Trond Randøy

• Golesorkhi, Soogand; Pishchulov, Grigory & Randøy, Trond (2026). Word of Investment: The Role of Language as an Institution in FDI. MIR. Management International Review: journal of international business. ISSN 0938-8249. doi: 10.1007/s11575-026-00635-6. Full text in Research Archive Show summary

  This study draws on institutional economics and communicative institutionalism to conceptualise language as an institution which comprises socially shared rules and meanings that govern human interaction and affects country-level foreign direct investment (FDI). Specifically, shared language governs interpretation and coordination in cross-border investment relationships, thereby reducing behavioural and environmental uncertainty. In turn, language differences weaken this institutional function of language. To test this hypothesis, we employ a gravity model of 87,209 bilateral FDI observations comprising equity and debt positions across 246 countries and territories from 2010 to 2019. We find that greater language differences are associated with lower bilateral FDI stocks. We further show that formal institutional proximity and cultural proximity mitigate this negative association, offering alternative mechanisms for uncertainty reduction when language differences are large. In addition, language difference from English is negatively associated with FDI for both source and host countries. Overall, the study demonstrates that language functions as a key institutional determinant of FDI, extending language-sensitive IB research and institutional explanations of cross-border investment.

• Afzali, Aaron; Oxelheim, Lars & Randøy, Trond (2026). Independent directors’ reputation incentives and executive pay tournaments. Review of Quantitative Finance and Accounting. ISSN 0924-865X. p. 1–27. doi: 10.1007/s11156-026-01507-8. Full text in Research Archive Show summary

  We provide evidence of a positive association between independent directors’ reputation incentives and the magnitude of the CEO pay gap, defined as the difference in compensation between the CEO and lower-ranked executives. The CEO pay gap serves as a proxy for the strength of executive pay tournaments within the firm. Using a sample of S&P 1500 firms, we show that independent directors with stronger reputation incentives employ larger pay gaps to encourage executive risk-taking, thereby enhancing firm performance and protecting their own reputation in the labor market. This relationship holds for both short- and long-term pay gaps and is supported by propensity score matching and difference-in-differences analyses. Cross-sectional results indicate that the association is stronger in settings characterized by higher information asymmetry, lower institutional ownership, weaker product-market competition, and smaller firm size, consistent with reputation incentives substituting for weaker external monitoring. Overall, our findings highlight tournament-based compensation as a strategic governance mechanism and demonstrate that directors’ reputation incentives, particularly in opaque information environments, can help align incentives and improve firm outcomes.

• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2025). The impact of debt: International versus local debt in microfinance organizations. Research In International Business and Finance. ISSN 0275-5319. 76. doi: 10.1016/j.ribaf.2025.102848. Full text in Research Archive Show summary

  Microfinance organizations (MFOs) increasingly access global debt and local debt markets. This study investigates whether such access benefits MFOs’ cost efficiency, using agency theory and capital market liability of foreignness theory. Analyzing data from 655 MFOs observed in 88 countries between 1998 and 2015, this study finds that, on average, MFOs with debt tend to be more cost-efficient than MFOs without debt. The study also finds that, on average, MFOs With only international debt are more cost-efficient than MFOs with only local debt. However, the cost efficiency diminishes for MFOs exposed to foreign debtholders from institutionally distant countries. These results offer salient policy implications for debtholders and debt-seeking MFOs by highlighting the cost efficiency benefit of debt, especially international debt, for MFOs while simultaneously underscoring the detrimental moderating effect of institutional distance

• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2024). The impact of liability of foreignness on performance in hybrid organizations. Journal of International Management. ISSN 1075-4253. 30(2), p. 1–22. doi: 10.1016/j.intman.2024.101133. Full text in Research Archive
• Apriliyanti, Indri Dwi; Dieleman, Marleen & Randøy, Trond (2023). Multiple-Principal Demands and CEO Compliance in Emerging Market State-Owned Enterprises. Journal of Management Studies. ISSN 0022-2380. doi: 10.1111/joms.12977. Full text in Research Archive Show summary

  This study addresses multiple-principal–agent power dynamics in state-owned enterprises (SOEs) in emerging markets. We investigate under what conditions agents (CEOs) accede to demands of government-linked principals. Our qualitative study in Indonesia advances agency theory by disaggregating and categorizing government-linked principals. We also examine three types of principals’ demands (commercial, social, and private) and five types of mechanisms influence agent responses with principals’ private demands (collusion among principals, career-ending threats by principals, plausible deniability through CSR, political ties as enabler, political ties as buffer). Based on our findings and on insights from the public administration literature, we develop a conceptual framework that advances multiple agency theory.

