Associate Professor
Dieter Schwarz Foundation Chair Holder
Strategy & Business Policy Department
HEC Paris
1, rue de la Libération
78351 Jouy-en-Josas cedex
France
Education
Ph.D. in Management
University of Mannheim
M.Sc. in Business Administration
Humboldt University Berlin
M.A. in Comparative Business Economics
University College London
Recognition
Best Reviewer Award, Global Strategy IG, SMS 2024
Outstanding Reviewer Award, Organization Science, 2024
Outstanding Reviewer Award, STR Division, AoM 2024
Winner of the BnP Paribas Vernimmen Teaching Prize at HEC Paris 2023
Outstanding Reviewer Award, Strategic Leadership & Governance IG, SMS 2023
Nominee, HEC Foundation Award “Initiative Pédagogique - Prix Roux de Bézieux”, 2022
Best Reviewer Award, Strategic Management Journal, 2022
Outstanding Reviewer Award, Journal of Management Discoveries, 2022
Runner up for the BnP Paribas Vernimmen Teaching Prize at HEC Paris 2022
Outstanding Reviewer Award & Reviewer of the Year Award, Strategic Leadership & Governance IG, SMS 2021
Outstanding Reviewer Award, STR Division, AoM 2021
Best Reviewer Award, ONE Division, AoM 2021
Outstanding Reviewer Award, Strategic Leadership & Governance IG, SMS 2020
Outstanding Reviewer Award, STR Division, AoM 2020
Best Reviewer Award, ONE Division, AoM 2020
Outstanding Reviewer Award, Stakeholder Strategy IG, SMS 2019
Outstanding Reviewer Award, STR Division, AoM 2019
Outstanding Reviewer Award, Stakeholder Strategy IG, SMS 2018
Outstanding Reviewer Award, STR Division, AoM 2018
Outstanding Reviewer Award, Strategic Leadership & Governance IG, SMS 2017
ABCD Award, OMT Division, AoM 2017
Outstanding Reviewer Award, STR Division, AoM 2017
Oxford University Centre for Corporate Reputation Best Dissertation Award 2016
Nominee DSEB Education Prize, Copenhagen Business School 2016
Outstanding Reviewer Award, Strategic Leadership & Governance IG, SMS 2016
Outstanding Reviewer Award, Stakeholder Strategy IG, SMS 2016
Outstanding Reviewer Award, BPS Division, AoM 2016
Best Conference Reviewer Award, AIB 2016
Best Reviewer Award, Corporate Governance SIG, EURAM 2016
Outstanding Reviewer Award, BPS Division, AoM 2015
Best Reviewer Award, Corporate Governance SIG, EURAM 2014
Why do some CEOs commit fraud while others champion corporate responsibility? How does political ideology shape the way media covers business? When should—and shouldn't—corporate leaders speak out on social issues?
These are the kinds of questions that drive my research. I'm fascinated by how individual leaders—their backgrounds, values, and identities—shape corporate behavior at the intersection of business and society.
I'm Georg Wernicke, the Dieter Schwarz Foundation Chaired Associate Professor of Strategy at HEC Paris and currently a visiting scholar at Wharton. Before joining HEC Paris, I was a faculty member at Copenhagen Business School and a visiting scholar at INSEAD, Kellogg School of Management, the University of Antwerp, and the Stern School of Business. If you're interested in having a chat, have questions about my work, or want to discuss topics I study, I'd love to hear from you.
RESEARCH
My research program centers on two interconnected lines of inquiry, both focused on how individual leaders shape corporate behavior at the intersection of business and society.
First, I examine what drives variation in firms' social and environmental practices and governance. I'm particularly intrigued by the role of CEO characteristics and values: Why do some executives engage in misconduct while others don't? How do personal backgrounds—military service, parenthood, political ideology, age—shape leadership choices? At the firm level, I explore questions like how companies use CSR strategically to manage risk and stakeholder relationships.
Second, I study the consequences of these choices. How does corporate social responsibility affect media coverage or employee perceptions? What happens to directors linked to fraud—and does their gender or ethnicity change those outcomes? When CEOs speak out on political issues, what are the implications for democracy and business performance?
