
1975, and a PhD (lic.polit) from University of Copenhagen, 1982. His field of
experience is vast having been a visiting scholar at University of Wisconsin
1979-80, University of Chicago 1983, Harvard University 1997, Curtin
University, Perth 1998, and a RSF-scholar, Russell Sage Foundation, New
York 2007-2008. His research interests lie within firm level job creation and
destruction and its courses, firm level performance and the employees, the
role of entrepreneurship, work environment, and sickness absenteeism
Finn Østrup is Professor with special responsibilities. He has written
extensively on financial institutions, financial crises, and international
monetary economics. He worked in the Danish Ministry of Economic Affairs
as Financial Attaché at the Permanent Danish Representation at the EU and
as Private Secretary to the Minister of Economic Affairs. He has been a
member of several Danish government committees, e.g. the Commission for
Nature and Agriculture and the committee for the investigation of the causes
of the Danish financial crisis.
10
Visiting Professors
Marc Steffen Rapp was visiting Center for Corporate Governance during
summer 2015. Marc is a professor at Philipps-Universität Marburg in
Germany, where he is affiliated with the Marburg Center for Institutional
Economics (MACIE). During his stay at CCG, he started a project on the
financial structure of Nordic countries, which will contribute to the project
“Nordic Finance and the Good Society”. In parallel, he worked on a joint
project with Aleksandra Gregoric and Evis Sinani that examines
codetermination in Nordic countries. Furthermore, Marc has started a project
on the effect of state ownership on corporate investment together with Patrick
Jaslowitzer (Marburg) and Bill Megginson (University of Oklahoma).
Takao Kato visited CCG in the fall of 2015. Takao is professor at Colgate
University, NY and visiting Velux Professor at CBS. Takao is a well-known
scholar within labor economics, industrial relations and human resource
management, East Asian economics (Japan). During his stay at CBS he
developed a new collaborative research project with Niels Westergård-
Nielsen and Elena Cottini on corporate bosses. He gave two talks, "Good
Jobs and Bad jobs in Japan: 1982-2007" and "Dynamics of the Gender Gap in
the Workplace: An Econometric Case Study of a Large Japanese Firm".
Takao Kato will be back in his office at CCG in the spring 2016.
Adjunct Professors
Marianne Philips is a graduate at law from the University of Copenhagen,
LL.M. from Duke University, US, and partner at Kromann Reumert. Marianne
Philip's current positions of trust include: Komiteen for god Fondsledelse
(Chairman), Toms Gruppens Fond (Chairwoman), Novo Nordisk Fonden,
Bitten og Mads Clausens Fond (Danfoss fonden), Codan A/S and Codan
Forsikring A/S, Nordea Invest, Scan Office A/S (Chairwoman).
Ole Andersen is chairman at among others: Danske Bank, Chr. Hansen, and
B&O. He has a wide range of competences and has experience within the
areas of leadership and development of financial and non-financial
international companies, business strategies, and risk management.
11
PhD Fellows Christa Damgaard Børsting is a PhD fellow at the Center for Corporate
Governance. She holds a Master in Economics from the University of
Copenhagen. Her current research is focused on industrial foundations and
her research includes research on performance, ownership, long-termism and
reputation.