• Hearn, Bruce; Oxelheim, Lars & Randøy, Trond (2023). The impact of indigenous culture and business group affiliation on corporate governance of African firms. Corporate governance. An International Review. ISSN 0964-8410. p. 1–25. doi: 10.1111/corg.12547. Full text in Research Archive Show summary

  This is a study of the relationship between business group ownership and constituent firms' adoption of Anglo-American shareholder value governance in African firms at the undertaking of an initial public offering (IPO). Research Findings/Insights We find business group ownership to be associated with lower Anglo-American corporate governance adoption by constituent firms. However, this association is reversed in the institutional context of higher tribalism, while correspondingly being exacerbated in the context of lower tribalism. Theoretical/Academic Implications We theorize that the influence of business group ownership on firms' adoption of Anglo-American corporate governance is better understood when considering the institutional context. We highlight how informal cultural institutions are heterogeneous and thus shape the indigenous political economy and impact business groups. Specifically, we argue institutional contexts with higher tribalism are associated with more in-group favoritism and nepotism. This association makes it critical for business group constituent firms to escape the constraints of the political economy of tribalism when attracting outside funding, leading to a higher inclination to adopt Anglo-American governance. Contrastingly, in lower tribalism contexts, there is more universal trust across societies and an increased availability of domestic funding. Practitioner/Policy Implications Given the proliferation of business group ownership within economies worldwide, the study provides a useful framework with which to gauge the influence of business group ownership on a constituent firm's adoption of Anglo-American governance best practice. In particular, the study emphasizes that the interdependence of formal institutional architecture and tribalism—both fundamentally associated with the demographic shape and with the incentive structures embedded within the underlying national political economy—calls for careful considerations when making national corporate governance recommendations.

• Hossain, Shahadat; Galbreath, Jeremy; Hasan, Mostafa Monzur & Randøy, Trond (2023). All in the family? The impact of founder directors and family governance on microfinance institutions' social performance. Corporate governance. An International Review. ISSN 0964-8410. doi: 10.1111/corg.12528. Full text in Research Archive Show summary

  Research Question/Issue:This study investigates the impact of family governance,including founder directors and their ties to family members on the board, on thesocial performance of microfinance institutions (MFIs), a special kind of social enter-prise with dual objectives.Research Findings/Insights:Using a dataset of 735 MFIs operating in Bangladeshfrom 2007 to 2017, we find that founder directors and board members with familyties to the founder have an adverse impact on MFIs' social performance. These find-ings hold when we perform several robustness tests and endogeneity tests.Theoretical/Academic Implications:We contribute to the corporate governance lit-erature on MFIs and social enterprises in two ways. First, our findings suggest that,when MFIs are confronted with dual performance objectives, founder directors may“trade off”social outcomes in favor of economic outcomes and therefore adverselyaffect MFIs' social performance. Second, our findings extend the literature by show-ing that the presence of board members with family ties to founder directors alsoadversely affects MFIs' social performance.Practitioner/Policy Implications:This study suggests that MFIs' board compositioninfluences their governance and ability to oversee their social and financial perfor-mance effectively. If MFIs' social performance is a major concern of national policymakers, then regulation should be put in place to limit board recruitment withfamily ties.

