Visualisation plan de cours
2026 / 2027
EM3E5M52
Advanced International Corporate Governance
Programme
PGE PGE5 Finance
Semestre
B
Coefficient
3
Volume horaire
Face à face : 18 H
Travail personnel indicatif : 36 H
Discipline
Finance
Nombre de places
45
Cours ouvert aux étudiants visitants
Oui
Langue d'enseignement
Anglais
Responsable
PRINZ
Liste des intervenants
| Intervenant(s) | Volume horaire | ||
|---|---|---|---|
| Enrico PRINZ | eprinz@unistra.fr | 18 h CM |
Discipline
Finance
Descriptif
This course provides an advanced and applied analysis of corporate governance in an international and comparative perspective. It examines how ownership structures, legal and institutional environments, and stakeholder relationships shape governance problems and the mechanisms used to address them. Starting from agency theory and competing perspectives on corporate purpose, students analyze boards and committees, governance codes, monitoring and incentive mechanisms, executive and director compensation, and the measurement of corporate performance and value creation. Particular attention is paid to the design and unintended consequences of performance-based incentives. The course combines theoretical foundations, empirical research and the analysis of real corporate disclosures from listed multinational companies. A central team case study requires students to assess CEO pay-for-performance over a multi-year period and to defend their conclusions orally. Digital and generative AI tools are used critically to support document analysis, test interpretations and challenge assumptions, calculations, sources and recommendations, with particular attention to verification, traceability and responsible use.
Intelligence artificielle
Ce cours intègre des contenus relatifs à l'intelligence artificielle (concepts, enjeux, applications, méthodes ou impacts de l'IA), au-delà de la simple utilisation d'outils d'IA comme support pédagogique
MAC
Développer une vision stratégique et managériale dans un contexte incertain/Develop a strategic and managerial vision in
13 ECTS
Contribution pédagogique du cours au programme
Develop impactful management using the latest knowledge and tools in the fields of management |
|---|
| Determine a strategic and managerial vision in a complex, uncertain and changing environment |
| Evaluate sustainable managerial practices using managerial concepts and instruments as well as digital tools |
| Design solutions adapted to organizational problems by applying relevant methodologies |
Develop advanced managerial skills for responsible leadership |
| Co construct a managerial and organizational culture through collaboration and team projects |
| Defend own ideas effectively, both orally and in writing, with a professional attitude |
| Adopt a responsible leadership attitude by taking an active role in one's own development and that of one's teams |
Implement responsible management practices reflecting the values of ethics, diversity, and sustainable development |
| Critically assess issues related to diversity, ethics and sustainability in the context of their professional practice |
| Co-create responsible management in professional practice |
Practice impactful management in a multicultural and international environment, driven by a "European mindset" |
| Communicate in a professional context in (foreign) languages, in writing and/or orally |
| Formulate solutions to organizational challenges in a multicultural and international context, driven by a "European mindset" |
Organisation pédagogique
Face-to-face
- LecturesIn group
- Exercises- Oral presentations
- Case studies/texts
Interaction
- Discussions/debatesObjectifs pédagogiques - COGNITIVE DOMAIN
A l'issue du cours, l'étudiant(e) devrait être capable de / d'...
- analyze fundamental corporate governance problems linked to the separation of ownership and control and to shareholder- and stakeholder-oriented perspectives.
- compare corporate governance systems across ownership structures, legal and institutional environments, stakeholder relationships, and national governance arrangements.
- diagnose the incentive properties and potential unintended consequences of executive and board compensation systems.
- evaluate major governance and control mechanisms in terms of effectiveness, limitations, interactions, and contextual suitability.
- defend an integrated, evidence-based assessment of CEO pay-for-performance with explicit consideration of time lags, institutional and economic context, alternative explanations, and methodological limitations.
- construct a corporate performance assessment based on accounting-, economic- and market-based measures, benchmarking, and risk adjustments.
Objectifs pédagogiques — Objectifs de développement durable (ODD)
ODD portés par la politique RSO de l'EM.
