Journal of Corporate Finance Special Issue Conference 2023
The Journal of Corporate Finance Special Issue Conference on Ownership and Corporate Social and Sustainable Policies
August 21-22, 2023
Hanken School of Economics, Helsinki, Finland
Conference details
JCF SI Conference 2023
To deepen our understanding of these issues, a 2-day conference on the same theme will be hosted by the Department of Finance and Economics, Hanken School of Economics, Helsinki, Finland, August 21-22, 2023. This conference will include keynote speeches, paper presentations, and panel discussions.
KEYNOTE SPEAKERS:
- Prof. David Denis, Roger S. Ahlbrandt, Sr. Chair in Finance, University of Pittsburgh
- Prof. Ken Lehn, Founding editor of the JCF, University of Pittsburgh
- Prof. Belen Villalonga, Professor of Management and Organizations, New York University and ECGI
CONFERENCE ORGANIZING COMMITTEE
- Joseph Fan, University of Queensland
- Gerald Garvey, BlackRock
- Vidhan Goyal, Hong Kong University of Science and Technology
- Jonathan Karpoff, University of Washington and ECGI
- Kam-Ming Wan, Hanken School of Economics (Chairman)
Keynote Speeches and Aacdemic Forum
Keynote Speeches and Aacdemic Forum
Conference program
Final Conference Program
Conference Papers
Conference Papers
Monday, August 21, 2023
9:40 am - 11:10 am
JCF SI 1: ESG: Roles of Insiders and Investors - Assembly Hall
Stuart Gillan, University of North Texas
Martijn Adriaan Boermans, De Nederlandsche Bank
Rients Galema, Utrecht University
Mark Shackleton, Lancaster University
Chelsea Yaqiong Yao, Lancaster University and NYU Stern
Ziran Zuo, Lancaster University
Zoey Yiyuan Zhou, Hong Kong University of Science and Technology
13:00 pm - 14:30 pm
Investors and ESG - A309
C. S. Agnes Cheng, University of Oklahoma
Stuart Gillan, University of North Texas
Naciye Sekerci, KU Leuven & KWC Lund University
Laura Starks, University of Texas at Austin
Pat Akey, University of Toronto
Ian Appel, University of Virginia (Darden)
Nickolay Gantchev, University of Warwick
Mariassunta Giannetti, Stockholm School of Economics
Rachel Li, University of Alabama
Voting and Sustainability - A306
Rune Stenbacka, Hanken School of Economics
Adam Meirowitz, Yale University
Shaoting Pi, Iowa State University
Matthew C. Ringgenberg, University of Utah
Doron Levit, University of Washington
Nadya Malenko, Boston College
Ernst Maug, University of Mannheim
Thomas Geelen, Copenhagen Business School
Jakub Hajda, HEC Montreal
Jan Starmans, Stockholm School of Economics
14:45 pm - 16:15 pm
Institutional Ownership - A309
Cindy Alexander, George Mason University
Katharina Lewellen, Dartmouth College
Gordon Phillips, Dartmouth College
Giorgo Sertsios, University of Wisconsin Milwaukee
Matthew Gustafson, Penn State University
Ai He, University of South Carolina
Ugur Lel, University of Georgia
Zhongling (Danny) Qin, Auburn University
Andre Poyser, University of Otago
Sebastian Gehricke, University of Otago
Katharina Ruckstuhl, University of Otago
Layoffs - A306
Jesper Haga, Hanken School of Economics
Marius Guenzel, University of Pennsylvania
Clint Hamilton, UC Berkeley
Ulrike Malmendier, UC Berkeley
Jiajun Tao, City University of London
Anthony Rice, Chinese University of Hong Kong
Christoph Schiller, Arizona State University
Stakeholders - A304
Dennis Sundvik, Hanken School of Economics
Amy Cyr-Jones, University of Utah
Sara Malik, University of Utah
Matthew C. Ringgenberg, University of Utah
Kiseo Chung, Texas Tech University
Hwanki Brian Kim, Baylor University
Siu Kai Choy, King’s College London
Tat-Kei Lai, IESEG School of Management
Kam-Ming Wan, Hanken School of Economics
16:30 pm - 18:00 pm
