English   Danish

2025/2026  KAN-CFSAO1006U  Corporate Governance and Finance

English Title
Corporate Governance and Finance

Course information
Language English
Course ECTS 7.5 ECTS
Type Mandatory
Level Full Degree Master
Duration One Semester
Start time of the course Spring
Timetable Course schedule will be posted at calendar.cbs.dk
Study board
Study Board for Finance, Economics & Mathematics
Course coordinator
  • Steen Thomsen - Department of Accounting (AA)
Main academic disciplines
  • Corporate governance
  • Economics
Teaching methods
  • Blended learning
Last updated on 13-05-2025

Relevant links
Learning objectives
  • Identify and analyse corporate governance problems using agency theory and other governance theories.
  • 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, sustainability and economic performance.
  • Analyse how company boards exercise their key functions of stewardship, strategy, succession and supervision and how it matters to company performance
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 Office365 (minus Excel), document camera and paper, 7-zip file manager, Adobe Reader DC, PDF24, Texlive, VLC player, Windows Media Player – ATTENTION no sound allowed), 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. Use of generative AI is not permitted.

 
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, sustainability 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 and sustainability. 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 and sustainablity. 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 behaviour and performance. 
Research-based teaching
CBS’ programmes and teaching are research-based. The following types of research-based knowledge and research-like activities are included in this course:
Research-based knowledge
  • Classic and basic theory
  • New theory
  • Teacher’s own research
Research-like activities
  • Development of research questions
  • Discussion, critical reflection, modelling
Description of the teaching methods
Lectures and case discussions. Some materials 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.
Last updated on 13-05-2025