Benjamin Faigen Iwona Sulinska
Student Assistants
- Alexander Gaba Mathiesen, Student Assistant - IT (From November, 2015)
- Alexander Larsen, Student Assistant - (from August 2015)
- Anders Tvistholm, Research Assistant – (Until January 2016 )
- Anna Sofie W. Andersen, Research Assistant (From October, 2015)
- Britta Ruth Andreassen, Student Assistant / Head of Secretary - The Board Leadership
Society (From August, 2015)
- Casper Berg Lavmand, Research Assistant (From April, 2015)
- Ida Linde Hansen, Research Assistant
- Helene Skovhøj Henriksen, Research Assistant (Until August, 2015)
- Laura Kabell Lundberg, Communications Assistant (From April, 2015)
- Malou Søderlund Christensen, Research Assistant (From October, 2015)
- Sara Eichen, Research Assistant (From October, 2015)
- Signe Marie Degn, Research Assistant
- Signe Sander Frederiksen, Research Assistant (Until August, 2015)
Administration and Communication
- Charlotte Brendstrup Simonsen, Communication and Event Manager
12
Advisory Board
- Lars Nørby Johansen, Chairman at Falck A/S (Chairman)
- Anders Würtzen, Vice President at APMM
- Jeppe Christiansen, CEO at Maj Invest
- Henrik Heideby, CEO at PFA (Until March, 2015)
- Peter Engberg Jensen, Board member, PensionDanmark
- Tine Roed, Deputy Director General at DI
- Flemming Besenbacher , Chairman of the Supervisory Board of Carlsberg A/S
- Sten Scheibye, Chairman at Novo Nordisk
- Birgit Aagaard-Svendsen, Vice President and CFO at Lauritzen
- Marianne Philip, Lawyer and Partner Kromann Reumert
Supervisory Board - Professor Steen Thomsen CCG, CBS (Chairman)
- Professor Niels Westergård- Nielsen CCG CBS
- Professor Michael Møller, Department of Finance, CBS
- Professor Carsten Rohde, Department of Accounting and Auditing, CBS
Affiliated researchers
Department of Economics
- Professor Peter Bogetoft
- Professor Søren Bo Nielsen
Department of Finance
- Professor Michael Møller (supervisory board member)
- Associate Professor Ken Bechmann
- Professor Niels Christian Nielsen
- Associate Professor, Center for Statistics, Dorte Kronborg
Department of Accounting and Auditing
- Associate Professor Michael Andersen
- Associate Professor Kim Klarskov Jeppesen
- Professor Thomas Plenborg
- Associate Professor Carsten Rohde (supervisory board member)
Department of Law
- Professor George Ringe
13
Board memberships and professional responsibilities
Lars Ohnemus - Chairman Northern Horizon Capital since 2001- Founder and Chairman (DK)
- Chairman Lithuanian Financial Market Institute (LFMI) – (Lithuania)
- Scandinavian International Property Association SIPA ( Sweden)
- Member of the board of Dansk Farm Land (AP)
- Member of the board of Dansk Senior Housing (ATP)
- Member of the board of BPT Hansa and Laurus (Luxembourg)
- Member of the board of RetNemt A/S (DK)
- Member of the board of LGMD Holding (Switzerland
- Member of the board of Dancasa Aps (DK)
- Member of the board of Baltic Management Institute (BMI) since 2000 (Lithuania)
Steen Thomsen - Owner and chief executive, Steen Thomsen Enterprise ApS (a holding company).
- Board Positions: Pluss Leadership A/S (Chairman),
- Board of Directors Association of Denmark (board member)
- Advisor to: NB Capital (a Biotech Investment Fund)
- Editorial Board member: The Journal of Management and Governance and The European
Management Review.
- Advisory board memberships: Corporate Governance. An International Review. The Centre
for Governance, Institutions and Organisations (CGIO), National University of Singapore.
SIDBI Innovation & Incubation Centre, University of Kanpur, India.
Niels Westergård-Nielsen - Member of the board of Nordisk Rebalance A/S, Allerød
Activities at Center for Corporate Governance
At www.cbs.dk/ccg you will find descriptions of past and future events as well as publications,
projects, and news updates.
ACTIVITY AND PRESENTER TOPIC DATE
Inaugural Lecture
Ole Andersen
”Board Dynamics and Board
Leadership”
March 26, 2015
Research Seminar “Social Attitudes on Gender May 7, 2015
14
Simon Janssen Equality and Firm’s Discriminatory
Pay Settings”
Inaugural Lecture
Marianne Philips
“Corporate Governance in
Perspective”
May 20, 2015
Business Seminar “Risk Management and Board
Responsibility”
May 20, 2015
The 7th annual workshop of The Nordic Corporate Governance Network
June 1-2, 2015
Seminar Professor Roberta Romano Yale Law School
“How to Get Finanical Regulation
Back on Track?”
