Professor Grzegorz Trojanowski
Professor of Finance
G.Trojanowski@exeter.ac.uk
3441
+44 (0) 1392 723441
Streatham Court 0.20
Streatham Court, University of Exeter, Rennes Drive, Exeter, EX4 4PU, UK
Overview
Dr Grzegorz Trojanowski is a Professor of Finance at the Department of Finance and Accounting. He is also serving as Director of Research and Impact for the department and Programme Director for MRes in Finance (PhD pathway). In the past he served as Director of Xfi Centre for Finance and Investment (2015-2019) and Co-Head of Finance and Accounting Department (2019).
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, ESG and corporate social responsibility, corporate reporting, top management teams and gender issues in business and management. His research topics include mergers and acquisitions, determinants and consequences of ESG reporting and performance, executive compensation and turnover, payout policy, governance role of shareholders and of company directors, as well as the links between corporate governance and corporate social responsibility.
Qualifications
PhD (Tilburg), MSc (Tilburg), MSc (Warsaw School of Economics)
Career
- Professor of Finance, University of Exeter Business School, Department of Finance and Accounting (as of 2013)
- Associate Professor in Finance, Xfi Centre for Finance and Investment, University of Exeter Business School (2011-2013)
- Senior Lecturer in Finance, Xfi Centre for Finance and Investment, University of Exeter Business School (2009-2010)
- Lecturer in Finance, Xfi Centre for Finance and Investment, University of Exeter Business School (2004-2009)
- Financial Economics tutor, Department of Finance, Tilburg University, the Netherlands (2000-2004)
- Research assistant, Department of Finance, Tilburg University, the Netherlands (1999-2000)
Links
Research
Research interests
- ESG (environmental, social, and governance issues)
- Corporate finance / empirical corporate finance
- Corporate governance
- Top management teams
- Corporate social responsibility (CSR)
- Sustainability
- Board of directors
- Executive compensation
- Executive turnover
- Payout policy
- Mergers and acquisitions
- Gender diversity
- Corporate reporting
Professor Trojanowski‘s research covers various issues in the broadly defined area of ESG, with particular focus on determinants and consequences of ESG performance and reporting and links between corporate governance and CSR. His research also examines the role played by boards of directors and top management teams. Finally, he also studies the topics pertaining to determinants and consequences of gender diversity in organisations and in top management teams.
More specifically, his recent work examines how characteristics (such as experience, national diversity, or narcissism) of top management team members could influence companies' strategic decisions (e.g. in the areas of green innovation or international M&A) and their performance outcomes. He has also studied 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. He has also published work examining the relevance of non-financial corporate reporting for various stakeholders.
Professor Trojanowski is also investigating how attributional biases may affect the pay setting process and thus explain gender pay differences (in particular those observed for executives). He has also studied the effects of gender diversity of boards on corporate performance and firm valuation as well. Finally, his recent research also 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
- “Towards the Natural Environment Agency Theory (NEAT)”, available at SSRN: https://ssrn.com/abstract=4519832.