• Bjorvatn, Torbjørn & Randøy, Trond (2022). The “costs of doing business abroad” in a cross-border context characterised by extreme political volatility. Review of International Business and Strategy. ISSN 2059-6014. doi: 10.1108/RIBS-03-2022-0032. Full text in Research Archive Show summary

  Purpose – The purpose of this study is to describe and explain the organisation design antecedents of coordination, learning and trust in an international strategic alliance in a cross-border context characterised by extreme political volatility. Design/methodology/approach – The research was carried out as a single-case study in situ in a humanitarian international strategic alliance in Pyongyang, the Democratic People’s Republic of Korea (North Korea). Findings – In addition to explaining the effects of interface, specialisation, formalisation and centralisation on coordination, learning and trust, the study demonstrates the influence of classic international business (IB) “costs of doing business abroad” (Hymer, 1960/1976) on the same organisational outcomes. Moreover, the study identifies intergovernmental engagement/containment/disengagement as a contextual antecedent of both organisation design and outcomes. Originality/value – The study extends IB theory by indicating that mainstream IB perspectives may not fully explain intraorganisational outcomes in cross-border contexts characterised by extreme political volatility. Notably, the study suggests that complementary constructs such as intergovernmental engagement are needed to account for the additional costs incurred by such settings. Keywords Democratic People’s Republic of Korea, DPRK, North Korea, Costs of doing business abroad

• Engstrøm, Pontus; Mori, Neema Geoffrey; Randøy, Trond & Terjesen, Siri (2022). An Academic Route to Transnational Entrepreneurship: A Scandinavian-Tanzanian Experience, Academic and Educational Entrepreneurship: Foundations in Theory and Lessons from Practice. Springer Nature. ISSN 9783031109515. p. 237–257. Full text in Research Archive Show summary

  The editors and authors of this textbook introduce the relatively new subject of “academic and educational entrepreneurship” from a holistic viewpoint. Following a structured approach suitable for the classroom, the book opens with a concise introduction to the theories and schools of thoughts in the context of academic and educational entrepreneurship. It then reveals seven scientifically developed key aspects (including sustainability, internationalization, and cultural components) in order to be a successful academic and educational entrepreneur. After the theoretical background, the authors, who are the doyens of academic and educational entrepreneurship, share their insights and professional experiences with the readers by demonstrating the impact and relevance of the theoretical concepts to the actual entrepreneurial experience.

• Hearn, Bruce; Oxelheim, Lars & Randøy, Trond (2022). The influence of business groups on board composition in offshore financial multinational enterprises. International Business Review. ISSN 0969-5931. doi: 10.1016/j.ibusrev.2022.102084. Full text in Research Archive Show summary

  Based on resource dependence theory we argue for an influence of business groups (BGs) on the board composition of constituent offshore financial multinational enterprises (FMNEs). Using a unique sample of 171 Caribbean FMNEs in an inter-island BG setting, we find BGs’ control in constituent firms to be indicative of the importance of the internal financing and intermediation within the group network. This control leads to a higher proportion of lawyers hired to the boards of directors in BG-constituent firms and supports the argument that lawyers provide skills in complex offshore regulatory frameworks that facilitate BGs’ optimal tax management. Furthermore, we observe that an increased adoption of shareholder rights governance by BG-constituent firms is associated with increased engagement with outside resource providers, increased potential conflicts of interest and hence a need for hiring more lawyers. Our interpretation is that offshore FMNEs have a need for more lawyers, whose legal skill is critical to the competitive advantage of FMNEs.

• afzali, aaron; Martikainen, Minna; Oxelheim, Lars & Randøy, Trond (2022). On the role of internationalization of firm-level corporate governance: The case of audit committees. Corporate governance. An International Review. ISSN 0964-8410. doi: 10.1111/corg.12503. Full text in Research Archive Show summary

  Motivated by the agency theory and the findings of linguistic studies, we analyze the association between the internationalization of a firm's audit committee and its corporate governance.Research Findings/InsightsBased on data from 2159 publicly traded European firms from 15 countries for the period 2000–2018, we find that firms with foreign directors on their audit committees are associated with lower financial reporting quality. The association is mitigated by stronger country-level investor protection and a higher similarity among intra-committee languages. We further find that foreign directors on the audit committee are related to stock prices being less informative about future earnings. Theoretical/Academic Implication: In this study, we argue that language differences create communication difficulties that weaken social integration between foreign directors and the other parties involved in overseeing financial reporting, thus hampering their ability to monitor effectively. Practitioner/Policy Implications: The results indicate that foreign directors on a corporate board increase its independence. However, appointing foreign directors to the firm's audit committee may compromise the board's monitoring function.