Plan / Sommaire
Chapter I – Foundations of corporate governance (2 h)
1. Purpose, definitions and evolution of corporate governance
2. Separation of ownership and control, agency problems and agency costs
3. Shareholder value orientation and alternative stakeholder perspectives
4. Information asymmetries and the rationale for governance mechanisms
Chapter II – International and comparative corporate governance (2 h 30)
1. Ownership structures and Type I vs. Type II agency conflicts
2. Legal, institutional and market environments of corporate governance
3. One-tier, two-tier and alternative board systems
4. Shareholder protection, employee representation and stakeholder participation
5. Corporate governance regulation, codes and the “comply or explain” approach
Chapter III – Governance and control mechanisms (4 h)
1. Internal and external mechanisms of managerial control
2. Roles and responsibilities of boards of directors and supervisory boards
3. Board leadership, independence, composition and diversity
4. Board committees, director busyness and interlocking directorates
5. Board effectiveness, behavior and complementarities between governance mechanisms
Chapter IV – Executive compensation and incentive design (2 h 30)
1. Objectives and structure of executive and board compensation
2. Short-term and long-term incentives, equity-based compensation and deferral mechanisms
3. Performance criteria, target setting, vesting, malus and clawback provisions
4. Incentive effects, short-termism and unintended managerial behavior
5. Executive compensation disclosure, monitoring and shareholder oversight
Chapter V – Corporate performance and pay-for-performance (4 h)
1. Accounting-, economic- and market-based measures of corporate performance and value creation
2. Performance benchmarking and risk adjustment
3. Time horizons, external shocks and the attribution of performance to management
4. Integrating compensation and performance in pay-for-performance analysis
5. Fair pay approaches, methodological limitations and alternative explanations
Chapter VI – P4P case study defense and course integration (3 h)
1. Integrated CEO pay-for-performance case analysis
2. Oral group defense with individual assessment
3. Critical discussion of governance conclusions, assumptions and limitations
1. Purpose, definitions and evolution of corporate governance
2. Separation of ownership and control, agency problems and agency costs
3. Shareholder value orientation and alternative stakeholder perspectives
4. Information asymmetries and the rationale for governance mechanisms
Chapter II – International and comparative corporate governance (2 h 30)
1. Ownership structures and Type I vs. Type II agency conflicts
2. Legal, institutional and market environments of corporate governance
3. One-tier, two-tier and alternative board systems
4. Shareholder protection, employee representation and stakeholder participation
5. Corporate governance regulation, codes and the “comply or explain” approach
Chapter III – Governance and control mechanisms (4 h)
1. Internal and external mechanisms of managerial control
2. Roles and responsibilities of boards of directors and supervisory boards
3. Board leadership, independence, composition and diversity
4. Board committees, director busyness and interlocking directorates
5. Board effectiveness, behavior and complementarities between governance mechanisms
Chapter IV – Executive compensation and incentive design (2 h 30)
1. Objectives and structure of executive and board compensation
2. Short-term and long-term incentives, equity-based compensation and deferral mechanisms
3. Performance criteria, target setting, vesting, malus and clawback provisions
4. Incentive effects, short-termism and unintended managerial behavior
5. Executive compensation disclosure, monitoring and shareholder oversight
Chapter V – Corporate performance and pay-for-performance (4 h)
1. Accounting-, economic- and market-based measures of corporate performance and value creation
2. Performance benchmarking and risk adjustment
3. Time horizons, external shocks and the attribution of performance to management
4. Integrating compensation and performance in pay-for-performance analysis
5. Fair pay approaches, methodological limitations and alternative explanations
Chapter VI – P4P case study defense and course integration (3 h)
1. Integrated CEO pay-for-performance case analysis
2. Oral group defense with individual assessment
3. Critical discussion of governance conclusions, assumptions and limitations
Prérequis nécessaires
Connaissances en / Notions clés à maîtriser
Prior coursework in corporate finance and financial accounting is required. Students should be able to read and interpret the main financial statements, compute and interpret basic profitability and performance ratios, and understand the principles of discounting, risk and return, beta, and the cost of equity. Basic spreadsheet skills are expected for structuring data and performing financial calculations. Students should also be able to work with corporate reports and academic material in English. No prior course in corporate governance is required.Supports pédagogiques
Mandatory tools for the course
- Computer- Calculator
Documents in all formats
- Case studies/texts- Syllabus
- Guide
- Other : Lecture slides, exercises, correction materials and corporate disclosures
Moodle platform
- Upload of class documentsSoftware
- Other : MS ExcelGenerative AI Tool(s)
- ChatGPT
Comment l’IA générative est utilisée dans ce cours
Generative AI is used in selected activities to support the analysis of corporate disclosures and governance documents, and to challenge interpretations and recommendations. AI-generated outputs are systematically confronted with primary sources in order to identify errors, unsupported claims, omissions and potential biases. Particular attention is paid to verification, traceability, confidentiality and accountability. Students remain responsible for source verification, calculations and final judgments. No paid personal subscription is required.
