Maria L. Goranova
Maria L. GoranovaAssociate Professor, Organizations and Strategic ManagementSheldon B. Lubar School of BusinessUniversity of Wisconsin MilwaukeeEmail: ranova-maria/Research Interests: Ownership, Corporate Governance, Shareholder Activism, Mergers andAcquisitions, Corporate Strategy, Shareholder Empowerment, Institutional OwnershipAcademic Experience2013 – present Associate Professor, University of Wisconsin–Milwaukee, Lubar School of Business 2007 – 2013Assistant Professor, University of Wisconsin – Milwaukee, Lubar School of Business 2002 – 2007§Corporate Governance Doctoral SeminarCorporate Strategy – International MBA classVisiting Instructor, Hong Kong Baptist University 2016 – 2020Instructor for Strategy and Leadership: undergraduate core course (SHR247, 5semesters)Teaching Assistant – Organization Theory Doctoral seminar; Managing inGlobal Settings – core course in Global Business;Visiting Instructor, Luiss University, Rome, Italy June 2015Management Analysis BA600 (former BA550) – Undergraduate Capstone classStrategic Management BM712 – MBA classOrganization Theory Doctoral Seminar BA996Teaching Assistant, Syracuse University§Nov 2010Corporate Governance BA493 – Seminar for Business ScholarsManagement Analysis BA600 – Undergraduate Capstone classStrategic Management BM712 – MBA classBehavioral Research Methods Doctoral Seminar BA918Corporate Governance in the U.S. – MS in Corporate Governance andDirectorship programResearch Fellow, M&I Marshall & Ilsley Center for Business Ethics, Lubar School ofBusiness
Maria L. GoranovaPublications in Refereed JournalsKoehn D, Goranova M. 2018. Do Investors See Value in Ethically Sound CEO Apologies? InvestigatingStock Market Reaction to CEO Apologies, Journal of Business Ethics, 152(2): 311-322. Featured in BloombergBusinessweek “CEOs: Apologize, but Keep It Manly: Toinvestors too much contrition is a sign of weakness.” Robison P, Nov. 12, 2015.Goranova M, Priem R, Ndofor H, Trahms C. 2017. Is There a ‘Dark Side’ to Monitoring? Board andShareholder Monitoring Effects on M&A Performance Extremeness, Strategic Management Journal,38(11): 2285-2297.Goranova M, Abook R, Nystrom P, Soofi E. 2017. Corporate Governance Antecedents to ShareholderActivism: A Zero-Inflated Process, Strategic Management Journal, 38(2): 415-435.Hou W, Priem R, Goranova M. 2017. Does One Size Fit All? Investigating Pay-PerformanceRelationships over the Seasons of CEO Tenure, Journal of Management, 43(3): 864-891. Selected as “Research Brief” by the Center for Executive Succession at the Darla MooreSchool of Business, USC (CES RB 9.9.2015-011).Featured in Reward Chronicle: “CEO Compensation Design: Following the Crowd MayHurt Company Performance.” Issue Q2, 2017.Goranova M, Ryan LV. 2014. Shareholder Activism: A Multidisciplinary Review, Journal ofManagement, 40(5): 1230-1268.Hadani M, Goranova M, Khan R. 2011. Institutional Investors, Shareholder Activism, and EarningsManagement, Journal of Business Research, 64(12): 1352-1360.Goranova M, Dharwadkar R, Brandes P. 2010. Owners on Both Sides of the Deal: Mergers andAcquisitions and Overlapping Institutional Ownership, Strategic Management Journal, 31(10): 11141135.Dharwadkar R, Goranova M, Brandes P, Khan R. 2008. Institutional Ownership and MonitoringEffectiveness: It’s Not Just How Much, but What Else You Own, Organization Science, 19(3): 419-440.Brandes P, Goranova M, Hall S. 2008. Navigating Shareholder Influence: Compensation Plans and theShareholder Approval Process, Academy of Management Perspectives, 22(1): 41-57.Goranova M, Alessandri T, Brandes P, Dharwadkar R. 2007. Managerial Ownership and CorporateDiversification: A Longitudinal Examination, Strategic Management Journal, 28(3): 211–225.Brandes P, Hadani M, Goranova M. 2006. Stock Options Expensing: An Examination of Agency andInstitutional Theory Explanations, Journal of Business Research, 59(5): 595-603.Special IssueCastaner X, Goranova M, Hermes, N, Kavadis N, Zattoni. Ownership and Corporate Governance AcrossInstitutional Contexts, Corporate Governance: An International Review, submission deadline Sep 1, 20202