• Oxelheim, Lars & Randøy, Trond (2021). THE GLOBAL LOGISTIC CHAIN UNDER SIEGE IN A POST-COVID ERA. Social Science Research Network (SSRN). Full text in Research Archive
• Oxelheim, Lars & Randøy, Trond (2021). Bidrag innen kundeverdi og marked. In Nesset, Erik; Solli-Sæther, Hans & Strand, Øivind (Ed.), Bidrag innen kundeverdi og marked : Festskrift til Øyvind Helgesen. Universitetsforlaget. ISSN 9788215055602. p. 159–175. Full text in Research Archive
• Hossain, Shahadat; Galbreath, Jeremy; Hasan, Mostafa Monzur & Randøy, Trond (2020). Does competition enhance the double-bottom-line performance of microfinance institutions? Journal of Banking & Finance. ISSN 0378-4266. 113, p. 1–17. doi: 10.1016/j.jbankfin.2020.105765. Full text in Research Archive
• Alon, Ilan; Mersland, Roy; Musteen, Martina & Randøy, Trond (2020). The Research Frontier on Internationalization of Social Enterprises. Journal of World Business. ISSN 1090-9516. 55(1). doi: 10.1016/j.jwb.2020.101091. Full text in Research Archive Show summary

  Social enterprises (SEs) are hybrid organizations that simultaneously pursue financial and social goals, while addressing institutional voids. Despite the extensive cross-border activities of SEs, the state of research addressing such flows of funds, technology and personnel is undeveloped. In this introductory article, we discuss the unique aspects of SEs and explore how the international business literature can inform our understanding of their internationalization. We outline promising areas for future research related to the drivers of and the processes underlying SE internationalization as well as its consequences. With this as a background, we introduce the five articles in this Special Issue.

• Beisland, Leif Atle; Djan, Kwame Ohene; Mersland, Roy & Randøy, Trond (2020). Measuring Social Performance in Social Enterprises: A Global Study of Microfinance Institutions. Journal of Business Ethics. ISSN 0167-4544. 171. doi: 10.1007/s10551-019-04417-z. Full text in Research Archive Show summary

  Social enterprises in the microfinance industry need to adhere to both financial and social demands. Critics argue that there is a mission drift away from the social mission, and this has motivated the introduction of social rating agencies to strengthen the business ethics of microfinance institutions (MFIs). Using a global dataset of 204 socially rated MFIs from 58 countries, we assess the factors that drive the social performance ratings of MFIs. Overall our results show that social ratings of MFIs are significantly related to financial performance, greater outreach especially in rural areas, well-defined social objectives, staff commitment, service quality and an enhanced customer service. We observe that various rating agencies attach different importance to each of the social indicators. The public policy implication is that social rating agencies need to become more transparent, to reduce the information asymmetries between heterogenous socially motivated investors and the focal MFI.

• Golesorkhi, Sougand; Randøy, Trond; Mersland, Roy & Shenkar, Oded (2019). The performance impact of informal and formal institutional differences in cross-border alliances. International Business Review. ISSN 0969-5931. 28(1), p. 104–118. doi: 10.1016/j.ibusrev.2018.08.006. Full text in Research Archive
• Hooghiemstra, Reggy; Hermes, Niels; Oxelheim, Lars & Randøy, Trond (2019). Strangers on the board: The impact of board internationalization on earnings management of Nordic firms. International Business Review. ISSN 0969-5931. 28(1), p. 119–134. doi: 10.1016/j.ibusrev.2018.08.007. Full text in Research Archive Show summary

  The internationalization of firms has led to boards becoming more international as well. In this study, we investigate the consequences of board internationalization. In particular, by drawing on research on language and board dynamics, we identify theory-based reasons why board internationalization could increase, or decrease, earnings management practices. We use agency theory, stressing how board internationalization may positively or negatively affect monitoring quality of boards. Next to agency theory, we use theories explaining how language differences in the boardroom complicates communication and how differences in language structures (referred to as linguistic relativity in the literature) affect directors’ perception and detection of earnings management practices. Using a sample of 3249 firm-year observations representing 586 non-financial listed Nordic firms during 2001–2008, we find that the presence of non-Nordic foreign directors on the board is associated with significantly higher levels of earnings management. Our analysis indicates that this effect is driven by language-related factors, as well as by the level of foreign board members’ accounting knowledge.

