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2025/2026  KAN-CGMAV2501U  Varieties of Corporate Governance: Navigating Global Systems

English Title
Varieties of Corporate Governance: Navigating Global Systems

Course information
Language English
Course ECTS 7.5 ECTS
Type Elective
Level Full Degree Master
Duration One Semester
Start time of the course Autumn
Timetable Course schedule will be posted at calendar.cbs.dk
Study board
Study Board of Governance, Law, Accounting & Management Analytics
Course coordinator
  • Caspar Rose - Department of Accounting (AA)
Main academic disciplines
  • Corporate governance
  • Finance
  • Economics
Teaching methods
  • Face-to-face teaching
Last updated on 13-02-2025

Relevant links
Learning objectives
  • Knowledge of various global corporate governance systems with respect to ownership and board structure, financial system as well as the legal framework
  • Ability to navigate between different versions of the capitalistic system in relation to key stakeholders, such as investors, management, board members, employees, customers, suppliers as well as political decision makers
  • Knowledge of how New Institutional Economics influence different corporate governance systems and political goals
Course prerequisites
Knowledge of basic economics and corporate finance
Prerequisites for registering for the exam (activities during the teaching period)
Number of compulsory activities which must be approved (see section 13 of the Programme Regulations): 1
Oral presentations etc.
Group student presentation
Examination
Varieties of Corporate Governance: Navigating Global Systems:
Exam ECTS 7,5
Examination form Home assignment - written product
Individual or group exam Individual exam
Size of written product Max. 15 pages
Assignment type Written assignment
Release of assignment The Assignment is released in Digital Exam (DE) at exam start
Duration 2 weeks to prepare
Grading scale 7-point grading scale
Examiner(s) Internal examiner and second internal examiner
Exam period Winter
Make-up exam/re-exam
Same examination form as the ordinary exam
Hand in of a new home assigment with a new exam question.
Description of the exam procedure

Aim of the Course:


The purpose of the course is to provide students with a profound knowledge of various global corporate governance systems with respect to ownership and board structure, financial system as well as the legal framework.

 

The focus of the course is the modern listed corporation characterized by the separation of ownership and control, and the associated agency costs, including excessive managerial remuneration and inequality, failure to create value in M&As, societal externalities, insufficient sustainability etc.  


The objective is to develop the student’s ability to navigate between different versions of the capitalistic system in relation to key stakeholders, such as investors, management, board members, employees, customers, suppliers as well as political decision makers. 

 

The corporation is viewed as a nexus of contracts between various stakeholders. Relevant questions within this framework are addressed such as what is the purpose of a corporation, and which stakeholders should top management (CEO/chair/board members) be loyal towards?  

 

The course relies on the insights from new institutional economics where social norms and legal rules play a crucial role while explicitly recognizing the consequences of imperfect information, bounded rationality, opportunistic behavior, decision biases, the lack of legal enforcement, transaction and monitoring costs. 

 

These insights are used to study how different global governance systems influence the functioning of capital markets as well as key political issues such as: growth, inequality, wealth, labor and sustainability. 

 

Such analytical skills are crucial when navigating between different global corporate governance systems. The ability to analyze the consequences of changes in the global corporate governance systems will undoubtedly benefit the students in their coming business career.

 

At the same time, students will be able to evaluate how such changes influence capital markets as well as key political priorities in societies.  

 

 
Course content, structure and pedagogical approach

Contents:

 

The political economy of corporate governance

 

Key concepts such as; agency costs, market failures, asymmetric information, separation of ownership  and control

 

Key corporate governance characteristics, including ownership and board structure, managerial remuneration, investor protection, and variations of capital markets

 

Overview of global Corporate Governance systems and capitalistic models

 

Key concepts within New Institutional Economics

 

The purpose of the corporation, corporate stakeholders and managements duty of loyalty 

 

The political economy of growth, inequality and wealth in a globalized world

 

Law, economics and incentives, including how law shapes the distribution of wealth

 

Learning process

 

Research and theory-based lectures mixed with exercises, mini cases and student presentations. 

 

Lectures provide the students with the theoretical and conceptual framework of the course while student presentations serve to strengthen the students critical analytical mindset. 

 
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
  • Models
Research-like activities
  • Development of research questions
  • Analysis
  • Discussion, critical reflection, modelling
Description of the teaching methods
Lectures provide the students with the theoretical and conceptual framework of the course while student presentations serve to strengthen the students critical analytical mindset.
Feedback during the teaching period
Questions during dialogue based lectures
Student workload
Undervisning 30 hours
Eksamen og eksamensforberedelse 20 hours
Forberedelse 156 hours
Expected literature

Hall, P. and Soskice D. Varieties of Capitalism, The Institutional Foundations of Comprative advantage

Pistoer, K. The Code of Capital

Fischer L. (editor), Rethinking Economics - an Introduction to Pluralist Economics.

Various pulished peer-review scientific articles 
Last updated on 13-02-2025