Conference on Ownership and Corporate Social and Sustainable Policies

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CfP Deadline Date:
April 01, 2023

Conference Event:
August 21-22, 2023

Event Location:
Helsinki, Finland

Keynote speaker(s):

  • Prof. David Denis, Roger S. Ahlbrandt, Sr. Chair in Finance (University of Pittsburgh)
  • Prof. Ken Lehn, Founding editor of the JCF (University of Pittsburgh)
  • Prof. Belen Villalonga, Professor of Management and Organizations (New York University)


  • Gerald Garvey, Blackrock
  • Vidhan Goyal, Hong Kong University of Science and Technology
  • Jonathan Karpoff, University of Washington
  • Kam-Ming Wan, Hanken School of Economics (Chairman)

Friedman (1970) argues that the social responsibility of business is to increase profit. This shareholder primacy view of corporation has been the paradigm for decades and justifiable under a perfect market assumption. In reality, markets are imperfect due to costs of transacting (Coase, 1937). Recently, the paradigm has shifted towards a stakeholder primacy view which gives more voice to stakeholders. Stakeholder groups exert increasing pressure on modern corporations to implement social and sustainablity policies to enhance their own values. This view also has limitations because stakeholder objectives are often poorly defined and their rationale is elusive. It ignores the necessity of long-term survival of the corporation and the disciplining role of markets (Karpoff, 2021).

The special issue uses transaction costs as a starting point to understand the paradigm shift because transaction costs impose a specific identity and control potential on corporations. They lead to heterogeneity in ownership structure and control, corporate diversification, compensation policies, and owner types across corporations (Demsetz and Lehn, 1985; Jensen and Murphy, 1990; Denis et al., 1997; Demsetz and Villalonga, 2001; Gillan and Starks, 2007; Villalonga, 2018). As such heterogeneities are an endogenous outcome of a maximizing process, they should be main determinants of corporate social and sustainable policies because ownership structure, which defines residual claimant rights, is the foundation of economic organizations (Alchian and Demsetz, 1972). Despite its importance, the relationships between ownership structure and owner types, compensation policies, as well as corporate social and sustainable policies are rarely jointly examined in the literature.

The Journal of Corporate Finance Special Issue (JCF SI) will emphasize the role of ownership structure, owner types on corporate social and sustainability policies and incentive compensation tied to such policies and stakeholder objectives.

Some research questions that contributions to the special issue might address are:

• What is the role of corporations in society?

• What is the interplay between stakeholder groups and owner types?

• Whether (and why) sustainable and responsible policies differ across ownership structure and owner types?

• How do different owner types perform on social and environmental dimensions?

• Whether and to what extent executive compensation contracts are designed to enhance stakeholder objectives and whether such contracts differ across ownership structure and owner types?

• How should corporate executives formulate sustainable and responsible policies

• How do different stakeholder types perform on social and environmental dimensions?

Journal of Corporate Finance Special Issue Conference 2023

To deepen our understanding of these issues, a 2-day conference on the same theme will be hosted by the Department of Finance and Economics, Hanken School of Economics, Helsinki, Finland, August 21-22, 2023. This conference will include keynote speeches, paper presentations, and panel discussions.


The conference has two paper submission tracks:

The conference-track accepts paper submissions only for conference presentation.

The dual-track accepts paper submissions for both conference presentation and consideration for the Journal of Corporate Finance Special Issue.

A non-refundable submission fee of €50/paper will be charged for both conference-track and dual-track submissions. Dual-track papers invited to submit to the Special Issue will pay the standard Journal of Corporate Finance submission fee of US$300 when submitted to the Journal.

To be considered for either track at the conference, please email your paper in a single PDF file to before 1 April 2023. In the subject of the email, please indicate paper submission track: Conference-track or Dual-track

Submissions will only be considered after payment of the submission fee via Elsevier’s Editorial Manager.

The papers will be selected based on a standard review process and notification of acceptance will be sent on 1 June 2023.

For questions related to paper submissions or the JCF SI conference, please email Kam-Ming Wan at

Further details of paper submissions and the conference can be found on the conference website:

Link CfP&Conference:
Conference on Ownership and Corporate Social and Sustainable Policies