Maria L. GoranovaProceedingsGoranova M, Zajac E. 2015. Principal Costs: Reversing the Polarity of the Principal-Agent Dyad,Academy of Management Best Paper Proceedings.Goranova M, Ryan LV. 2012. Shareholder Activism: Multidisciplinary Review and Assessment,International Association for Business and Society Proceedings.Goranova M, Dharwadkar R, Brandes P. 2008. Owners on Both Sides of the Deal: Mergers andAcquisitions and Overlapping Institutional Ownership, Academy of Management Best PaperProceedings.Academic BooksGoranova M, Ryan LV. (Eds.) Shareholder Empowerment: A New Era in Corporate Governance,Palgrave MacMillan, 2015. Reviewed by Lawrence Capron, Administrative Science Quarterly, 2016, DOI:10.1177/0001839216674447ChaptersGoranova M, Ryan LV. 2015. Shareholder Empowerment: An Introduction. In Maria Goranova and LoriVerstegen Ryan (Eds). Shareholder Empowerment: 1-32. Palgrave Macmillan, New York.Manuscripts under DevelopmentNdofor H, Chapman CT, Goranova M, Priem R, Withers M. title withheld, Revise & Resubmit atStrategic Management Journal.Goranova M. Ryan L. title withheld, under review: Journal of Management Studies.Goranova M, Zajac E. From Agency Problems to Principal Costs: Reversing the Polarity of AgencyTheory. Target: Academy of Management Review.Goranova M, Ndofor H, Priem R, Hou W. When Your Shareholders Invest in Your Competitors:Investigating the Impact of Cross-Ownership on Stock Buybacks, target: Strategic Management Journal.Dharwadkar R, Goranova M, Brandes P, Ye, Y. Institutional Ownership and Firm Innovation: TheImplications of Concentration and Commonalities, target: Strategic Management Journal.Goranova M, Triana M, Reed, K, Double Bind: African-American, Asian, and Hispanic Women onCorporate Boards, target: Journal of Business Ethics.Agarwal A, David P, Goranova M, Obedkova A. Macho Markets? Does Gender Diversity in HedgeFunds Affect Activism Performance?3
Maria L. GoranovaRefereed Conference PresentationsGoranova M, Ndofor H, Priem R, Hou W. Stock Buybacks: Examining the Impact of Investing inCompeting Firms, Shareholder Activism, and Short-Selling, Academy of Management Conference, 2019.Ryan, LV, Goranova M. Shareholder Coordination in an Era of Investor Heterogeneity, InternationalAssociation for Business and Society, 2019.Agarwal A, David P, Goranova M, Obedkova A. Macho Markets? Does Gender Diversity in HedgeFunds Affect Activism Performance? Strategic Management Society Conference, 2019.Goranova M, Reed K, Triana M. Double Bind: African-American, Asian, and Hispanic Women onCorporate Boards, Academy of Management Conference, 2018.Goranova M, Rousev I. When Your Shareholders Invest in Your Competitors: Implications forShareholder Payouts. Academy of Management Conference, 2018.Ndofor H, Chapman CT, Goranova M, Priem R, Withers M. The Speed and Magnitude of CompetitiveActions Post CEO Succession. Strategic Management Society Milan Special Conference, 2017.Goranova M, Rousev I. Shareholders Investing in Competing Firms: The Corporate Objective FunctionRevisited. Society for Business Ethics Conference, 2017.Goranova M, Ryan LV. Towards a typology of ownership: Heterogeneous shareholders, the corporateobjective, and firm value. International Corporate Governance Society (ICGS) Conference, 2016.Goranova M, Arora P, Yang X. The Pay Inequality Conundrum: Longitudinal Examination of CorporateGovernance Antecedents to CEO-Employee Pay Ratio, Academy of Management Conference, 2016.Goranova M, Zajac E. Principal Costs: Reversing the Polarity of the Principal-Agent Dyad, Academy ofManagement Conference, 2015.Goranova M, Ryan LV. “The Corporate Objective Revisited”: The Shareholders’ Perspective, Academyof Management Conference, 2015.Ndofor H, Chapman CT, Goranova M, Withers M. The Timing and Magnitude of Strategic Actions PostCEO Succession, Strategic Management Society Conference, 2015.Goranova M, Ryan LV. The Shareholder Empowerment Debate: Examining Both Sides, InternationalAssociation for Business and Society, 2015.Koehn D, Goranova M. Do Investors See Value in Ethically Sound CEO Apologies? Investigating StockMarket Reaction to CEO Apologies, Academy of Management Conference, 2014.Goranova M, Abook R, Nystrom P, Soofi E. Activists at the Gate. Zero Inflated Count Processes ofShareholder Activism, Academy of Management Conference, 2013.Goranova M, Ryan LV. Investor Activism, Good or Bad? An Examination of Shareholder Interests,temporal Orientation, and Alignment, International Association for Business and Society, 2013.4