- “Environmental Performance, Environmental Disclosures, and Corporate Stakeholders”
- “‘Academic failure’: Challenging how academic career success is understood, and imagining alternatives”
Research grants
- 2021 Financial Reporting Council
“Understanding research findings and evidence on corporate reporting: A literature review” - 2010 Economic and Social Research Council
“Advanced Research Training in Finance” - 2009 Economic and Social Research Council
“Executive compensation, incentives, and corporate debt”
Links
Publications
Journal articles
Chapters
Conferences
Reports
External Engagement and Impact
Awards and Honours
- Accounting in Europe 2022 Best Paper Award (2023)
- Best Full Paper Award (Gender in Management category), British Academy of Management Conference (2018)
- British Journal of Management Reviewer of the Year Award, British Academy of Management (2017)
- UCD Business School Outstanding Publication Award, University College Dublin (2013)
- University of Exeter Merit Award (three times; 2009-2012)
- Marie Curie Fellowship, ECARES, Universite Libre de Bruxelles (2004)
- CentER scholarship, Tilburg University (1999-2000)
- StatSoft Poland Best MSc Thesis 2nd place award (1998)
- Arthur Andersen Prize for the best students of Finance and Banking at Warsaw School of Economics (1998)
- Scholarship of the Polish Ministry of National Education, three times (1996-1999)
- Student and scholarship-winner of the Invisible College (1996-1999)
- Scholarship of the President of the City of Warsaw (1996-1997)
Editorial responsibilities
- Member of the Editorial Board of the Accounting Forum (as of 2022)
- Member of the Editorial Board of the British Journal of Management (as of 2017)
- Member of the Scientific Committee of the special Issue of the British Journal of Management on “Sustainable Corporate Governance” (2017)
- Ad hoc reviewer for Leverhulme Trust, Social Sciences and Humanities Research Council of Canada (SSHRC); British Journal of Management; Journal of Business Ethics; Corporate Governance: An International Review; Journal of Banking and Finance; Journal of Corporate Finance; Journal of Management Studies; Journal of Cleaner Production; Financial Review; European Accounting Review; Gender, Work & Organization; Journal of Business Finance and Accounting; Accounting Forum; Long Range Planning; 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; European Journal of Finance; International Journal of Economic Sciences and Applied Research; Global Finance Journal, Emerging Markets Finance and Trade, International Journal of the Economics of Business; B.E. Journal of Economic Analysis & Policy; Journal of Management and Organization; Asian Women and Review of Applied Management Studies
Conferences and invited presentations
- Academy of Management Annual Meeting. Chicago, USA, 2024.
- European Financial Management Association Annual Meeting, Lisbon, Portugal, 2024
- GREFA Conference (keynote speech), Sherbrooke, Canada, 2024
- 7th Entrepreneurial Finance (ENTFIN) Conference, Antwerp, Belgium, 2023 (presentation by the co-author)
- European Accounting Association Annual Congress, Helsinki-Espoo, Finland, 2023
- School of Business and Law, University of Agder (invited seminar), Kristiansand, Norway, 2022
- 7th Spring Conference of the Multinational Finance Society, Chania, Greece, 2019
- 11th International Critical Management Studies Conference, Milton Keynes, UK, 2019 (presentation by the co-author)
- British Academy of Management Annual Conference, Bristol, UK, 2018 (presentation by the co-author)
- European Financial Management Association Annual Meeting, Milan, Italy, 2018
- European Accounting Association Annual Congress, Milan, Italy, 2018
- British Accounting and Finance Association Annual Conference, London, UK, 2018
- Aidea Conference, Rome, Italy, 2017 (presentation by the co-author)
- EURAM Conference, Glasgow, UK, 2017 (presentation by the co-author)
- Academy of Management Annual Meeting. Atlanta, US, 2017 (presentation by the co-author)
- 2nd SWUFE-Exeter Joint Research Workshop, Exeter, UK, 2017
- World Finance Annual Conference, Cagliari, Italy, 2017
- 8th Workshop on Top Management Teams and Business Strategy Research, Seville, Spain, 2017
- EIBA Annual Conference. Vienna, Austria, 2016 (presentation by the co-author)
- Integrated Thinking and Reporting in Practice conference, Rome, Italy, 2016
- 1st SWUFE-Exeter Joint Research Workshop, Chengdu, China, 2016
- Academy of International Business, UK & Ireland Chapter Conference, London, UK, 2016 (presentation by the co-author)
- World Finance Conference. New York, US, 2016 (presentation by the co-author)