June 2, 2015
Inaugural Conference of the International Corporate Governance Society
How corporate governance
systems work to enhance trust in
business, and deepen our
understanding of how failures in
corporate governance systems
degrade trust in business.
September 18-19,
2015
Business Seminar Arturo Bris IMD Business School
“Global Competitiveness and the
Financial Sector in the Nordic
Countries”
September 30, 2015
Financial Regulation Seminar Dan Awrey Oxford University
“The Mechanisms of Derivatives
Market Efficiency”
October 20, 2015
Research Seminar
Takao Kato Colgate University
“Worker and Workplace
Characteristics”
October 30, 2015
Financial Regulation Seminar Torben Juul, Douglas Jondle, and Michelle Rovang Burke
“The Role Ethics in Risk
Governance”
November 16, 2015
Financial Regulaion Seminar
Kathryn Judge Columbia University
"Information Gaps and Shadow
Banking"
November 18, 2015
Financial Regulation Seminar
Martin Hellwig
“Banks, Governments, and Central
Banks in the Crisis”
December 1, 2015
15
Bonn
Kr. 2015 2014 2013 2012
Revenue
total
139,888 191,391 284,894 99,196
Books and
journals
-1,101 - -6,308 -412
Consulting
services
- - -990 -
Travels -142,879 -3.677 -75,955 -74,804
Entertainmen
t expenses
-19,385 0 -13,473 -42,374
Telephony,
IT-office
supplies etc.
-120.120 -62 -5,078 -1,977
Operating
costs
-283,485 -3739 -218,804 -119,567
Wages -337,906 -171.585 -16,977 -15,894
Wage related
expenses
-1,514 -373 -1.053 -1.467
Wages total -339,420 -171.957 - 18.029 -17.362
Expenses
total
-622,905 -175.696 -236.833 -136.928
Total -483,017 15.695 48.061 -37.732
Note: The income statement includes only a small part of the center activities, namely our basic grant from CBS. The participating researchers’ salaries alone account for more than 5
million, to which must be project funds on average more than 1 million DKK annually. We have therefore decided to refer salary costs below.
16
Our 2015 financial results showed a deficit of DKK 483,017 due to the start-up and different
overhead costs related to new activities. The loss should be fully recovered during 2016.
2015 2014 2013 2012
Salary costs
8.618.704 9.615.393 8.644.996 5.789.704
(permanent employees)
Larger Research Projects
Bevillingshaver
Beskrivelse Bevillingsgivere Samlet Bevilling
Steen Thomsen De Danske
Erhvervsdrivende Fonde
Nine industrial
foundations and
CBS
Steen Thomsen Dansk selskabsledelse i
praksis
Diverse private
virksomheder
Lars Ohnemus
Udvælgelse af
bestyrelsesmedlemmer,
bestyrelsessammen-
sætning samt
bestyrelsesevaluering
Amrop
Lars Ohnemus Nordic Finance and the
Good society
Danske Bank,
Finansforbundet,
Canergie, NFU,
SparInvest,
Finansrådet
17
Publications
Resistance to Change in the Corporate Elite: Female Directors' Appointments onto Nordic
Boards
Gregoric, A., Oxelheim, L., Randoy, T. & Thomsen, S. 5 jun. 2015 I : Journal of Business Ethics.
21 s.
Employee Ownership in an Icelandic Context: An Initial Empirical Exploration
Faigen, B., Arnardottir, A. A., Sigurjonsson, O. & Mygind, N. 2015
Board Effectiveness in the European Banking Industry
Busta, I. & Hobdari, B. 2015 I : International Journal of Corporate Governance. 6, 1, s. 25-41
What Matters in Location Strategies for Latin American Multinationals: Countries, Regions
or Cities?