Maria L. GoranovaRefereed Conference Presentations (cont.)Goranova M, Ryan LV. Shareholder activism: Driver of corporate change or much ado about nothing?Academy of Management Conference, 2012Goranova M, Priem R, Ndofor H, Trahms C. Benefits without Costs? Corporate Governance,Environmental Constraints and Mergers and Acquisitions, Academy of Management Conference, 2012Goranova M, Ryan LV. Shareholder activism: Multidisciplinary review and assessment, InternationalAssociation for Business and Society, 2012.Goranova M, Oriani R, Perrufo E. Ties that Bind: Investigating the Impact of Ownership on DivestiturePerformance of European Firms, Strategic Management Society Conference, 2011Goranova M, Priem R, Ndofor H, Trahms C. Dualistic Nature of Corporate Governance? Investigatingthe Effects of Monitoring and Incentive Alignment on M&A Performance, Strategic Management SocietyConference, 2010Ndofor H, Trahms C, Priem R, Goranova M. New CEO Incentive Compensation and Prior ExperienceEffects on Exploration and Performance, Academy of Management Conference, 2010Hou W, Priem R, Goranova M. Does One Size Fit All? The Effects of CEO Compensation Types on FirmPerformance over CEO Tenure, Academy of Management Conference, 2009.Goranova M. Corporate Governance on Both Sides of the Deal: Implications for Mergers andAcquisitions, International Association for Business and Society, 2009.Goranova M, Dharwadkar R, Brandes P. Owners on Both Sides of the Deal: Mergers and Acquisitionsand Overlapping Institutional Ownership, Academy of Management Conference, 2008.Li S, Levitas E, Goranova M. Large Shareholders and Firm Innovation: A Study of Biotech Industry,Academy of Management Conference, 2008.Goranova M, Khan R, Hadani M, Das D. Two Sides of Same Coin? Longitudinal Examination ofMonitoring and Activism on Earnings Management, Academy of Management Conference, 2006.Khan R, Goranova M, Dharwadkar R, Brandes P. It’s Not Just How Much You Own, It’s Who Else YouOwn: The Effect of Institutional Owners’ Portfolios on Executive Compensation, Academy ofManagement Conference, 2005.Brandes P, Hadani M, Goranova M. Paying the Price of a Free Lunch: Agency and InstitutionalExplanations for Stock Option Expensing, Academy of Management Conference, 2004.Senjem J, Rilington K, Goranova M. Is Profitability Linked to Social Networks in New Hollywood FilmVentures? Academy of Management Conference, 2003.5
Maria L. GoranovaTeaching Cases – Refereed Conference PresentationsGoranova M. Martin Shkreli and Turing: Strategic Decision Making and the 5000% Price Hike ofDaraprim (start-up case), North American Case Research Association Conference, 2017.Goranova M, Rousev I. Strategic Merger or Tax Inversion? The Role of Corporate Governance inJohnson Controls Merger with Tyco International, North American Case Research AssociationConference, 2017.Invited PresentationsGoranova M, Ryan LV. Shareholder Engagement in the Face of Conflicting Shareholder Interests.Academy of Management symposium: “Perspectives on Strategic Implications of Shareholder Activism”Chicago, August 2018 (presenter).Goranova M, Abook R, Nystrom P, Soofi E. Do Activist Shareholders Target Well-Governed Firms?Bayesian Zero-Inflated Count Modeling of Shareholder Activism, Marquette University, March 2014(presenter)Goranova M, Priem R, Ndofor H, Trahms C. Where are the Monitors when CEOs Swing for the Fences?Evidence from Extreme M&A Performance, UWM, March 2014 (presenter)Goranova M, Abook R, Nystrom P, Soofi E. Activists at the Gate. Zero