Methodologically, I take a multidisciplinary approach, drawing from sociology, psychology, management, and finance. I believe the best research adapts its methods to the question at hand—whether that means quantitative analysis, content analysis, interviews, experimental surveys, or natural experiments. I study these questions at multiple levels: organizational elites (CEOs and board members), the firm, and the broader institutional environment. This work reveals that corporate behavior isn't just about institutional pressures or market forces—it's deeply personal. The people making decisions bring their values, biases, and life experiences with them.
Publications
The Ideological Imperative: Corporate Social Responsibility and News Media Coverage of Firms
with Yasir Dewan and Tal Simons. Organization Science, 2024, Vol. 35, No. 5, pp: 1930–1955.
Does being socially responsible always earn positive press? Not necessarily. We found that conservative newspapers actually cover socially responsible firms less positively than other outlets do—especially when those firms are led by conservative CEOs. This challenges the assumption that CSR is universally viewed as appropriate corporate behavior. The reality is more nuanced: what counts as 'responsible' business conduct depends heavily on the ideological lens through which it's viewed. For journalists, policymakers, and business leaders, this means recognizing that CSR isn't a one-size-fits-all reputational strategy—it can actually backfire depending on your audience.
Media Coverage: Brain for Business Podcast, Management Today
When Is CEO Activism Conducive to the Democratic Process?
with Aurelien Feix. Journal of Business Ethics, 2024, Vol 190, pp: 755–774.
CEOs are increasingly speaking out on social and political issues—but should they? We take an ethical lens to this question, drawing on political philosophy to argue that the answer depends on your view of democracy. From a liberal perspective, CEO activism just needs to be lawful. But from a republican viewpoint, CEOs should also be 'civic-minded'—concerned with the quality and fairness of public debate, not just their company's interests. We propose four criteria for ethical CEO activism: Does it add genuine insight? Is it timely? Is it constructive? Is it transparent? This framework helps CEOs navigate the growing expectation that they'll take public stances—and helps the rest of us evaluate when they do.
Media Coverage: Forbes, The Banker, Neue Osnabruecker Zeitung, Ostfriesische Nachrichten, Koelnische Rundschau, The Conversation (in French), Blog of the American Philosophical Association
HOW MUCH INFLUENCE DO CEOS HAVE ON COMPANY ACTIONS AND OUTCOMES? THE EXAMPLE OF CORPORATE SOCIAL RESPONSIBILITY
with Miha Sajko and Christophe Boone. Academy of Management Discoveries, 2022, Vol. 8, pp: 36–55.
How much does the CEO actually matter for corporate social performance? Using a novel statistical technique, we found that CEOs explain about 28% of the variance—a substantial and remarkably stable effect. For context, that's comparable to the influence of the entire firm. This has important implications: if you want to understand or change a company's social and environmental practices, you need to understand the person at the top. Their values, priorities, and leadership style aren't just background noise—they're a fundamental driver of corporate behavior.
Media Coverage: Valor Economico, Le Monde, La Tribune, Business & Society Blog, CEOWorld Magazine, Future Talent Learning, Adi Gaskell’s Blog, Warwick Business School News - Core Insights: Sustainability, Harvard Business Manager (June 2021), PeopleManagement, Work Magazine (Summer Edition), ”CEOs’ Big Influence on Corporate Social Responsibility” Academy of Management Insights, 2021, HEC Knowledge
Most cited and second most read paper among all papers in AMD in 2022
Last to Come and Last to Go? On the Complex Role of Gender and Ethnicity in the Reputational Penalties for Directors Linked to Corporate FrauD
with Ivana Naumovska and Edward J. Zajac. Academy of Management Journal, 2020, Vol. 63, No. 3, pp: 881-902.
What happens to board directors after corporate fraud? Typically, they face reputational penalties in the labor market. But we discovered something surprising: female and ethnic minority directors don't face the same penalties—they appear to have 'reputational immunity.' Why? Because they're still underrepresented and highly sought after, the labor market continues to value them even after scandal. This reveals a fascinating duality: the very factors that make minority directors vulnerable to discrimination can also protect them in certain situations. It's a reminder that labor market outcomes aren't just about individual merit—they're shaped by evolving social norms and supply-and-demand dynamics.