• Apriliyanti, Indri Dwi & Randøy, Trond (2019). Between politics and business: Boardroom decision making in state-owned Indonesian enterprises. Corporate governance. An International Review. ISSN 0964-8410. p. 1–20. doi: 10.1111/corg.12270. Full text in Research Archive
• Randøy, Trond (2019). Good corporate governance of non-profit organizations. In Benito, Gabriel R G & Lunnan, Randi (Ed.), Voyages of a Scholar: Navigating Companies, Channels, and Clusters. Fagbokforlaget. ISSN 9788245032765. p. 45–55. Full text in Research Archive
• Golesorkhi, Sougand; Mersland, Roy; Piekkari, Rebecca; Pishchulov, Grigory & Randøy, Trond (2019). The effect of language use on the financial performance of microfinance banks: Evidence from cross-border activities in 74 countries. Journal of World Business. ISSN 1090-9516. 54(3), p. 213–229. doi: 10.1016/j.jwb.2019.03.002. Full text in Research Archive
• Hearn, Bruce; Oxelheim, Lars & Randøy, Trond (2018). The institutional determinants of private equity involvement in business groups—The case of Africa. Journal of World Business. ISSN 1090-9516. 53(2), p. 118–133. doi: 10.1016/j.jwb.2016.02.002. Full text in Research Archive
• Campbell, Cynthia J.; Chang, Rosita P.; DeJong, Jack C.; Doktor, Robert; Oxelheim, Lars & Randøy, Trond (2017). National Economic Growth and CEO Incentive Compensation. The business & management review: Conference Proceedings. ISSN 2047-2854. 8(4), p. 59–59. Full text in Research Archive
• Oxelheim, Lars Christer; Randøy, Trond; Campell, Cynthia; Doktor, Bob; Chang, Rosita & Jr, Jack DeJong, (2016). The impact of CEO long-term equity-based compensation incentives on economic growth in collectivist versus individualist countries. Asian Economic Papers. ISSN 1535-3516. 15(2), p. 109–133. doi: 10.1162/ASEP_a_00432. Full text in Research Archive
• Randøy, Trond; Strøm, R. Øystein & Mersland, Roy (2015). The Impact of Entrepreneur-CEOs in Microfinance Institutions: A Global Survey. Entrepreneurship: Theory and Practice. ISSN 1042-2587. 39(4), p. 927–953. doi: 10.1111/etap.12085. Full text in Research Archive Show summary

  Microfinance is a global high-growth industry, in which entrepreneurship is prevalent and substantial. Based on the theoretical argument that microfinance entrepreneur-CEOs are “motivated agents” with a unique ability to hire and socialize mission-oriented staff, we hypothesize that these CEOs produce more sustainable microfinance institutions with better social performance and lower costs. This study utilizes data from 295 microfinance institutions in 73 developing countries, assessed between 1998 and 2010. Our empirical evidence suggests that entrepreneur-managed microfinance institutions feature higher social performance, greater financial sustainability, and lower costs.