JCF SI 2: Ownership Types - Assembly Hall
Joseph Fan, University of Queensland
David Schröder, Copenhagen Business School
Steen Thomsen, Copenhagen Business School
Oussama El Moujahid, Utrecht University
Bart Frijns, Open University
S. Abraham Ravid, Yeshiva University
Naciye Sekerci, KU Leuven & KWC Lund University
Daniel Neukirchen, Technical University of Dortmund
Gerrit Köchling, Technical University of Dortmund
Peter N. Posch, Technical University of Dortmund
Tuesday, August 22, 2023
10:15 am - 11:45 am
JCF SI 3: Controlling Shareholders - Assembly Hall
Morten Bennedsen, University of Copenhagen & INSEAD
Belen Villalonga, New York University
Peter Tufano, Harvard Business School
Boya Wang, Morningstar
Marcin Borsuk, Polish Academy of Sciences
Nicolas Eugster, University of Queensland
Paul-Olivier Klein, University of Lyon
Oskar Kowalewski, IESEG School of Management
Johannes A. Barg, University of Hamburg
Wolfgang Drobetz, University of Hamburg
Sadok El Ghoul, University of Southern Carolina
Omrane Guedhami, University of Southern Carolina
Henning Schröder, European-University of Flensburg
12:45 pm - 14:15 pm
JCF SI 4: ESG - Assembly Hall
Kristine Hankins, University of Kentucky
Hye Seung (Grace) Lee, Fordham University
Jesus Salas, Lehigh University
Ke Shen, Lehigh University
Ke Yang, Lehigh University
Erika Berle, University of Stavanger
Wanwei (Angela) He, University of Stavanger
Bernt Arne Odegaard, University of Stavanger
Taehyun Kim, Chung-Ang University
Yongjun Kim, University of Seoul
14:30 pm - 16:00 pm
Creditors and Rating Agencies - A309
Henry Jarva, Hanken School of Economics
Ye Zhang, Stockholm School of Economics
Winta Beyene, University of Zurich
Matteo Falagiarda, European Central Bank
Steven Ongena, University of Zurich
Alessandro Diego Scopelliti, KU Leuven
Ruoke Yang, U.S. Securities and Exchange Commission
Investors, Stakeholders and ESG - A306
Zeyu Zhao, University of Copenhagen
Anna Agapova, Florida Atlantic University
Tatiana Garanina, University of Vaasa
Jukka Sihvonen, Aalto University
Emilia Vähämaa, Hanken School of Economics
Yuchen Zhang, University of Utah
Gonul Colak, University of Sussex and Hanken School of Economics
Jonas Gustafsson, Hanken School of Economics
Niclas Meyer, Hanken School of Economics
Controlling Ownership - A304
Eva Liljeblom, Hanken School of Economics
Vesa Pursiainen, University of St. Gallen
Tereza Tykvova, University of St. Gallen
Lei Lei, Hong Kong Polytechnic University
Ji-Chai Lin, Hong Kong Polytechnic University
Jan Antell, Hanken School of Economics
Karl Felixson, Hanken School of Economics
Eva Liljeblom, Hanken School of Economics
Niclas Meyer, Hanken School of Economics
Registration and fees
Due to capacity constraints, registration will be closed once we reach the target number of participants.
To register, please complete (1) and (2) below:
1) Fill out the registration form AND
2) Pay the registration fee EUR 300 per person
Accommodation
Accommodation Details
The conference has reserved a discounted accommodation allotment at Radisson Blu Royal Hotel (Runeberginkatu 2, Helsinki, Finland) from August 20-22, 2023. The conference special rate for a standard single room is €147/night and that for a standard double room is €167/night.
Conference attendees hoping to book a room at the Radisson Blu Royal Hotel can contact the sales department via phone at +358 300 870 010/individual room reservations or via email at reservations.finland@radissonblu.com and use the reference code “Hanken2023” when booking. A credit card guarantee is required. Booking are to be made prior 23.7.2023. Please note that rooms with the allotment code are subject to availabilty.