Media coverage: HEC Knowledge, The Conversation (France)
Paywall free version on ResearchGate
Best Published Paper Award 2022 of the German Association of Business Professors (VHB)
Sucheta Nadkarni Award (Runner-up), SMS 2021
Feigenbaum Best Paper Award (Nominee), Israel Strategy Conference 2017
Best Conference Paper Award (Finalist with Honorable Mention), SMS 2017
Best Paper Award (Honorable Mention), Strategic Leadership & Governance IG, SMS 2017
Drilled to obey? ex-military ceos and Financial misconduct
with Irmela Koch-Bayram. Strategic Management Journal, 2018, Vol. 39, No. 11, pp: 2943–2964.
Do CEOs with military backgrounds behave differently? We examined two types of financial misconduct—fraudulent reporting and stock option backdating—and found that military veterans are significantly less likely to engage in either. This isn't just about following rules; it reflects deeper values around integrity and accountability instilled during military service. Interestingly, this effect is stronger when board oversight is weak, suggesting that military CEOs may serve as a built-in check on misconduct. For boards and investors evaluating executive candidates, military experience may signal more than just leadership skills—it may indicate ethical decision-making under pressure.
Media Coverage: Forbes, Time to Sign Off (in French), topmanagement.com (in Spanish), Ifeng.com (in Chinese), HEC Knowledge, MtSprout (In Dutch)
Signal incongruence and its consequences: A study of media disapproval and CEO over-compensation
with Jean-Philippe Vergne and Steffen Brenner. Organization Science, 2018, Vol. 29, No. 5, pp: 796-918.
When philanthropic companies overpay their CEOs, something interesting happens: they get more media criticism, not less. We call this 'signal incongruence'—when positive and negative cues clash, it draws extra scrutiny. The image of a generous, altruistic company doesn't mesh with an overpaid, seemingly greedy CEO. But here's the twist: those same companies are also more likely to reduce CEO pay in response to criticism. This shows that media can serve as an external governance mechanism, and it reconciles two conflicting views on corporate philanthropy—it can simultaneously enhance and damage a firm's reputation, depending on context. The lesson? Mixed signals are risky signals.
Paywall free version on ResearchGate or SSRN
Media Coverage: Forbes.com, HEC Knowledge, INSEAD Knowledge, Harvard Business Review France (French), Le Monde (French)
Best Published Paper Award (Finalist, Best Paper in the Strategy Division) of the German Association of Business Professors 2020
Feigenbaum Best Paper Award (Nominee), Israel Strategy Conference 2015
Best Paper Award (Nominee), International Corporate Governance Society 2015
Best Empirical Paper on Environmental and Social Practice (Runner-up), OMT Division, AoM 2015
Best Paper Award (Winner), General Track, Strategic Management SIG, EURAM 2015
Best Paper Award (Winner), Strategic Management SIG, EURAM 2015
Global cities and liability of foreignness
with Kristian Mehlsen. European Journal of International Management, 2016, Vol. 10, No. 1, pp: 78-94.
When multinational enterprises expand abroad, they face a 'liability of foreignness'—the challenges of operating in unfamiliar territory. But we found that locating in global cities like London, New York, or Tokyo can significantly reduce this liability. Why? These cities offer cosmopolitanism, advanced business services, and interconnectedness that help foreign firms navigate institutional distance. For MNEs making location decisions, this research suggests that global cities aren't just attractive because they're large markets—they're strategic choices that can mitigate the inherent challenges of going international. The findings reveal how geography and globalization interact in shaping where and how companies expand.
Best Paper Award (Nominee), 12. Workshop on International Management 2014
Work In Progress
[Something about firms’ reaction to rising populism]
with Benedikt D. S. Kapteina, Rolf Brühl and Markus Scholz. R&R Journal of Management Studies (2nd round)
In an era of rising populism, businesses are increasingly entering the political arena to defend democratic principles. Drawing on interviews with German CEOs and senior executives, we explore how companies respond through election campaigns, political education workshops, discussions with policymakers, and business coalitions. What motivates these actions? How do companies balance economic objectives with the moral responsibility to uphold democracy? Our findings reveal that corporate political activity (CPA) and political corporate social responsibility (PCSR) are complementary approaches rather than competing alternatives. While CPA focuses on reputation and market stability, PCSR reflects a commitment to social cohesion and democracy. This study provides insights into how businesses navigate the tension between profit-driven goals and their role in defending democratic norms in an increasingly polarized society.