Inflated Count Processes ofShareholder Activism, governance symposium “Responsible Corporate Governance PracticesWorldwide” organized by San Diego State and Brock University, Niagara Falls, ON, May 2013(presenter).Goranova M, Ryan LV Shareholder Activism and the Theory of the Corporation, Academy ofManagement PDW: “Theories of Shareholder Activism: A Trip Down Memory Lane and Up On FutureAvenue” Boston, August 2012 (presenter).Goranova M. Institutional Ownership and Corporate Governance, School of Freshwater Sciences, UWM,December 2011 (presenter).Goranova M, Peck S. The Promise of Future: Institutional Ownership, Career Concerns & ExecutiveCompensation, Michigan State University, October 2011 (presenter).Levitas E, Goranova M, Li S. ‘Expert’ Blockholders and Firm Innovation: A study of the U.S. BiotechIndustry, 21st Century Corporate Governance: Scholarship Meets Practice, San Diego State University,April 2011 (presenter).Goranova M, Priem R, Ndofor H, Trahms C. Dualistic Nature of Corporate Governance? Investigatingthe Effects of Monitoring and Incentive Alignment on M&A Performance, Syracuse University, October2010 (presenter).Goranova M, Dharwadkar R, Brandes P. Owners on Both Sides of the Deal: Mergers and Acquisitionsand Overlapping Institutional Ownership, Marquette University, March 2010 (presenter).Goranova M, Priem R, Ndofor H, Trahms C. Value-Destroying Mergers and Acquisitions: Exploring theImpact of Corporate Governance & Upper Echelons Characteristics, Corporate Governance: NewTheories, Trends and Evidence symposium, University of St. Thomas & San Diego State University,Houston, 2009 (presenter).6
Maria L. GoranovaInvited Presentations (cont.)Brandes P, Goranova M, Dharwadkar R. Do Portfolio Characteristics Compromise Large InstitutionalOwner Monitoring? An Examination in the Context of M&As. Corporate Governance: New Theories,Trends and Evidence symposium, St. Thomas & San Diego State University, Houston, 2009.Hadani M, Goranova M, Khan R. Institutional Investors, Shareholder Activism, and EarningsManagement, UWM, Lubar Business School, Nov. 2008 (presenter).Dharwadkar R, Goranova M, Brandes P, Khan R. Institutional Ownership and Monitoring Effectiveness:It’s Not Just How Much You Own, It’s What Else You Own, Conference on Corporate Governance,Northwestern University in Chicago, 2007.Professional ServiceEditorial BoardsAssociate Editor for corporate governance, Business & Society, 2015 – presentMember, Journal of Management, 2010 – presentMember, Corporate Governance: An International Review, 2019 – presentOrganizer/ Track ChairInternational Corporate Governance Society Conference (ICGS), 2016 (Track chair: Ownership)Academy of Management Conference, 2015, Showcase Symposium “Opening Governance: TheQuestion of Shareholder Empowerment “(co-organizer with Lori V. Ryan), BPS, SIM, and OMTAcademy of Management Conference, 2014, SIM professional development workshop“Shareholder Empowerment “(co-organizer with Lori V. Ryan)Reviewer for Associate Professor – promotion and tenure casesSt. John’s University, 2017University of Calgary, 2016University of Massachusetts Lowell, 2015Ad hoc Journal ReviewerStrategic Management JournalAcademy of Management JournalAcademy of Management ReviewOrganization ScienceJournal of Management StudiesCorporate Governance: An International ReviewJournal of ManagementJournal of Business EthicsJournal of Business ResearchOrganization StudiesStrategic OrganizationQuarterly Review of Economics and FinanceManagerial and Decision Economics7
