Journal of Management and Governance - Call for Papers - Special issue on 'Corporate Governance and Sustainability'

Guest Editors:
Throstur Olaf Sigurjonsson, University of Iceland and Copenhagen Business School
Stefan Wendt, Bifrost University
Emilia Vähämaa, Hanken School of Economics

Sustainable Corporate governance refers to integrating sustainable practices and principles into the governance framework of a company. It involves aligning a company's decision-making processes, organizational structures, and strategies with the principles of sustainable development, environmental responsibility, social equity, and long-term value creation.

Sustainable Corporate Governance goes beyond traditional financial considerations and encompasses broader environmental, social, and governance (ESG) factors. It recognizes that businesses are responsible for managing their impact on the environment, society, and stakeholders in a sustainable and ethical manner.

Overall, Sustainable Corporate Governance aims to ensure that companies operate in a manner that is responsible, transparent, and aligned with sustainable development goals. It acknowledges the interconnectedness between business, society, and the environment and seeks to create long-term value while minimizing negative impacts.

To further our knowledge on these issues, we encourage the submission of contributions that explore the relationship between corporate governance and sustainability in an organizational context. Submissions may fit under one of the following broad themes meant to be indicative and not exhaustive. We are open to theoretical and empirical papers, using qualitative or quantitative research methods, which address topics such as:

1. Board of Directors: The board plays a crucial role in setting the sustainability strategy and overseeing its implementation. It should have diverse expertise and include directors with a deep understanding of sustainability issues.
2. Transparency and Disclosure: Companies committed to Sustainable Corporate Governance should provide accurate and timely information on their ESG performance. This includes disclosing relevant sustainability metrics, goals, and initiatives to stakeholders.
3. Stakeholder Engagement: Engaging with stakeholders is essential for Sustainable Corporate Governance. Companies should actively involve shareholders, employees, customers, communities, and other relevant parties in decision-making to ensure their perspectives are considered.
4. Risk Management: Sustainable Corporate Governance involves identifying and managing environmental, social, and governance risks. This includes assessing and mitigating risks associated, e.g., with climate change, human rights violations, supply chain issues like adaptation of AI solutions, and other sustainability challenges. The current global political situation/turmoil can be seen as a potential risk or challenge for companies to tackle their governance.
5. Ethics and Compliance: Companies should establish a strong ethical culture and compliance framework. This includes promoting integrity, responsible business practices, and adherence to applicable laws and regulations.
6. Long-Term Value Creation: Sustainable Corporate Governance emphasizes long-term value creation rather than short-term profits. Companies should consider the interests of all stakeholders and incorporate sustainability into their business strategy to ensure resilience and continued success.
7. Integration of Sustainability in Decision-making: Sustainable Corporate Governance requires embedding sustainability considerations into all decision-making processes. This can involve evaluating business activities' environmental and social impacts, considering lifecycle costs, and integrating sustainability criteria into investment decisions.
8. Performance Measurement and Incentives: Companies should develop appropriate metrics and performance indicators to track and evaluate their sustainability efforts. Aligning executive compensation and incentives with sustainable performance goals can further motivate responsible behavior.

Workshop
A Workshop will be organized, in collaboration with the Nordic corporate governance network (https://nordiccorporategovernance.com/), during the Nordic Academy of Management Conference to be held in Reykjavík at the University of Iceland to present and discuss papers eligible for submission to this Special Issue. Further details on this event (scheduled for 15-17 August 2024 will be provided at https://nff2024.is/). We encourage prospective contributors to submit their draft papers to the workshop. We plan to select the most promising draft papers for presentation. While participation in the workshop is recommended, it is not required for submission to the Special issue. Please also note that participation in the workshop does not necessarily guarantee the acceptance of a paper in the special issue.

Submission procedure
The closing date for submission for this special issue is 30 October 2024.

Manuscripts should be submitted online. Authors’ registration and access will be available at https://www2.cloud.editorialmanager.com/mago/default2.aspx, starting 1 September 2024.