[Something about CEOs’ identity and their remuneration]
with Steffen Brenner. R&R Journal of Management Studies (Minor Revision)
Research suggests firms respond strategically to media criticism. But what if CEOs' moral concerns sometimes outweigh strategic calculations? We argue that when media attributes controversial outcomes to CEOs, it exposes them to scrutiny from valued individuals—like their children. As moral role models, parent CEOs may adjust their firm's response to avoid negative scrutiny. Testing this with CEO overcompensation, we use two studies: an experimental survey showing that reminding executives of their parental identity increases their willingness to reduce pay, and an observational study with hand-collected biographic data showing that parent CEOs significantly reduced pay relative to peers after media criticism. This reveals how personal identity—not just strategic interests—can drive corporate responses.
Best Paper Award (Nominee), International Corporate Governance Society 2015
[Something about military experience and strategic leadership]
with Tim Heubeck and Yeongsu Kim R&R Journal of Management Studies (1st round)
Corporate leaders with military experience bring distinctive traits to strategic leadership—strategic thinking, ethical values, and the capacity for high-stakes decision-making. But the impact varies by service profile (military branch), role (CEO, TMT, board), and organizational context. In this integrative review, we synthesize the literature to address the lack of integration between different strands. Our framework captures six overarching themes aligned with distinct strategic leadership roles. Rather than exerting uniform effects, military experience operates through role- and context-specific dynamics that are often marked by inherent tensions. This review advances conceptual understanding by illustrating that military experience in corporate leadership is complex and demands closer theoretical and empirical scrutiny.
‘Not My CEO’: Employee Reactions to the Threat of Female Leadership”
with Isabelle Solal and Steffen Brenner
We examine how CEO and employee gender affect employee evaluations of their chief executive. Drawing on group competition theory, we theorize that male employees perceive female leadership as a threat to their position in the gender hierarchy, expressed through greater prejudice and hostility. Using Glassdoor employee reviews, we show that the female leadership penalty is driven primarily by male employees. Factors that exacerbate the perceived threat—like poor firm performance and, to a greater extent, diversity and inclusion efforts—widen the approval gap between male and female CEOs. We also provide preliminary evidence that this penalty stems from an emotional response by male employees. The implications? We need to reframe gender equity as a positive-sum rather than a zero-sum game.
Academy of Management Best Paper Proceedings, OMT Division, 2023
OMT Responsible Research Award (Nominee), OMT Division, 2023
Responsible Research Paper Prize (Nominee), SMS 2022
Best Paper Award (Nominee), Israel Strategy Conference 2022
Just Old, or from Another Era? The Multifaceted Effect of CEO Age on Firms’ Social and Environmental Practices
with Miha Sajko and Christophe Boone
Why do top executives differ in their values, and how is this reflected in organizational outcomes? We build on the dual aspect of CEO age to examine how stable differences in values between executives and changes in values within executives over time affect firms' social and environmental practices (SEPs). On one hand, executives' concern for stakeholders changes with age as they advance through their careers. On the other hand, age also reflects stable differences in values between adjacent birth cohorts who grew up in different historical periods. We integrate these time-stable and time-variant perspectives by theorizing about how age simultaneously determines which SEPs initiatives CEOs prioritize more and the extent to which CEOs invest in SEPs.
Best Conference Paper Award, Gronen 2020
Uncovering the Temporal Dimension: Firms’ Unfolding Responses to Stakeholder Issues and the Role of Organizational Implementation Capacities
with Nikolas Rathert and Brayden G King
This study investigates temporal variation in firms' implementation of new stakeholder-focused policies. While prior research treats organizational responsiveness as a binary choice between symbolic and substantive action, we argue that responses may unfold over time—progressing from an initial (symbolic) announcement to eventual (substantive) implementation. We draw on research on intraorganizational implementation challenges to identify two key factors that reduce implementation time: political capacity (stakeholder focus of the board) and operational capacity (existing implementation expertise). Using a 13-year panel of U.S. firms, we capture the duration between consumer safety policy announcements and their subsequent implementation. Our findings support our hypotheses while revealing important boundary conditions for the effect of either capacity.