Generative AI is used in selected activities to support the analysis of corporate disclosures and governance documents, and to challenge interpretations and recommendations. AI-generated outputs are systematically confronted with primary sources in order to identify errors, unsupported claims, omissions and potential biases. Particular attention is paid to verification, traceability, confidentiality and accountability. Students remain responsible for source verification, calculations and final judgments. No paid personal subscription is required.
Adossement à la recherche
Ce cours est adossé à la recherche.
- Research-led (par les contenus)Le cours mobilise des connaissances issues de la recherche académique récente.
Bibliographie/références académiques
Core references - CLARKE, Thomas (2024): International Corporate Governance: A Comparative Approach, 3rd ed., Routledge. - DU PLESSIS, Jean Jacques / HARGOVAN, Anil / NOSWORTHY, Beth (2024): Principles of Contemporary Corporate Governance, 5th ed., Cambridge University Press. - LARCKER, David / TAYAN, Brian (2025): Corporate Governance Matters: A Closer Look at Organizational Choices and their Consequences, 4th ed., FT Press. - TRICKER, Bob (2025): Corporate Governance: Principles, Policies and Practices, 5th ed., Oxford University Press. Further reading - AGUILERA, Ruth V. / JACKSON, Gregory (eds.) (2016): The Oxford Handbook of Corporate Governance, Oxford University Press. - ESPOSITO DE FALCO, Salvatore (2024): Corporate Governance: Theories, Actors and Control Systems in the Age of New Capitalism, Springer Nature. - MAYER, Colin (2018): Prosperity: Better Business Makes the Greater Good, Oxford University Press.Travaux de recherche de l'EM
- BRULLEBAUT, Bénédicte / ALLEMAND, Isabelle / PRINZ, Enrico / THEPOT, Florence (2022): “Persistence in Corporate Networks through Boards of Directors? A Longitudinal Study of Interlocks in France, Germany, and the United Kingdom”, Review of Managerial Science, 16(6): 1743–1782. - DI GIACOMO, Alexandre / PRINZ, Enrico (2025): “Do CEOs Manipulate R&D Expenses to Increase their Bonus? French Evidence”, Finance, 46(2): 132–171. - PRINZ, Enrico / SCHWALBACH, Joachim (2011): “Zum Stand der Managervergütung in Deutschland und Europa: Ein aktuelles Porträt”, Die Unternehmung – Swiss Journal of Business Research and Practice, 65(S1): 129–152.Modalités d'évaluation
Liste des modalités d'évaluation
Evaluation finale 1
Compétence mesurée
ILO1.2-PGE, ILO2.3-PGE, ILO4.1-PGE
Seconde chance
Compétence mesurée
ILO1.2-PGE, ILO2.3-PGE, ILO4.1-PGE
Evaluation finale 2
Compétence mesurée
ILO1.1-PGE, ILO2.3-PGE, ILO4.1-PGE
Seconde chance
Compétence mesurée
ILO1.1-PGE, ILO2.3-PGE, ILO4.1-PGE