Conference venue
Conference Venue: Hanken School of Economics, Arkadiankatu 22, 00100 Helsinki, Finland
Hanken is a leading, internationally accredited university with more than a 110 years of experience in education and research in economics and business administration.Our research is of an international high standard and is the foundation for all education. Hanken has close ties to the business community and an active alumni network with over 14 000 alumni working in more than 70 countries. The study environment is international and Hanken operates in both Helsinki and Vaasa, Finland.
Call for papers
Call for Papers for a Journal of Corporate Finance Special Issue on Ownership and Corporate Social and Sustainable Policies
GUEST EDITORS:
- Morten Bennedsen, University of Copenhagen, INSEAD, and ECGI
- Joseph Fan, University of Queensland
- Stuart Gillan, University of North Texas
RATIONALE
Friedman (1970) argues that the social responsibility of business is to increase profit. This shareholder primacy view of corporation has been the paradigm for decades and justifiable under a perfect market assumption. In reality, markets are imperfect due to costs of transacting (Coase, 1937). Recently, the paradigm has shifted towards a stakeholder primacy view which gives more voice to stakeholders. Stakeholder groups exert increasing pressure on modern corporations to implement social and sustainablity policies to enhance their own values. This view also has limitations because stakeholder objectives are often poorly defined and their rationale is elusive. It ignores the necessity of long-term survival of the corporation and the disciplining role of markets (Karpoff, 2021).
The special issue uses transaction costs as a starting point to understand the paradigm shift because transaction costs impose a specific identity and control potential on corporations. They lead to heterogeneity in ownership structure and control, corporate diversification, compensation policies, and owner types across corporations (Demsetz and Lehn, 1985; Jensen and Murphy, 1990; Denis et al., 1997; Demsetz and Villalonga, 2001; Gillan and Starks, 2007; Villalonga, 2018). As such heterogeneities are an endogenous outcome of a maximizing process, they should be main determinants of corporate social and sustainable policies because ownership structure, which defines residual claimant rights, is the foundation of economic organizations (Alchian and Demsetz, 1972). Despite its importance, the relationships between ownership structure and owner types, compensation policies, as well as corporate social and sustainable policies are rarely jointly examined in the literature.
The Journal of Corporate Finance Special Issue (JCF SI) will emphasize the role of ownership structure, owner types on corporate social and sustainability policies and incentive compensation tied to such policies and stakeholder objectives.
Some research questions that contributions to the special issue might address are:
- What is the role of corporations in society?
- What is the interplay between stakeholder groups and owner types?
- Whether (and why) sustainable and responsible policies differ across ownership structure and owner types?
- How do different owner types perform on social and environmental dimensions?
- Whether and to what extent executive compensation contracts are designed to enhance stakeholder objectives and whether such contracts differ across ownership structure and owner types?
- How should corporate executives formulate sustainable and responsible policies
- How do different stakeholder types perform on social and environmental dimensions?
Paper submission
The conference has two paper submission tracks:
The conference-track accepts paper submissions only for conference presentation.
The dual-track accepts paper submissions for both conference presentation and consideration for the Journal of Corporate Finance Special Issue.
A non-refundable submission fee of €50/paper will be charged for both conference-track and dual-track submissions. Dual-track papers invited to submit to the Special Issue will pay the standard Journal of Corporate Finance submission fee of US$300 when submitted to the Journal.
To be considered for either track at the conference, please email your paper in a single PDF file to submit-jcf2023@hanken.fi before 1 April 2023. In the subject of the email, please indicate paper submission track: Conference-track or Dual-track. Submissions will only be considered after payment of the submission fee via PaymentStart (to be opened on Dec. 15, 2022).
The papers will be selected based on a standard review process and notification of acceptance will be sent on 1 June 2023.
Contact information
Questions
For questions related to paper submissions or the JCF SI conference, please email Kam-Ming Wan at jcf2023@hanken.fi. Further details of paper submissions and the conference can be found on the conference website: https://www.hanken.fi/en/departments-and-centres/department-finance-and…