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Professor Grzegorz Trojanowski

Professor Grzegorz Trojanowski

Professor of Finance, Director of Xfi, Head of Finance


+44 (0) 1392 723441

Xfi Building, University of Exeter, Rennes Drive, Exeter, EX4 4ST, UK

Dr Grzegorz Trojanowski is a Professor of Finance at the Xfi Centre for Finance and Investment. He joined the University of Exeter Business School after completing his PhD in Business (Finance) at Tilburg University in 2004. His academic interests cover areas of corporate finance, corporate governance, gender studies, and corporate social responsibility. His research topics include mergers and acquisitions, executive compensation and turnover, payout policy, the governance role of shareholders and of company directors, as well as the links between corporate governance and corporate social responsibility.

Administrative Responsibilities

  • Director of Xfi (Head of Department)


PhD (Tilburg), MSc (Tilburg), MSc (Warsaw School of Economics)

Research clusters

Research interests

  • Corporate finance / empirical corporate finance
  • Corporate governance
  • Board of directors
  • Executive compensation
  • Payout policy
  • Gender diversity
  • Mergers and acquisitions
  • Top management teams
  • Corporate social responsibility

Professor Trojanowski‘s research covers various issues in the area of corporate governance, with particular focus on boards of directors. His work examines the link between corporate performance and the quality of corporate governance on the board of directors and has implications for the debate on the efficiency of Code-based approach to governance. Professor Trojanowski is also investigating how attributional biases may affect the pay setting process and thus explain gender pay differences observed for executives. He studies the effects of gender diversity of boards on corporate performance and firm valuation as well. His research also examines how international experience and national diversity of top management teams influences companies‘ strategic decisions and their performance outcomes. Finally, his recent research focuses on the links between corporate governance arrangements and firms' environmental and social performance.

In the past, Professor Trojanowski has examined the effects of corporate governance regulatory changes on CEO turnover and remuneration schemes as well. He has also studied the impact of companies' ownership structures on performance-related CEO dismissals and on pay-performance sensitivity. He also examined the role that the design of managerial incentive schemes could have in mitigating (or exacerbating) the agency conflict of debt financing (excessive risk-taking, in particular). His research on payout policy has focused on the relationship between companies' ownership structures and the payout policies chosen. Two specific aspects of payout policies have been examined: the choice of the payout channel and the strength of link between earnings and payout. Finally, his research on transition economics has focused on the role of large investors in public companies in emerging economies (in particular, on the agency conflicts between dominating shareholders and minority shareholders).

Research projects

ESRC-funded research for the project 'Executive compensation, incentives, and corporate debt' (2009-2012).

Awards and Honours

  • Outward Mobility Academic Fellowship (University of Exeter), "Glass cliff in India", collaborative research project with the Indian Institute of Management, Bangalore, India
  • Advanced Research Training in Finance. ESRC grant (ESRC Researcher Development Initiative Round 4, ref. no. RES-046-25-0031, with Harris, R, Gregory, A, Gyoshev, S and Tonks, I). Grant amount: £79,269 (total project cost at FEC £99,086)
  • Executive compensation, incentives, and corporate debt. ESRC research grant (ESRC First Grant Scheme, ref. no. RES-061-25-0416). Grant amount: £214,645 (total project cost at FEC £268,306)
  • British Academy Overseas Conference Grant (OCG-55367)