Hobdari, B., Sinani, E. & Török, P. 2015
Effective Governance in the Era of Disruptive Changes in Business Illustrated by the Tata
Capital Framework: The Vital Role of the Audit Commitee and Internal Audit
Rose, C., Sherman, D. & Haraszuk, A. 2015 I : Revision & Regnskabsvaesen. 12, s. 58-67
Employee Representation and Board Size in the Nordic Countries
Thomsen, S., Rose, C. & Kronborg, D. 12 mar. 2015 I : European Journal of Law and Economics.
20 s.
Hvad kan bestyrelser lære af OW Bunker-sagen?
Rose, C. 17 jan. 2015 Boersen
Reactions to Corporate Insider’s Transactions: Do Legal Stock Market Disclosure Rules
have an Impact?
Rose, C. & Søpstad, N. 2015 I : European Journal of Law and Economics. 40, 2, s. 247-272
Denmark Country Report: EUFORI Study
Thomsen, S., Poulsen, T. & Børsting, C. D. 2015 Luxembourg: Publications Office of the European
Union. 31 s.
Understanding Board Gender Diversity Beyond Human Capital: The Case of Switzerland
Villeseche, F. & Sinani, E. 2015
What Matters in Location Strategies for Latin American Multinationals: Countries, Regions
or Cities?
Hobdari, B., Sinani, E. & Török, P. 2015
Hasarderet element i model for bankunion
Østrup, F. 15 mar. 2015 I : Økonomisk Ugebrev. 23, 9, s. 20
Mandagsanalyse: Bankunion fyldt med ulemper
Østrup, F. 4 maj 2015 Politiken
18
Collective Endeavors to Address Institutional Contradiction between Gender Identity and
Occupational Identity: A Case Study
Villeseche, F.2015
Enhancing Buyer-Supplier Collaboration through Daily Conversations at Shopfloor Level
Bardon, T., Arnaud, N. & Villeseche, F. 2015
The Past Connect
Bardon, T., Josserand, E. & Villeseche, F. 2015 I : The Smart Manager. Jul-Aug, s. 63-65
The Performance of Gender Diverse Teams: Assessing the Impact of Openness to Diversity
and Degree of Gender Diversity
Lauring, J. & Villeseche, F. 2015
Understanding Board Gender Diversity Beyond Human Capital: The Case of Switzerland
Villeseche, F. & Sinani, E. 2015
Valuing Gender Diversity in Teams: The Importance of Attitudes and Degree of Gender
Diversity
Lauring, J. & Villeseche, F. 2015
Smoke Signal or Smoke Screen?: Why the Media Do Not Disapprove Equally or Overpaid
CEOs
Vergne, J-P., Wernicke, G. & Brenner, S. 2015 - Paper presented at The 15th European Academy
of Management Conference (EURAM) 2015, Warsaw, Polen.
Acquired Inventors’ Productivity after Horizontal Acquisition: Managing the R&D Integration
Process
Colombo, M. G., Moreira, S. & Rabbiosi, L. 2015
Simultaneous Versus Sequential Complementarity in the Adoption of Technological and
Organizational Innovations: The Case of Innovations in the Design Sphere
Battisti, G., Rabbiosi, L. & Colombo, M. G. 2015 I : Industrial and Corporate Change. 24, 2, s. 345-
382
Ledelse, belønning og præstationer version 2.0?
Andersen, L. B., Holm Pedersen, L. & Westergård-Nielsen, N. 2015 I : Samfundsoekonomen. 2, s.
5-10
Ledighed. Politikerne skal øge jobskabelsen
Westergård-Nielsen, N. 11 feb. 2015 Politiken
Omsæt den lave rente til flere job
Westergård-Nielsen, N. 5 jan. 2015 Boersen
Tvivlsom skattepræmie til Danmark
Westergård-Nielsen, N. 20 dec. 2015 Berlingske Tidende
19
Exaggerated Peril
Strand, T. 2015 I: FS Focus. 91, s. 8
Nytt EU-Direktiv ska lösa oklara problem
Strand, T. 2015 I : Nordisk Tidsskrift for Selskabsret. 17, 2, s. 29-41
Re-Thinking Short-Termism and the Role of Patient Capital in Europe: Perspectives on the
New Shareholder Rights Directive, Strand, T.8
mar. 2015I : The Columbia Journal of European Law.66 s.