CAUGHT BETWEEN THE FRONTS: A LEGITIMACY-BASED VIEW ON WESTERN FIRMS’ RESPONSE TO THE UKRAINE WAR
with Louis Vandepoele
We study firms' reactions to an exogenous increase in political risk when a foreign country suddenly becomes delegitimized. Building on a legitimacy-based framework, we argue that business conduct in a delegitimized country creates legitimacy threats as home country populations contest continued operations there. Firms with greater business exposure to the delegitimized country face more legitimacy threats and are more likely to exit. We hypothesize that two forces strengthen this relationship: greater public attention to the delegitimized country (home country level) and the degree to which the host country perceives firms' home countries as adversaries. We test these arguments using Russia's invasion of Ukraine in February 2022, which morally delegitimized Russia in Western eyes. Results support our arguments and reveal that Western firms that exited Russia appear to redirect business to post-Soviet countries.
Academy of Management Best Paper Proceedings, OMT Division, 2025
Best Conference Paper Award (Nominee), SMS 2024
Best PhD Conference Paper Award (Nominee), SMS 2024
Amour-Propre: Unveiling the Impact of CEO Narcissism on CEOs’ Speaking Out on Sociopolitical Issues
with Ghina Chammas
CEOs of U.S. firms are increasingly engaging in CEO activism, wherein they take a public stance on various socio-political issues. While previous research has predominantly focused on the stakeholder reactions to this trend, there is a growing interest in its antecedents. Leveraging the inherently public nature of CEO activism as taking a public stance, we assert that CEO activism offers a natural outlet for CEOs to attract attention, a trait commonly associated with the prevalent narcissistic personality found among CEOs. Using data from 723 CEOs of S&P500 firms from 2014 to 2022, we find empirical support for our hypotheses that narcissism serves as an important antecedent to CEO activism. By offering a psychologically-oriented perspective on CEO activism, we complement existing views characterizing it primarily as an ideologically-driven phenomenon.
Best PhD Paper Award, Strategic Leadership & Governance IG, SMS 2024
Insurance For Whom? Whether and How Reduced Managerial Liability Affects CSR Initiatives
with Stephen Hwang and Edward J. Zajac
CEOs of U.S. firms are increasingly engaging in CEO activism, taking public stances on socio-political issues. While previous research has focused on stakeholder reactions, there's growing interest in the antecedents. Leveraging the inherently public nature of CEO activism, we assert that it offers a natural outlet for CEOs to attract attention—a trait associated with narcissistic personality, which is prevalent among CEOs. Using data from 723 CEOs of S&P500 firms from 2014 to 2022, we find empirical support that narcissism serves as an important antecedent to CEO activism. By offering a psychologically-oriented perspective, we complement existing views characterizing CEO activism primarily as an ideologically-driven phenomenon.
Refereed Conference Proceedings
CAUGHT BETWEEN THE FRONTS: A LEGITIMACY-BASED VIEW ON WESTERN FIRMS’ RESPONSE TO THE UKRAINE WAR
with Louis Vandepoele. Academy of Management Best Paper Proceedings, OMT Division, 2025.
Best Conference Paper Award (Nominee), SMS 2024
Best PhD Conference Paper Award (Nominee), SMS 2024
'Not My CEO': Employee Reactions to the Threat of Female Leadership
with Isabelle Solal & Steffen Brenner. Academy of Management Best Paper Proceedings, OMT Division, 2023.
Short Selling and Performance on Corporate Social Responsibility: Evidence from a Natural Experiment
with Vanya R. Rusinova. Academy of Management Best Paper Proceedings, STR Division, 2019.
Distinguished Paper Award, STR Division, AoM 2019
Winner of the People’s Choice Award, ARCS 2019
Best Conference Ph.D. Paper Award (Winner), SMS 2018
Best Conference Paper Award (Nominee), SMS 2018
Access to finance and corporate social responsibility: causal Evidence from a Natural Experiment
with Vanya R. Rusinova. Academy of Management Best Paper Proceedings, STR Division, 2016.
Best Conference Paper Award (Nominee), SMS 2016
Editorial Boards
Academy of Management Discoveries (since 2020)
Corporate Governance: An International Review (since 2020)
Organization Science (since 2021)
Strategic Management Journal (since 2020)
Strategic Organization (since 2026)
Professional Society Leadership
Board Members, International Corporate Governance Society (since 2025)
Associate Program Chair, Program Chair & Chair, Strategic Management Society (2024-26)
Representative at Large, Stakeholder Strategy IG, SMS (2022-23)
Representative at Large, Strategic Leadership and Governance IG, SMS (2019-20)
Program Team, Organizations and the Natural Environment (ONE) Division, AoM (2020-23)
Research Committee, Strategic Management (STR) Division, AoM (2020-22)