Conferences and invited presentations

  • Academy of Management Annual Meeting, Philadelphia, US 2014 (presentation by the co-author)
  • Academy of International Business Annual Conference, Vancouver, Canada, 2014
  • Surrey Business School (invited seminar), University of Surrey, Guildford, UK, 2014
  • Oxford Brookes University Business School (invited seminar), Wheatley, UK, 2014
  • University College Dublin (invited seminar), Dublin, Ireland, 2013 (presentation by the co-author)
  • European International Business Academy Annual Conference, Bremen, Germany, 2013 (presentation by the co-author)
  • Warsaw School of Economics and Warsaw University (invited seminar), Warsaw, Poland, 2013
  • 4th EIASM Workshop on Top Management Teams and Business Strategy, Copenhagen, Denmark, 2013
  • Lancaster University Management School (invited seminar), Lancaster University, UK, 2013
  • Academy of Management Annual Meeting. Boston, US, 2012
  • Society for Global Business and Economic Development (SGBED) 4th Research Symposium. Bangalore, India, 2012
  • Warsaw School of Economics and Warsaw University (invited seminar), Warsaw, Poland, 2011
  • Indian Institute of Management (invited seminar), Bangalore, India, 2011
  • Academy of International Business Annual Conference, Nagoya, Japan, 2011
  • Department of Accounting and Finance (invited seminar), University of Bristol, UK, 2011
  • Academy of International Business, UK & Ireland Chapter Conference, Edinburgh, UK, 2011
  • Executive Compensation and Corporate Governance Conference, Genoa, Italy, 2011
  • Academy of Management Annual Meeting, Chicago, US, 2009
  • Warsaw School of Economics (invited seminar), Warsaw, Poland, 2009
  • Exeter University Business School Annual Forum: Identifying Executive and Corporate Underperformance, London, UK, 2008
  • Academy of Management Annual Meeting, Anaheim, US, 2008
  • School of Management (invited seminar), University of Bath, UK, 2007
  • Department of Finance and Accounting (invited seminar), University of Stirling, UK, 2007
  • Warsaw International Economic Meeting, Warsaw, Poland, 2007
  • School of Management (invited seminar), University of Sheffield, UK, 2007
  • Faculty of Economic Sciences (invited seminar), Warsaw University, Poland, 2007
  • Loughborough University Business School and ESRC One-Day Conference on Executive Pay, London, UK, 2007
  • Financial Management Association Annual Meeting, Salt Lake City, US, 2006
  • Warsaw Economic Meeting 2006, Warsaw, Poland, 2006
  • School of Management and Economics (invited seminar), Queen's University, Belfast, UK, 2006
  • Warwick Business School (invited seminar), University of Warwick, UK, 2005
  • Northern Finance Association Conference, Vancouver, Canada, 2005
  • FRU International Conference on Finance, Copenhagen, Denmark, 2005


External positions

  • External PhD student examiner for Oksana Pryshchepa (Lancaster University Management School, 2013) and Jie Chen (School of Economics, Finance, and Management, University of Bristol, 2014)
  • Member of the Economic and Social Research Council Peer Review College (from 2012 onwards)
  • Ad hoc reviewer for Corporate Governance: An International Review, Journal of Banking and Finance, Journal of Corporate Finance, Financial Review, Journal of Business Finance and Accounting, Oxford Economic Papers, European Financial Management, Managerial Finance, International Journal of the Economics of Business, Economic Systems, International Journal of Managerial Finance, Journal of Business Research, British Accounting Review, International Journal of Economic Sciences and Applied Research, Global Finance Journal, Emerging Markets Finance and Trade, International Journal of the Economics of Business, and B.E. Journal of Economic Analysis & Policy
  • 2007 FMA Annual Meeting Programme Committee Member

  • Corporate finance
  • Corporate governance
  • Financial management

Professor Trojanowski is currently co-ordinating a post-graduate module on corporate finance and governance and the MSc dissertation module for FAFM programme. In the past his teaching concentrated in the areas of financial management and asset pricing. He was also overseeing the supervision of finance MSc dissertations across a number of postgraduate programmes in the School. He taught a range of courses at both undergraduate and postgraduate level, covering topics in corporate finance and finance research methodology as well. He supervised a number of MSc dissertations and Investment Analysis Projects as well. Professor Trojanowski also delivered a number of advanced courses at doctoral level (as part of the ESRC-funded Advanced Training Programme in Corporate Finance and the Readings in Accounting and Finance module within the School) and acted as an internal and external PhD examiner for a number of doctoral students.