Do State-Owners Facilitate or Constrain Corporate Strategies of Internationalization?: The
Role of Institutions
Nielsen, B. B., Estrin, S., Meyer, K. & Nielsen, Sabine. 2015 Proceedings of the 57th Annual
Meeting of the Academy of International Business: Global Networks: Organizations and People.
Mudambi, R. & Kiyak, T. (red.). East Lansing, MI: Michigan State University Press, s. 166 1 s.
(Academy of International Business. Annual Meeting. Proceedings, Vol. 57).
Ansæt folk med kompetencer i Skat
Thomsen, S. 7. okt. 2015 Boersen
Bedre ledelse i statslige selskaber
Thomsen, S. 17. apr. 2015 Boersen
Bestyrelsens ansvar for risikostyring
Thomsen, S. 6. maj 2015 Boersen
Dansk forskningspolitik på afveje
Thomsen, S. 23.jan. 2014 Boersen
Denmark Country Report: EUFORI Study
Thomsen, S., Poulsen, T. & Børsting, C. D. 2015 Luxembourg: Publications Office of the European
Union. 31 s.
Der er altid en risiko for korruption
Thomsen, S. 13 jul. 2015 Boersen
Employee Representation and Board Size in the Nordic Countries
Thomsen, S., Rose, C. & Kronborg, D. 12 mar. 2015 I : European Journal of Law and Economics.
20 s.
Erhvervslivet har intet at skamme sig over
Thomsen, S. 20 aug. 2015 Boersen
Erhvervslivets kamp mod terrorisme
Thomsen, S. 24 feb. 2015 Boersen
20
Finanssektoren er overreguleret
Thomsen, S. 8 apr. 2015 Boersen
Fjern hindringerne for børsnotering
Thomsen, S. 2 jul. 2015 Boersen
Forkerte spørgsmål til iværksætterne
Thomsen, S. 6 feb. 2015 Boersen
Lad markedet håndtere snyderne
Thomsen, S. 14 dec. 2015 Boersen
Må den bedste ejer vinde selskabet
Thomsen, S. 23 mar. 2015 Boersen
Misundelse er en stærk drivkaft
Thomsen, S. 10 mar. 2015 Boersen
Nu er der for alvor fart på revolutionen
Thomsen, S. 9 nov. 2015 Boersen
Politisk afmagt og udhuling af frihed
Thomsen, S. 28 jan.. 2015 Boersen
Positiv psykologi i moderne ledelse
Thomsen, S. 8 jan.. 2015 Boersen
Resistance to Change in the Corporate Elite: Female Directors' Appointments onto Nordic
Boards
Gregoric, A., Oxelheim, L., Randoy, T. & Thomsen, S. 5 jun. 2015 I : Journal of Business Ethics.
21 s.
Stop hassardspil med fondsmodellen
Thomsen, S. 26 nov. 2015 Boersen
Strategien der blev væk i dagligdagen
Thomsen, S. 23 jun. 2015 Boersen
Tal ordentligt om topcheferne
Thomsen, S. 16 jan. 2015 Boersen
Toshiba viste os Japans svaghed
Thomsen, S. 11 aug. 2015 Boersen
Ulrik Nødgaards jobskifte gav mening
Thomsen, S. 15 maj 2015 Boersen
21
Vi kan eksportere verdens bedste ejerform
Thomsen, S. 4 nov. 2015 Boersen
Denmark Country Report: EUFORI Study
Thomsen, S., Poulsen, T. & Børsting, C. D. 2015 Luxembourg: Publications Office of the European
Union. 31 s.
Recruitment
CCG has a staff of promising young researchers and shall be a base for nurturing and developing
their talent. As part of this endeavor CCG aims to attract experienced top researchers – some of
them as visiting researchers for a longer period.
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