Emilia Vähämaa

Emilia Vähämaa is Wärtsilä Associate Professor of Finance at Hanken School of Economics, Senior Research Fellow at the Federal Deposit Insurance Corporation (FDIC) in the United States, and docent at the University of Vaasa. Her research interests and teaching expertise lie in the areas of sustainable finance, ESG, corporate governance, and banking. 

Emilia has published, for example, in the Journal of Business Ethics, Journal of Business Research, and Journal of Financial Services Research. She has significant international experience and has spent several longer research periods abroad visiting top universities, such as Harvard University, Alliance Manchester Business School at the University of Manchester, and the University of Central Florida.

Emilia was in charge of a research project for the Finnish Government's Analysis, Assessment, and Research Activities on women's career development challenges. The project's final report and the associated Policy Brief can be accessed here: https://tietokayttoon.fi/-/listayhtioiden-hallitus-ja-johtoryhmatehtava…

Emilia also works in several positions of trust in the academic world and in the organization and foundation sector. For example, she is an Associate Editor in the International Review of Economics and Finance, a board member of the Nasdaq Nordic Foundation, the OP Group Research Foundation’s Scientific Committee, the Nordic Corporate Governance Network, the Editorial Advisory Board in Managerial Finance, and a Financial Committee Member at the Finnish Red Cross, Vaasa branch. Emilia is also a sought-after speaker and trainer in the corporate world, especially regarding sustainable finance and banking. 

Keywords: ESG, sustainability, sustainable investments, corporate governance, corporate boards, female executives, banking

Selected publications:

Ebrahim, A., Palvia, A., Vähämaa, E. & Vähämaa, S. (2025). Poor performance and CEO turnover in community banks: The role of gender in managerial successions. European Journal of Finance, 1-32. 

Fellnhofer, Katharina, Vähämaa, E. & Angelidou, M. (2025). Public trust in regional policymaking and citizen demands for engagement. npj Urban Sustainability, forthcoming.

Buchanan, B., Silvola, H. & Vähämaa, E. (2024). Sustainability and private investors. European Journal of Finance, 1-28.

Ahmed, S., Ranta, M., Vähämaa, E. & Vähämaa, S. (2023). Facial attractiveness and CEO compensation: Evidence from the banking industry. Journal of Economics and Business, Vol. 123, Jan-Feb 2023, 106095. 

Vähämaa, E. (2023). The United Nations' Principles for Responsible Banking and CSR and corporate governance in the banking industry. In The Routledge Handbook of Green Finance. 

Baselga-Pascual, L., Dimic, N. & Vähämaa, E. (2023). Corporate social responsibility and bank credit ratings. In Green Finance Instruments, FinTech, and Investment Strategies: Sustainable Portfolio Management in the Post-COVID Era, pp. 47-64. Springer.

Baselga-Pascual, L. & Vähämaa, E. (2021). Female leadership and bank performance in Latin America. Emerging Markets Review, Vol. 48, Sept 2021.

Palvia, A., Vähämaa, E. & Vähämaa, S. (2020). Female leadership and bank risk-taking: Evidence from the effects of real estate shocks on bank lending performance and default risk. Journal of Business Research, Vol. 117, pp. 897-909. 

Baselga-Pascual, L., Trujillo-Ponce, A., Vähämaa, E. & Vähämaa, S. (2018). Ethical Reputation of Financial Institutions: Do Board Characteristics Matter? Journal of Business Ethics, Vol. 148, No. 3, pp. 489-510.

Crutchley, C. & Vähämaa, E. (2017). European board structure and director expertise: The impact of quotas. Research in International Business and Finance, Vol. 39, Part A, pp. 486–501.

Vähämaa, E. (2017). Female executives and corporate governance. Managerial Finance, Vol. 43, No. 10, pp. 1056­–1072.

Palvia, A., Vähämaa, E. & Vähämaa, S. (2015). Are female CEOs and Chairwomen more conservative and risk averse? Evidence from the banking industry during the financial crisis. Journal of Business Ethics, Vol. 131, No. 3, pp. 577-594.

Peltomäki, J. & Vähämaa, E. (2015). Investor attention to the Eurozone crisis and herding effects in national bank stock indexes. Finance Research Letters, Vol. 14, pp. 111–116.

Peni, E. (2014). CEO and Chairperson characteristics and firm performance. Journal of Management and Governance, Vol. 18, No. 1, pp. 185–205.

Vähämaa, E. (2014). Executive turnover, gender, and earnings management. Accounting Perspectives, Vol. 13 No. 2, pp. 103–122.

Ittonen, K., Vähämaa, E. & Vähämaa, S. (2013). Female auditors and accruals quality. Accounting Horizons, Vol. 27, No. 2, pp. 205–228. 

Peni, E., Smith, S. & Vähämaa, S. (2013). Bank corporate governance and real estate lending during the financial crisis. Journal of Real Estate Research, Vol. 35, No. 3, pp. 313–343.

Ittonen, K. & Peni, E. (2012). Auditor’s gender and audit fees. International Journal of Auditing, Vol. 16, No. 1, pp. 1–18 (leading article).

Peni, E. & Vähämaa, S. (2012). Did good governance improve bank performance during the financial crisis? Journal of Financial Services Research, Vol. 41, Nos. 1–2, pp. 19–35. 

Peltomäki, J. & Peni, E. (2010). Style rotation and the performance of equity long/short hedge funds. Journal of Derivatives and Hedge Funds, Vol. 16, pp. 162–175.

Peni, E. & Vähämaa, S. (2010). Female executives and earnings management. Managerial Finance, Vol. 35, No. 7, pp. 629–645.

Peltomäki, J. & Peni, E. (2009). Is there momentum in cross-sectional anomalies? Journal of Wealth Management, Vol. 12, No. 3, pp. 78–88.