Cardiff Business School People

Professor Marc Goergen

Head of Section
Professor of Finance

Email:
GoergenM@cardiff.ac.uk
Telephone:
+44 (0)29 208 76450
Location:
B29, Aberconway Building, Colum Drive, Cardiff, CF10 3EU
External link:
Prof. Marc Goergen on Corporate Governance

  • DPhil in Economics (Keble College, University of Oxford)
  • Master of European Business with honours (Solvay Business School, Université Libre de Bruxelles, Belgium)
  • Licence en Sciences Economiques with honours (Université Libre de Bruxelles, Belgium)
  • Certificate in Investment Management (Investment Management Evening Programme, London Business School)
  • General Certificate (International Securities Market Association)

Teaching commitments

  • Corporate Governance (MBA; module leader)
  • International Corporate Finance (Postgraduate; module leader)
  • Business and Management Research in Practice (MRes; contributor)

Research interests

  • Corporate governance
  • Boards of directors
  • Private equity
  • Initial public offerings (IPOs)
  • Insider trading
  • Dividend policy

Research projects

The employment effects of private equity in the UK (2005-present)

This project investigates institutional buy outs (IBOs), a particular type of private equity acquisition, undertaken in the UK between 1997 and 2006. The project focuses on the impact of IBOs on both employment and remuneration against two control groups of non-acquired firms. The main finding is a significant loss in employment in firms subject to an IBO in the year immediately following the acquisition as well as lower wage rates, when compared to either of the two control groups.

Furthermore, there is no evidence of a subsequent improvement either in productivity or profitability in the acquired businesses. The pilot study has been published in Corporate Governance: An International Review and has received the Standard Life Investments finance prize for the best paper in the European Corporate Governance Institute Finance Working Paper Series in 2011/12. The results of this study have been reported by various professional websites, such as Financial News (subscription required).u

Insider trading and corporate control (2003-present)

This project focuses on insider trading in UK firms and related issues. A paper on the effect of control and ownership on the market reaction to insider trading in listed UK firms was published in 2006 in the Journal of Finance. The Sunday Times of 23 October 2005 (Kay W., Family Values Can Help You to Avoid Sudden Share Falls - subscription required) has also reported the main results of this study. Ongoing work looks at the effect of insider trading on financing constraints.

Corporate governance issues relating to initial public offerings (IPOs) (1997-present)

This is one of my main research areas and has been so since my PhD research. This project has resulted in numerous research publications, including papers on shareholder lock-in agreements; IPO underpricing and long-term performance; venture capital in IPOs; ownership and control; and board independence.

PhD supervision research interests

  • Corporate governance

It’s a question of trust. Does it pay off for firms to trust their employees?

Thursday 21 May 2015

Professor Marc Goergen and co-authors have undertaken the first study of the impact of trust, both at country and firm level, on firm performance.

Wages drop by £10,000 four years after Private Equity IBO

Tuesday 2 December 2014

Workers will not only be worse off when their firm is taken over by private equity through an institutional buyout (IBO), but their company’s performance will fall behind its rivals.

Journal of Corporate Finance takes a look ‘inside the boardroom’

Thursday 23 October 2014

Professor Marc Goergen, Professor of Finance at Cardiff Business School, recently edited a special issue of the Journal of Corporate Finance looking inside the boardroom.

Awards and scholarships

Prize for Most Downloaded Paper in European Financial Management Published in 2013 for ‘Private Equity Investors as a Corporate Governance Mechanism in Continental Europe’

  • Standard Life Investments finance prize for 'Private Equity Takeovers and Employment in the UK: Some Empirical Evidence', the best paper in the European Corporate Governance Institute Finance Working Paper Series in 2011/12
  • Best paper award at the 7th International Conference on Corporate Governance: 'Corporate Governance: Managing Risk in a Changing World' held at Birmingham Business School (June 2009) for 'Private Equity Investors as a Corporate Governance Mechanism in Continental Europe'
  • De Brauw Blackstone Westbroek Prize for 'Dividends and Politics', the best working paper in the ECGI Law Working Paper Series (March 2005)
  • Prize for 'Shareholder Wealth Effects of European Domestic and Cross-border Takeover Bids', the best paper published in European Financial Management in 2004

Editorial work

  • Associate Editor of British Journal of Management (since 2014)
  • Associate Editor of the European Journal of Finance (since 2011)
  • Editorial Board Member of the Journal of Management and Governance (since 2011)
  • Associate Editor of the Journal Corporate Finance (since 2010)
  • Associate Editor of the Journal of Banking and Finance (since 2011)
  • Editorial Board Member of the Journal of Management and Governance (since 2011)
  • Editorial Board Member of the Journal of Business Finance & Accounting (since 2008)
  • Associate Editor of European Financial Management (since 2005)
  • Editorial Board Member of the International Journal of Corporate Governance

Media contributions

 

Media coverage

Memberships

  • Research Associate of the European Corporate Governance Institute
  • Fellow of the International Institute for Corporate Governance & Accountability
  • Member of the Corporate Governance Committee of the Institute of Chartered Accountants in England and Wales (ICAEW) (2009-2013)