Journal of Corporate Finance Special Issue Conference 2023

Summer in Helsinki
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

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.


- 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

- 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)

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

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 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 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: 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 for a Journal of Corporate Finance Special Issue on Ownership and Corporate Social and Sustainable Policies


- Morten Bennedsen, University of Copenhagen, INSEAD, and ECGI
- Joseph Fan, University of Queensland
- Stuart Gillan, University of North Texas


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?

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 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.


For questions related to paper submissions or the JCF SI conference, please email Kam-Ming Wan at Further details of paper submissions and the conference can be found on the conference website:…