Special Issue of *Corporate Governance: An International Review*

*21st Century Challenges for Corporate Governance *

*Guest Editors*

*Omrane Guedhami*

University of South Carolina

*Sofia Johan*

College of Business, Florida Atlantic University

Tilburg Law and Economics Center (TILEC)

*Florencio Lopez-de-Silanes*

SKEMA Business School

National Bureau of Economic Research (NBER)

*Siri Terjesen *

Kogod School of Business, American University & Norwegian School of

*Keynote Speaker *

*Sanjai Bhagat (University of Colorado at Boulder) *

Submission deadline: December 1, 2019

*Background of the Special Issue*

Corporate governance is in a state of flux.  Changes are brimming in both
developed and developing economies around the world.  There are
considerable regulatory adjustments at national levels as well as
transformations in internal governance at the firm level.

            The sources of internal governance changes are wide and
varied.  Structural changes to the economy have changed the nature of
entrepreneurial firm formation, where the boundaries of the firm are
evolving, maybe even disappearing, in many industries.  Many functions that
used to be within firms are now outsourced.  Managing these outsourced
relations has become more complex, giving rise to new governance problems.

            Modes of finance have likewise evolved, giving rise to more
complex governance solutions. Donations, rewards, and equity crowdfunding,
as well as marketplace lending, also known as alternative finance, have
become much more common in recent years.  These new modes of alternative
finance give rise to new challenges in securing other forms of more
traditional finance for scaling up, and failure to establish proper
governance suitable to the context can give rise to success or failure.  At
the IPO stage, many firms now seek dual class listing structures, which
puts pressure on regulators to facilitate such structure or risk losing
business, such as the case of Alibaba listing in New York instead of Hong

            International integration of firms, business, and trade along
with evolving cultural norms in different regions around the world create
different needs for governance solutions.
Corporate policies, including risk-taking, are increasingly recognized to
be significantly affected by political systems, religion, culture, gender,
race, and legal conditions, among other factors.  Governance solutions vary
widely depending on the legal, ethical, and cultural conditions in
different regions around the world.  Changes that have been widespread at
the national level, including but not limited to changes in political
environments, bankruptcy laws, regulations governing diversity on boards,
and labor laws should therefore logically take into account these factors.

            This special issue seeks papers that investigate the causes and
ensuing consequences of these changes.  A key interest here is for new work
that examines the risks associated with these governance changes.  Also, we
seek papers that investigate skewness effects of these governance changes,
or ‘tipping points’, giving rise to success versus failure.  New corporate
governance research is needed to address these questions.  To this end, new
research papers could be developed around the following themes:

1.      What is the societal role of the modern corporation and the role of
corporate governance in facilitating it?

2.      Do dual-class shares add or create value, and what is the role of
founders and ownership type in corporate governance?

3.      Should corporate governance be tied to sustainability, and if so,
how?  How should governance solutions balance between the different ESG

4.      What are the new agency problems and governance solutions
associated with evolving new economy firms and outsourced functions?

5.      How are corporate polices, risk taking, and ethics affected by
evolving political climates, and how does this interaction depend on
culture, religion, legal institutions, gender, and race?

6.      What are the governance implications associated with the new
innovations in fintech?

7.      How do legal changes such as quotas for diversity on boards,
bankruptcy laws, and labor laws affect entrepreneurial risk taking and
skewness in entrepreneurial outcomes?

Papers addressing other related current governance questions are of course

*Submissions and Review Process*

A paper development workshop will be held at Florida Atlantic University
(Boca Raton, Florida), on *February 28, 2020*.  Attendance is encouraged
but optional. Keynote speaker will be Sanjai Bhagat, Provost Professor of
Finance, University of Colorado at Boulder.  The guest editors will be
available at this conference to assist in the development of research.
Another workshop held with the *Journal of Corporate Finance* on Corporate
Governance Failures will follow on the subsequent day February 29, 2020,
whereby authors are also encouraged, but not required to attend.

The deadline for submission of full papers to the workshop is December 1,
2019.  Submissions have to follow the CGIR style guide to authors and
should be sent to Sofia Johan ([log in to unmask]) and Siri Terjesen (
[log in to unmask]) with the subject line “CGIR Special Issue
Conference”.  Notifications about acceptance to the workshop will be sent
by December 31, 2019.

Fully developed manuscripts should be submitted to CGIR by June 15, 2020
through the CGIR Manuscript Central website Contributors should follow the CGIR
Author Guidelines (which can be found at

Final decisions on papers for the CGIR Special Issue will be made later in
2020 following the journal’s standard procedures. Please note that
acceptance to the workshop does not necessarily guarantee acceptance to the
CGIR Special Issue. Similarly, acceptance to the workshop is not a
condition for submission to the CGIR Special Issue.


Omrane Guedhami, University of South Carolina, [log in to unmask]

Sofia Johan, College of Business, Florida Atlantic University and TILEC,
[log in to unmask]

Florencio Lopez de Silanes, SKEMA Business School and NBER,
[log in to unmask],

Siri Terjesen, Kogod School of Business, American University, and Norwegian
School of Economics, [log in to unmask]

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