BI Research Centre

Centre for Corporate Governance Research

The CCGR aims to produce high-quality research on how ownership and governance of firms impact value-creation and the welfare of firms’ stakeholders.




    • Tuesday, 12 November 2019 - BI Doctoral scholarship in corporate governance

      The Centre for Corporate Governance Research is inviting applications for a doctoral scholarship in corporate governance, start date August 2020.

    • Sunday, 24 February 2019 - BI CCGR decided to fund three new projects

      CCGR decided to fund the three new projects "Family Firms, Networks, and Constraints", "The Effects of Firm Ownership Structure on Firm Performance: A Labor Market Channel" and "Conflicts in Private Family Firms".



    • Tuesday, 12 December 2017 - Oxford Business Law Blog CCGR project featured on Oxford Business Law Blog

      The ECGI working paper “Dividends and Taxes: The Moderating Role of Agency Conflicts” was recently featured on the Oxford Business Law Blog.

    • Thursday, 09 November 2017 - Harvard Law School Forum CCGR project featured on Harvard Law School Blog

      The paper “Shareholder conflicts and dividends”, forthcoming in the Review of Finance, was recently featured on the blog of Harvard Law School Forum on Corporate Governance and Financial Regulation.

    • Thursday, 30 March 2017 - CCGR CCGR funds one new project

      The CCGR has decided to fund the project “Executive Compensation in Marketing”.

    • Monday, 13 March 2017 - CCGR Hosting the 2nd BI Conference on Corporate Governance

      The CCGR will host the BI Conference on Corporate Governance for the second time on June 2, 2017. Eight leading international researchers will present new work, which will be discussed by prepared colleagues and the general audience. Participation is by invitation, only.


    • Friday, 01 January 2016 - BI CCGR decided to fund two new projects

      The CCGR has decided to fund the two new projects “Capital Structure and Entrepreneurial Wealth“ and “The Impact of Managerial Biases on Firm Performance and Policies“.



    • Wednesday, 02 April 2014 - BI New working paper

      Liquidity and Shareholder Activism. This paper studies blockholders' incentives to intervene in corporate governance. Theory suggests activists may recoup expenses through informed trading of target firms' stock when stocks are liquid. The paper show that stock liquidity increases the probability of activism, but less so for potentially overvalued fi rms where privately informed blockholders may have greater incentives to sell their stake than to intervene. It also document that activists accumulate more stocks in targets the more liquid is the stock. The paper conclude that liquidity helps overcome the free-rider problem and induces activism via pre-activism accumulation of target firms' shares.

    • Wednesday, 12 March 2014 - BI Three new projects

      The CCGR solicited proposals for research projects in November 2013. Three proposals successfully passed the evaluation, and will have startup dates during spring 2014.




    • Monday, 19 December 2011 - BI Stockholder Conflicts and Dividend Policy

      This paper examines how majority stockholders use the firm’s payout policy to influence this conflict in a large sample of Norwegian private firms. They find that the stronger the potential conflict between the stockholders as reflected by the firm’s ownership structure, the higher the proportion of earnings paid out as dividends. This tendency to reduce stockholder conflicts by dividend payout is more pronounced when the minority is weak and when a family’s majority block is held by a single individual. They also find evidence that a minority-friendly payout policy is associated with higher future minority investment in the firm. These results suggest that potential agency costs are mitigated by the firm’s dividend policy when the majority stockholder benefits in the longer run from not opportunistically exploiting the minority.

    • Saturday, 10 December 2011 - BI When Does Cash Matter?

      This paper studies the association between a firm’s cash holdings and its performance. Using a large sample of private companies, they find that the importance of cash for a firm’s performance varies substantially with its size and the conditions it faces. When there are negative shocks to industry or macroeconomic conditions, there is a positive association between cash holdings and performance for small firms. This association is much weaker for large firms. There is no association between cash holdings and performance for other types of conditions. Consistent with the benefits from cash holdings depending on a firm’s ability – and willingness – to use external financing, small firms borrow less than large firms during negative shocks.

    • Thursday, 20 January 2011 - BI The Marginal Value of Cash, Cash Flow Sensitivities, and Bank-Finance Shocks in Nonlisted Firms

      This paper study how external financing costs affect the cash flow trade-offs made by nonlisted firms. The objective is two-fold: First, understand how nonlisted firms typically trade off financial, real, and distributive allocations; that is, how do they finance fluctuations in their cash flow. Little is known about corporate decision making in closely-held firms which do not have access to public equity and debt markets. Second, how shocks to the cost of external finance affect firms' cash flow trade-offset to what extent do they substitute between external and internal finance and to what extent do dividends and investments adjust?

    • Thursday, 06 January 2011 - BI Laddering in Initial Public Offering Allocations

      This paper study how Tying Initial Public Offering (IPO) allocations of common stock to after-listing purchases in the IPO shares, a process referred to as IPO laddering, has resulted in large-scale investigations of the major investment banks by the SEC and the National Association of Securities Dealers (NASD). With a new and unique dataset of 16,593 IPO allocations on the Oslo Stock Exchange (OSE), we confirm the SECs suspicion that IPO allocations are dependent on after-listing trading.


