2025/2026 KAN-CFSAO1006U Corporate Governance and Finance
English Title | |
Corporate Governance and Finance |
Course information |
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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
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Course coordinator | |
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Main academic disciplines | |
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Teaching methods | |
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Last updated on 13-05-2025 |
Relevant links |
Learning objectives | ||||||||||||||||||||||||
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Course prerequisites | ||||||||||||||||||||||||
Basic (undergraduate) knowledge of economics, finance, accounting and business strategy. | ||||||||||||||||||||||||
Examination | ||||||||||||||||||||||||
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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. |
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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
Research-like activities
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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 | ||||||||||||||||||||||||
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Expected literature | ||||||||||||||||||||||||
Thomsen, Steen and Conyon, Martin (2019). Corporate Governance and Board decisions. DJOEF Publishing and NOW Publishers. London. |