| Learning objectives |
- Identify and analyse corporate governance problems.
- Assess how corporate governance shapes corporate finance
including value creation, investment decisions and corporate
sustainability
- Analyse how the corporate governance of a particular company is
likely to influence its behaviour and economic performance.
- Analyse how company boards exercise their key functions of
stewardship, strategy, succession and
supervision
|
| Course prerequisites |
| Basic (undergraduate) knowledge of economics,
finance, accounting and business strategy. |
| Examination |
|
Corporate
Governance & Finance:
|
| Exam
ECTS |
7,5 |
| Examination form |
Written sit-in exam on CBS'
computers |
| Individual or group exam |
Individual exam |
| Assignment type |
Written assignment |
| Duration |
4 hours |
| Grading scale |
7-point grading scale |
| Examiner(s) |
One internal examiner |
| Exam period |
Spring |
| Aids |
Closed book: no aids
However, at all
written sit-in exams the student has access to the basic IT
application package (Microsoft Office (minus Excel), digital pen
and paper, 7-zip file manager, Adobe Acrobat, Texlive, VLC player,
Windows Media Player), and the student is allowed to bring simple
writing and drawing utensils (non-digital). PLEASE NOTE: Students
are not allowed to communicate with others during the
exam. |
| Make-up exam/re-exam |
Same examination form as the ordinary exam
The number of registered candidates for the make-up
examination/re-take examination may warrant that it most
appropriately be held as an oral examination. The programme office
will inform the students if the make-up examination/re-take
examination instead is held as an oral examination including a
second examiner or external examiner.
|
Description of the exam
procedure
Analysis of key topics taught in the course including both
theoretical and practical governance issues.
|
|
| Course content, structure and pedagogical
approach |
|
The course develops economic and behavioral theories as
a framework for analyzing corporate governance and value
creation. For example shareholder value maximization can be
implemented through contestable ownership, removal of takeover
barriers, independent boards, stock option programs and legal
protection of minority investors. Stakeholder value or
social objectives can be implemented through other governance
structures. Corporate governance in turn has implications for
financial objectives, for example risk preferences or attention to
stakeholders. The course will cover agency and other
governance theories, alternative governance mechanisms,
international corporate governance, corporate governance codes,
ownership structure, boards ,executive compensation and compliance.
The aim of this course is to gain an in-depth understanding of
corporate governance and how corporate governance interacts with
corporate finance to influence corporate performance. The course
will introduce the students to corporate governance issues and
teach them to analyse how different corporate governance mechanisms
– like ownership and board structure, legal systems and incentives
– contribute to the solution of agency problems and thereby
influence corporate economic performance. The couse will explain
how company boards exercise their key functions of stewardship,
strategy, succession and supervision. Using this framework the
course will then study the impact of corporate governance on
corporate performance depending on company specific factors. The
course will enable students to analyse corporate governance issues
relevant to an individual company including an assessment of how
ownership, board structure and national corporate governance
systems influence company performance.
|
| Description of the teaching methods |
| Lectures and case discussions. Some material will
be uploaded as teaching videos and some will be arranged as on-line
seminars. |
| Feedback during the teaching period |
| Oral feedback on classroom case discussions.
Exercise classes give the students the opportunity to practice
analyzing theoretical as well as practical corporate governance
questions which will also be the topics of the final
exam. |
| Student workload |
| Preparation |
128 hours |
| Teaching |
30 hours |
| Exam |
48 hours |
|
| Expected literature |
|
Thomsen, Steen and Conyon, Martin (2019). Corporate
Governance and Board decisions. DJOEF Publishing and
NOW Publishers. London.
|
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