    • Wednesday, 10 March 2010 - BI Agency Conflicts and Auditing in Private Firms

      This paper provide a detailed examination of auditor effort in various agency settings of privately held firms. Specifically, they measure the relation between abnormal audit fees and firm-level characteristics related to ultimate ownership and family relationships among shareholders, CEOs, and board members. Their results contribute to understanding agency costs for an economically important subset of firms (i.e., private companies) that have received limited attention in the literature.


    • Tuesday, 15 December 2009 - BI New journal publication

      The paper "Unoterte aksjeselskaper er viktige, uutforskede og spesielle" written by Janis Berzins and Øyvind Bøhren is published in "Praktisk Økonomi og Finans, nr. 2, 2009".

    • Friday, 03 July 2009 - BI Working paper - Liquidity and Shareholder Activism

      This paper documents that stock liquidity improves shareholders’ incentive to monitor management. Using a hand-collected sample of contested proxy solicitations and shareholder proposals as occurrences of shareholder activism, they find that poor firm performance increases the probability of shareholder activism and that this relationship is much stronger for firms with liquid stock than for other firms. The conclusion that liquidity improves monitoring is robust to different measures of firm performance and liquidity. They also document that target shareholders earn positive abnormal returns on the announcement date of activism and conclude that shareholder activism creates shareholder value.

    • Friday, 03 July 2009 - BI Working paper accepted for publication in Accounting Review

      We are happy to announce that the CCGR working paper "Auditor independence in a private firm and low litigation risk setting" has been accepted for publication in the Accounting Review. The authors Ole-Kristian Hope and John Christian Langli are the first to receive the CCGR grant of NOK 100.000 for publication in an A journal.

    • Friday, 15 May 2009 - BI The 4th CCGR workshop

      Two ongoing CCGR projects and seven project plans were presented and discussed. Info about the project types, titles, team leaders, team members, and project outlines, can be found under the "Projects" tab.

    • Monday, 09 March 2009 - BI Eight new projects

      The CCGR solicited proposals for research projects in November 2008. Eight proposals successfully passed the evaluation, and will have startup dates during spring 2009.


    • Wednesday, 01 October 2008 - BI Corporate finance and governance in firms with limited liability: Basic characteristics

      This study analyzes a wide range of corporate finance and governance characteristics in all active Norwegian firms with limited liability, including about 77,000 nonlisted (private) firms and 135 listed (public) firms per year, over the period 1994-2005. The unexplored nature of nonlisted firms makes us address a large set of characteristics, and to focus more on describing overall patterns in the data rather than making elaborate tests of behavioral hypotheses.

    • Thursday, 22 May 2008 - BI May 22-24: Conference on the Corporate finance and governance of privately held firms

      Non-listed firms probably account for the largest portion of value creation and employment in virtually any country around the world. These firms are likely to evolve and utilize governance structures and to face specific financing challenges that are very different from those of publicly traded corporations. The objective of this international conference is to take some initial steps toward a better understanding of how privately held firms are governed and financed.

    • Friday, 11 January 2008 - BI The 3rd CCGR workshop

      Seven teams presented and discussed their findings after about 15 months of research activity. Most of the teams are now close to having a working paper ready.


    • Thursday, 29 November 2007 - BI Working Paper - Auditor independence in a private firm setting

      Although private firms predominate in the economy worldwide, there has been little, if any, prior research on auditor independence in a private firm setting. Ole-Kristian Hope and John Christian Langli investigate whether auditors are willing to sacrifice their independence in exchange for retaining clients that pay abnormally large fees for audit and/or non-audit services. Media exposure: Aftenposten, Den norske Revisorforening, NSM BI

    • Tuesday, 15 May 2007 - BI The 2nd CCGR workshop

      Seven research teams presented and discussed the preliminary findings after half a year of research activity.


    • Friday, 22 September 2006 - BI The 1st CCGR workshop

      The objective of this kickoff event was to encourage cooperation and mutual support across the research teams. Each team presented its research plan, which was commented upon by a discussant and the general audience.

    • Tuesday, 15 August 2006 - BI Financial support from NFR

      Triggered by a private gift to fund research projects and a chaired professorship in corporate governance, the Research Council of Norway (NFR) granted NOK 2.5 to the CCGR (socalled Gaveforsterking).

    • Tuesday, 11 July 2006 - BI Project funding decision

      The CCGR granted financial support to three seed projects and ten regular projects.

    • Tuesday, 09 May 2006 - BI Canica grant

      Canica AS decided to support the research activities of the CCGR by a NOK 5 mill. grant.

    • Thursday, 06 April 2006 - BI Invitation for research proposals

      The CCGR announced its intention to fund promising research in corporate governance by specifying key characteristics of a successful project description