- Young Finance Scholars Conference, University of Sussex, Brighton, UK, 2016 (presentation by the co-author)
- Australia and New Zealand International Business Academy Conference. Sydney, Australia, 2016 (presentation by the co-author)
- World Finance & Banking Symposium. Hanoi, Vietnam, 2015
- School of Management (invited seminar), Swansea University, Swansea, UK, 2015
- Essex Business School (invited seminar), University of Essex, Colchester, UK, 2015
- European Financial Management Association Annual Meeting. Breukelen/Amsterdam, the Netherlands, 2015 (presentation by the co-author)
- Academy of Management Annual Meeting, Philadelphia, US, 2014 (presentation by the co-author)
- Academy of International Business Annual Conference, Vancouver, Canada, 2014
- Indian Institute of Management (invited seminar), Kozhikode, India, 2014 (presentation by the co-author)
- 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 doctoral examining nationally and internationally
- External PhD student examiner for Oksana Pryshchepa (Lancaster University Management School, 2013); Jie Chen (School of Economics, Finance, and Management, University of Bristol, 2014); Zicheng Lei, Anastasios Maligkris, and Bobo Zhang (Warwick Business School, 2015, 2017, and 2018, respectively); Shaikh Masrick Hasan (Edinburgh Napier University, 2020); Sam Rawsthorne (Lancaster University Management School, 2023); and Lanying Gao (University of Bristol Business School, 2024)
External positions
- External examiner for MPhil/PhD in Finance at Lancaster University Management School (as of 2021)
- Member of Ethical Oversight Committee (core area of responsibility: corporate governance) at P1 Investment Management Limited, Exeter (as of 2018)
- External examiner for MSc in Corporate Finance, Bayes Business School (formerly Cass), City University of London (2017-2022)
- Member of the Economic and Social Research Council Peer Review College (from 2012 onwards)
Invited lectures & workshops
- Leading convenor of a workshop on publishing in high-rank journals for faculty and doctoral students, School of Business and Law, University of Agder (Kristiansand, Norway, 2022)
- Distinguished PhD Seminar Tutor, European Financial Management Association Merton H. Miller Doctoral Seminar (Milan, Italy, 2018)
Keynote addresses or prestigious public lectures given in international forums
- Keynote speaker at 2nd GREFA Conference, University of Sherbrooke, Canada (2024)
- Keynote speaker at 7th Brunel Accounting Symposium, Brunel University London, UK (2017)
Research funding
- “Understanding research findings and evidence on corporate reporting: A literature review”, Future of Corporate Reporting project, Financial Reporting Council research grant, with G. Michelon and R. Sealy. Grant amount: £44,927 (2019-2020)
- Outward Mobility Academic Fellowship (University of Exeter), "Glass cliff in India", collaborative research project with the Indian Institute of Management, Bangalore, India (2011)
- 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; 2010-2013)
- 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; 2009-2012)
- British Academy Overseas Conference Grant, OCG-55367 (2009)
Workshops/Conferences organised
- EFMA Annual Meeting Programme Committee member (2023)
- FMA Europe Annual Meeting Programme Committee member (2019, 2020, and 2023)
- Member of the Organising Committee for the 5th, 6th, 7th, 8th, 9th, 10th, and 11th Annual Corporate Finance Conference (Lancaster 2016, Exeter 2017, Manchester 2018, Bristol 2019, Lancaster 2022, Exeter 2023, Manchester 2024)
- 2007 FMA Annual Meeting Programme Committee Member
Teaching
- Corporate finance
- Corporate governance
- Financial management
Professor Trojanowski is currently leading and convening a post-graduate module on corporate finance and governance. He is also the programme director for MRes in Finance (PhD pathway). 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 at Merton H. Miller Doctoral Seminar organised by European Financial Management Association) and acted as an internal and external PhD examiner for a number of doctoral students.
Modules
2023/24
Supervision / Group
Postgraduate researchers
- Sam Duncombe - Finance (as of 2021)
- Esed Selmani Herab - MRes Management (as of 2021)
Alumni
- Heba Abbas - Finance (2008-2011, PhD completed 2012)
- Alessandra Cepparulo - ESRC-funded post-doctoral Associate Research Fellow (2010-2011)
- Felix Haller - Finance (2009-2013, PhD completed 2013)
- Clara Kulich - Psychology (2006-2008, PhD completed 2008)
- Karolina Ploskonka - Finance (2010-2015)
- Suparna Ray - Finance (2011-2016)