When submitting your manuscript, you will be asked to specify whether it is for a regular issue or one of the named special issues, so please select the “Corporate Governance and Sustainability” option. The format of the papers must follow the JMG’s submission guidelines.

Submitted papers should not have been previously published nor be currently under consideration for publication elsewhere. All papers will be reviewed in accordance with JMG’s standard double-blind review process. Publication is expected in 2025.

The Guest Editors welcome inquiries in advance of submission and declarations of interest. Inquiries can be sent to the attention of the Special Issue Guest Editors: Throstur Olaf Sigurjonsson, University of Iceland and Copenhagen Business School (olaf@hi.is), Stefan Wendt, Bifrost University (stefanwendt@bifrost.is), and Emilia Vähämaa, Hanken School of Economics (emilia.vahamaa@hanken.fi).

You can download the PDF of this Call for Papers here.
 

Key references
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Barker, R., & Mayer, C. (2017). How Should a Sustainable Corporation Account for Natural Capital? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3040013

Bebchuk, L. A., & Tallarita, R. (2020). The Illusory Promise of Stakeholder Governance. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3544978

Bebchuk, Lucian A. and Tallarita, Roberto. 2022, The Perils and Questionable Promise of ESG-Based Compensation (March 1, 2022). Journal of Corporation Law, Volume 48, 2022, pp. 37-75. Harvard Law School John M. Olin Center Discussion Paper No. 1090

Bento, N., Gianfrate, G., & Aldy, J. E. (2021). National Climate Policies and Corporate Internal Carbon Pricing. The Energy Journal, 42(01). https://doi.org/10.5547/01956574.42.5.nben

Berg, F., Kölbel, J. F., & Rigobon, R. (2022). Aggregate Confusion: The Divergence of ESG Ratings. Review of Finance, 26(6), 1315–1344. https://doi.org/10.1093/rof/rfac033

Berg, F., Fabisik, K., & Sautner, Z. (2020). Rewriting History II: The (Un)Predictable Past of ESG Ratings. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3722087

Bolton, P., Halem, Z., & Kacperczyk, M. T. (2022). The Financial Cost of Carbon. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4094399

Brundtland Report, (1987). Report of the world commission on environment and development: Our common future.

Burke, J. J., Hoitash, R., & Hoitash, U. (2019). The Heterogeneity of Board-Level Sustainability Committees and Corporate Social Performance. Journal of Business Ethics, 154(4), 1161–1186. https://doi.org/10.1007/s10551-017-3453-2

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Cohen, S., Kadach, I., Ormazabal, G., & Reichelstein, S. (2022). Executive Compensation Tied to ESG Performance: International Evidence. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4097202

Davies, P. L. (2022). Shareholder Voice and Corporate Purpose: The Purposeless of Mandatory Corporate Purpose Statements. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.428577035

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Hsu, P.-H., Li, K., & Pan, Y. (2022). The Eco Gender Gap in Boardrooms. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4281479

Iliev, P., & Roth, L. (2020). Do Directors Drive Corporate Sustainability? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3575501

Jonsdottir, B., Sigurjonsson, T. O., Jóhannsdóttir, L., & Wendt, S. (2022). Barriers to using ESG data for investment decisions. Sustainability, 14(9), 5157. https://doi.org/10.3390/su14095157

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Masulis, R. W., Shen, S., & Zou, H. (2019). Director Liability Protection and Board Quality. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3329220

Mayer, C. (2021). The Governance of Corporate Purpose. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3928613

Melis, A., & Rombi, L. (2021). Country‐, firm‐, and director‐level risk and responsibilities and independent director compensation. Corporate Governance: An International Review, 29(3), 222–251. https://doi.org/10.1111/corg.12357

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Thomsen, S. (2020). Value Creation and Corporate Governance. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3710467

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Material ESG Matters. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3758584

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