Maria L. GoranovaProfessional Service (cont.)Conference ReviewerAcademy of Management:Business Policy and Strategy – 2004-2018Social Issues in Management – 2014-2016Organization and Management Theory – 2005-2007, 2012International Management – 2005Strategic Management Society – 2012-2016Society for Business Ethics – 2018North American Case Research Association – 2017International Corporate Governance Society – 2016International Association for Business and Society – 2008-2009; 2012-2015International Association for Chinese Management Research – 2010Strategic Management Society special conference ‘CK Prahalad: Reaching Over Boundariesand Expanding Possibilities’ – 2011Reviewer – otherLUISS University, Rome, Italy – external evaluation of doctoral thesis, 2018Estonian Research Council, external reviewer for grant application, 2017, 2016International Islamic University – external evaluation of doctoral thesis, 2016Discussant/Chair/Mentor/Guest SpeakerStratSim Management webinar (featured guest speaker), April 2019.Academy of Management Conference, 2019, Strategy session: “Temporal CEO Focus: The Roleof Short-Termism” (chair)Academy of Management Conference, 2018, Strategy division, Junior Faculty PaperDevelopment Workshop (discussant)Academy of Management Conference, 2017, Business Policy and Strategy division, JuniorFaculty Paper Development Workshop (discussant)Academy of Management Conference, 2017, Social Issues in Management division, ResearchDevelopment Workshop (mentor)Academy of Management Conference, 2017, Social Issues in Management division, SIMResearch Speed Networking (mentor)International Corporate Governance Society Conference (ICGS), 2016, “Ownership Dynamics inEast Asia” (chair/discussant)Academy of Management Conference, 2013, Business Policy and Strategy session: “Agencytheory” (chair)Academy of Management Conference, 2012, Social Issues in Management session:“Social Responsibility” (discussant)Academy of Management Conference, 2012, Business Policy and Strategy session: “TMT:Composition, Compensation, Turnover and Competitive behavior” (chair)8
Maria L. GoranovaProfessional Service (cont.)Discussant/Chair/Mentor/Guest SpeakerAcademy of Management Conference, 2009, inter-division session: “A Better Understanding ofCEO Compensation” (session facilitator)Academy of Management Conference, 2006, Business Policy and Strategy session:“Strategy Process: Leading the Way to Sound Governance” (chair)University ServiceCo-Chair of Strategic Management Assistant Professor Search Committee, Lubar School of Business,UWM, 2019 – 2020.Research Committee, Lubar School of Business, UWM, member 2017 – 2018, 2019 – 2020.Co-Chair of Richard C. Notebaert Professor in International Business & Global Studies SearchCommittee, Lubar School of Business, UWM, 2018 – 2019.Member of Strategy/Organizational Theory Faculty Position Search Committee, Lubar School ofBusiness, UWM, 2018 – 2019.MS Program Committee, Lubar School of Business, UWM, member 2013 – 2014, 2018 – 2019MS Program Grievance subcommittee, Lubar School of Business, UWM, member, 2018 – 2019Member of Richard C. Notebaert Professor in International Business & Global Studies SearchCommittee, Lubar School of Business, UWM, member, 2016 – 2017, 2017 -2018AACSB Committee, Lubar School of Business, UWM, member 2016 – 2017Teaching Committee, Lubar School of Business, UWM, member 2008 – 2011, 2012 – 2013, 2015 – 2016Scholarship Committee, Lubar School of Business, UWM member 2015 – 2016Area Chair, Organizations and Strategic Management Area, Lubar School of Business, UWM, 2014 –2015 (1-year term)MBA Program Committee, Lubar School of Business, UWM, member 2014 – 2015Sustainability Task Force, Lubar School of Business, UWM, member, 2013 – 2015Economic Benefits Committee, University of Wisconsin Milwaukee, member 2009 – 2012.Doctoral Comprehensive Examination Committee, Lubar School of Business, UWM, member: Summer2011, Summer 2013, Summer 2014, Winter 2015, Summer 2017, Spring 2017, Spring 20189
Maria L. GoranovaDoctoral Dissertation CommitteesCommittee Chair Wanrong Hou (co-chair with Richard Priem). 2012. “Three Essays on CEO Compensation, Risktaking Behavior and Subsequent
Management, Journal of Business Research, 64(12): 1352-1360. Goranova M, Dharwadkar R, Brandes P. 2010. Owners on Both Sides of the Deal: Mergers and Acquisitions and Overlapping Institutional Ownership, Strategic Management Journal, 31(10): 1114-1135. Dharwadkar R, Goranova M, Brandes P, Khan R. 2008. Institutional Ownership and Monitoring
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