Department of Accounting

  • Center for Corporate Governance
cand.polit., Ph.D.

Room: SOL/C5.13

Steen Thomsen is Novo Nordisk Foundation Professor of Enterprise Foundations at CBS. He served as academic director of the Center for Corporate Governance, Copenhagen Business School, which he founded in 2005. He specializes in corporate governance as a teacher, researcher, consultant, and commentator. His academic publications include more than 40 international journal articles and several books. His research is currently focused on enterprise foundations – foundations that own business firms. Steen has served as a non-executive director in several business companies and nonprofits. He is a founding board member of Boardmeter, which produces software-based board evaluations. He is  academic director of the Danish Board Leadership Society and the CBS board programs. He writes columns for the leading Danish business newspaper, Børsen, and has served as a consultant and lecturer to several large companies and government organizations. He has also contributed to best practice codes, public policy and legislation in the area of corporate governance and enterprise foundations.

Primary research areas
  • Enterprise Foundations
  • Corporate Governance
  • Sustainable Governance
Curriculum Vitae
Social media
Link to this homepage
  • Corporate Governance and Compliance, cand. merc. Finance and Strategic
  • Management.
  • Corporate Governance, CBS fulltime MBA.
  • Ph.D. Course in Corporate Governance


  • Ph.D. and Master students
Other teaching activities
  • Academic director of the CBS board programs.
Selected publications

Thomsen, Steen, & Torben Pedersen: European Patterns of Corporate Ownership. Journal of International Business Thomsen, Steen, & Torben Pedersen: European Patterns of Corporate Ownership. Journal of International Business Studies. 28(4): 759-778. 1997.

Thomsen, Steen, & Torben Pedersen. Ownership Structure and Economic Performance in the Largest European Companies. The Strategic Management Journal. 21(6). 2000. 689-705.

Thomsen, Steen & Torben Pedersen and Hans Kurt Kvist. The Direction of Causality between Blockholder Ownership and Market Valuation. Journal of Corporate Finance, 2006.

Kronborg, Dorte, and Steen Thomsen. 2009. Foreign Ownership and Long Run Survival, Strategic Management Journal, 30:207-219, 2009.

Aleksandra Gregoric, Lars Oxelheim, Trond Randoy, and Steen Thomsen. On the Internationalization of Corporate Boards. The Case of Nordic Firms. Journal of International Business Studies, 43(3), 173-194.

Publications sorted by:
David Schröder; Steen Thomsen / Foundation Ownership and Sustainability
In: Proceedings of the Eighty-third Annual Meeting of the Academy of Management. ed. /Sonia Taneja. Briarcliff Manor, NY : Academy of Management 2023, 1 p. (Academy of Management Annual Meeting Proceedings)
Conference abstract in proceedings > peer review
Nikolaos Kavadis; Steen Thomsen / Sustainable Corporate Governance : A Review of Research on Long‐term Corporate Ownership and Sustainability.
In: Corporate Governance: An International Review, Vol. 31, No. 1, 1.2023, p. 198-226
Journal article > peer review
Hsi Mei Chung; Kevin Au; Steen Thomsen / Beyond Charity : Family Foundations Perpetuating Longevity of Family Businesses.
In: Proceedings of the Eighty-second Annual Meeting of the Academy of Management . ed. /Sonja Taneja. Briarcliff Manor, NY : Academy of Management 2022, 1 p., p. 3727 (Academy of Management Proceedings)
Conference abstract in proceedings > peer review
Steen Thomsen; Nikolaos Kavadis / Enterprise Foundations : Law, Taxation, Governance, and Performance.
Delft : Now Publishers Inc. 2022, 107 p. (Annals of Corporate Governance, No. 4, Vol. 6)
Book > peer review
Khine Kyaw; Steen Thomsen; Sirimon Treepongkaruna / Firms' Potential for Economic Sustainability and Firm Value : The Moderating Role of Blockholders.
In: Sustainable Development, Vol. 30, No. 5, 10.2022, p. 884-901
Journal article > peer review
Paul Krüger Andersen; Niklas Arvidsson; Gintautas Bartkus; Andri Fannar Bergþórsson; Virginijus Bité; Søren Friis Hansen; Jesper Lau Hansen; Svante Johansson; Morten Kinander; Mårten Knuts; Erik Lidman; Troels Michael Lilja; Paulius Milaiuskas; Matti J. Sillanpaa; Gustaf Sjöberg; Daniel Stattin; Therese Strand; Rebecca Söderström; Steen Thomsen; Veikko Vahtera; Seppo Villa; Andres Vutt; Margit Vutt; Jessica Östberg; / Response to the Proposal for a Directive on Corporate Sustainability Due Diligence
: SSRN: Social Science Research Network 2022, 18 p. (Nordic and European Company Law Working Paper , No. 22-01)
Working paper
Steen Thomsen / Is WACC out of Whack? : Capital Costs and Short-Termism.
In: Festskrift till Rolf Skog / Festschrift in Honour of Rolf Skog. ed. /Ronald J. Gilson; Mats Isaksson; Erik Lidman; Johan Munck; Erik Sjöman. Stockholm : Nordstedts 2021, p. 1151-1165
Book chapter > peer review
Henry Hansmann; Steen Thomsen / The Governance of Foundation-owned Firms
In: Journal of Legal Analysis, Vol. 13, No. 1, 2021, p. 172-230
Journal article > peer review
Pornanong Budsaratragoon; Suntharee Lhaopadchan; Steen Thomsen / Community and Compensation : Director Remuneration in Thailand.
In: Research in International Business and Finance, Vol. 52, 4.2020
Journal article > peer review
Steen Thomsen; Niels Westergård-Nielsen / Er det en fordel med eksterne bestyrelser?
In: Danske bestyrelser og deres medlemmer: Hvem bestemmer i de danske selskaber?. . ed. /Niels Westergård-Nielsen. Frederiksberg : Center for Corporate Governance. Copenhagen Business School 2020, p. 106-119
Book chapter
More results... (total 109 results)
Research Projects
Outside activities

Dagbladet Børsen; Columnist; 2010 – ongoing
CBS Executive; Academic Director and teacher; 2013 – ongoing
Bestyrelsesforeningen; Board member; 2013 – ongoing
Boardmeter APS/Boardmeter A/S; Board member; 2014 – ongoing
Steen Thomsen Enterprise; CEO; 2014 – ongoing (No activity)
International Corporate Governance Society; Board member; 2014 – ongoing
Dansk Forening for Selskabsret; Board member; 2014 – ongoing
Chulalongkorn University, Department of Banking and Finance, Thailand; Visiting Professor; 2014 – ongoing
Corporate Governance. An International Review; Editorial Advisory Board member; 2014 – ongoing
Finn Nørgaard Foreningen; Board member; 2015 – ongoing
The Danish Commercial Appeals Board; Member; 2018 – ongoing (No activity 2019 – 2020)
The Ownership project; Advisory Council member; 2018 – ongoing
Forenet Kredit; Project Leader; August 2018 – June 2019 (CBS project)
Stewardship Asia Center; Advisor for research project; 2019
Bestyrelsesforeningens Udviklingsselskab; Board member; 2019 – 2020
Novo Nordisk Foundation; Endowed professor; 2019 – ongoing (CBS fulltime professorship)
Pluto Foundation; Chairman; 2020 –