I am Assistant Professor of Innovation and Entrepreneurship in the Institute for Innovation and Entrepreneurship at Loughborough University London, which I joined in September 2016, having spent 3 years as an Assistant Professor at Aston University in Birmingham, UK. I completed my PhD at Imperial College London in 2013.
My research examines inter- and intra-firm corporate governance processes, and in particular, how institutional environments, ownership networks and structures, board structures, firm transparency, executive compensation and social capital influence a firm’s investment behaviour and outcomes. I am also interested in research at the intersection of governance and entrepreneurship. Prior to my PhD, I worked for Georgia-Pacific/ Koch Industries as a Director of Corporate Development and M&A in the international division for four years. Prior to that, I worked for six years in investment banking and corporate finance for CIBC World Markets, Citigroup and Close Brothers.

The main streams of my research can be organized as follows:

Corporate governance in emerging and transition economies, state capitalism. I am interested in new organizational forms manifesting following decades of privatization and globalization in these markets. In particular, I study the variation and evolution of state control, ranging from direct ownership to more sophisticated and subtle means of state involvement, such as sovereign wealth funds (SWFs), government loans, appointments of state officials to board or top management positions, veto regulation, and business-government networks. The review of state control and corporate governance in China, Russia and other transition economies over the last 25 years was published in Corporate Governance: An International Review. Further, I am working on a number of research projects in the field of State Capitalism with Prof Mike Wright and Dr Ilya Okhmatovskiy, among others. I am a co-editor of a special issue in the Journal of World Business on State Capitalism in International Context. I am also a co-editor of the Oxford University Press Handbook on State Capitalism and the Firm. Relatedly, I was the main organizer of an SMS Conference extension on State Capitalism that took place on September 20-21, 2018.

Russia. My original PhD research was dealing with complex phenomena impacting Russian firm investment behaviour and performance – from transparency and disclosure,  oligarch-state networks, to board composition, independence and social capital. The papers featured at the Druid 2012 and 2013, EEA 2014, EGOS 2014, ESNIE 2013, FEBS 2014, SMS 2014, AoM 2013 & 2015 & 2016 & 2017 conferences, and International Corporate Governance Society 2017, and received an award for best paper in Corporate Governance at the 2nd Young Finance Scholars’ Conference in 2015. A paper entitled Lost in translation? Corporate governance, independent boards and blockholder appropriation’, co-authored with Professors Ruth V. Aguilera and Mike Wright, was published in 2018 in the Journal of World Business. Another paper on Organizational Transparency and Power in Firm Ownership Networks, co-authored with Professor Aija Leiponen, was published in 2018 in the Journal of Comparative Economics. I continue to research Russia with a project investigating CEO-induced strategic change, together with Professors Tomasz Mickiewicz, Xiaohui Lui and Dr Ekaterina Aleksandrova.

Corporate finance and pay-out decisions. I am interested in the dynamics of pay-outs such as dividends and share buy-backs. The first project, undertaken with co-authors Professors Ciaran Driver and Pasquale Scaramozzino at SOAS (University of London) studies what really drives the decisions of paying out dividends in the UK. A complete dataset of UK publicly listed firms over the period 1997-2012, that I stitched from five disparate sources contains the most complete set of determinants for dividend behaviour discussed in different theoretical strands of dividend literature. In addition to various methodological approaches, the research deals with issues such as choice of estimator, the inclusion of a lagged dependent variable, the stability of the coefficients over time, the robustness to different datasets, and the issue of sample selection. The second related project deals with share buy-backs, independent directors and board and managerial long-term compensation such as shares, share options and other capital-related incentives.

Other. I am also interested in research at the intersection of governance and entrepreneurship, and in particular in governance of crowdfunded firms and platforms. On the topic of corporate crowdfunding, I wrote a piece on IBM in “Crowdfunding: The Corporate Era“, published by Elliott & Thomson.


My latest CV can be found here: Anna Grosman CV 26 Nov 2018