Department of Accounting

  • Center for Corporate Governance
Assistant professor

Room: SOL/C5.01
E-mail: gj.acc@cbs.dk

Gudrun Johnsen is an assistant professor at the Center for Corporate Governance within the Department of Accounting. Gudrun conducts interdisciplinary research within Industrial Organization, Law & Finance. She holds a PhD in Economics from ENS in Paris, and a dual masters' degree in Applied Economics and Statistics from the University of Michigan, Ann Arbor. She has written extensively on the Great Financial Crisis, especially the colossal banking failure in Iceland in 2008.  Her current research focus is on the role of the financial network, credit risk of business groups, gender risk aversion in corporate finance and executive compensation.  She has previously worked as a senior researcher for a Parliamentary Special Investigation Commission looking into the causes and events leading up to the fall of the Icelandic banking sector in 2008. Gudrun worked at the IMF from 2004 -2006 and has extensive board experience from financial institutions.


Primary research areas
  • Corporate Governance
  • Corporate Finance
  • Incentive Pay & Management Control
  • Pension Fund Governance
  • Business Groups Funding
Curriculum Vitae
Link to this homepage
  • Financial Statement Analysis
  • Corporate Governance
  • Systemic Risk Management
Selected publications
  • “From the Outside In: The influence of the Welfare State in Nordic Corporate Governance”, with Elin Jonsdottir, forthcoming in Nordic Company Law: Broadening the Horizon, Eds. Beate Sjåfjell & Jukka Mähönen, Scandinavian University Press 2022
  • “Corporate Governance in the Nordics: The Law, the Culture and Sustainability”, with Jukka Mähönen, 2020, in the Cambridge Handbook of Corporate Law, Corporate Governance and Sustainability, Eds. Beate Sjåfjell & Christopher Bruner, Cambridge University Press, 2020
  • “Wages of Failure: Compensation Schemes in the Failed Icelandic Banks” in The 2008 Great Financial Crisis in Retrospect, Eds. Robert Aliber & Gylfi Zoega, Springer, New York, Jan. 2019
  • “Public Trust in Pre-and Post-Crisis Iceland (I): Down with the lift, but you must take the stairs up", with Sigurbjorg Sigurgeirsdottir, 2018, in The Return of Trust? Institutions and the Public after a Crisis, Eds. Sigurjonsson, T.O. & Schwartzkopf, D., Emerald Publishing, 2018
  • “Promoting Bank Stability through Compensation Reform: Lessons from Iceland” with James Cullen, Icelandic Review of Politics and Administration, December 2015


media appearances


Outside activities
  • Economic Advisor, VR – Commerce Union, June 2020 – present
  • Founder and chair of Transparency International - Iceland 2005- present
  • Board member - Live-Pension Fund of the Commerce - August 2019-present