• Beisland, Leif Atle; Mersland, Roy & Randøy, Trond (2015). Transparency and Disclosure in the Global Microfinance Industry. In Forssbäck, Jens & Oxelheim, Lars Christer (Ed.), The Oxford Handbook of Economic and Institutional Transparency. Oxford University Press. ISSN 9780199917693. p. 434–455. doi: 10.1093/oxfordhb/9780199917693.013.0021. Full text in Research Archive
• Mori, Neema Geoffrey; Golesorkhi, Sougand; Randøy, Trond & Hermes, Niels (2015). Board Composition and Outreach Performance of Microfinance Institutions: Evidence from East Africa. Strategic Change. ISSN 1086-1718. 24(1), p. 99–113. doi: 10.1002/jsc.2000. Full text in Research Archive
• Gregorič, Aleksandra; Oxelheim, Lars Christer; Randøy, Trond & Thomsen, Steen (2015). Resistance to Change in the Corporate Elite: Female Directors’ Appointments onto Nordic Boards. Journal of Business Ethics. ISSN 0167-4544. doi: 10.1007/s10551-015-2703-4. Full text in Research Archive
• Piekkari, Rebecca; Oxelheim, Lars Christer & Randøy, Trond (2015). The silent board: How language diversity may influence the work processes of corporate boards. Corporate governance. An International Review. ISSN 0964-8410. 23(1), p. 25–41. doi: 10.1111/corg.12085. Full text in Research Archive
• Beisland, Leif Atle; Mersland, Roy & Randøy, Trond (2014). The association between microfinance rating scores and corporate governance: A global survey. International Review of Financial Analysis. ISSN 1057-5219. 35(5), p. 268–280. doi: 10.1016/j.irfa.2014.10.012. Full text in Research Archive
• Beisland, Leif Atle; Mersland, Roy & Randøy, Trond (2014). Microbank Regulation and Earnings Quality: A Global Survey. In Mersland, Roy & Strøm, R. Øystein (Ed.), Microfinance Institutions: Financial and Social Performance. Palgrave Macmillan. ISSN 9781137399656. p. 271–294. doi: 10.1057/9781137399663_14. Full text in Research Archive

View all works in NVA

• Randøy, Trond (2026). Er norske styrer rustet for dagens geopolitiske risiko? doi: https:/www.dn.no/innlegg/styrearbeid/generalforsamling/styreleder/er-norske-styrer-rustet-for-dagens-geopolitiske-risiko/2-1-1942771. Full text in Research Archive
• Randøy, Trond (2025). Sparebankene er ikke i krise – «don't fix it». doi: https:/www.dn.no/innlegg/sparebank/egenkapitalbevis/finans/sparebankene-er-ikke-i-krise-dont-fix-it/2-1-1783076. Full text in Research Archive
• Golesorkhi, Soogand; Randøy, Trond & Pishchulov, Grigory (2025). Word of Investment: The Role of Language as an Institution in Shaping FDI Stock. Full text in Research Archive
• Randøy, Trond (2024). Alle bør tenke seg om før de går inn i et bedriftsstyre. Full text in Research Archive
• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2023). The Impact of International Debt on Efficiency of Microfinance Organizations. Full text in Research Archive
• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2023). The Impact of Liability of Foreignness on Performance in Hybrid Organizations. Full text in Research Archive
• Randøy, Trond; Apriliyanti, Indri Dwi & Dieleman, Marleen (2022). Multiple-principal demands and CEO compliance in emerging market state-owned enterprises. Full text in Research Archive Show summary

  This study addresses multiple-principal/agent conflicts in state-owned enterprises (SOEs) in emerging markets. We investigate under what conditions agents (CEOs) cave in to political demands by government-linked principals. Our qualitative study in Indonesia suggests that the CEO’s degree of compliance with political demands depends on the principals’ level of institutional power and the legitimacy of the demand. We also elicit that compliance with illegitimate political demands is higher when principals collude; when CEOs are able to hide their compliance; when the principal uses credible sanctions as a threat; or when the CEO has a clientelist relationship with the principal. A CEO’s personal political ties can reduce compliance with illegitimate demands. Our findings lead to a conceptual framework that advances multiple agency theory.

• Afzali, Haroon; Oxelheim, Lars; Randøy, Trond & Vieito, João Paulo (2022). The Impact of CEO-Employee Pay Ratios and Top Management Team Pay Gaps on Employee Productivity. Full text in Research Archive
• Afzali, Haroon; Martikainen, Minna; Oxelheim, Lars & Randøy, Trond (2021). On the Role of Internationalization of Firm-level Corporate Governance - the Case of Audit Committees. Full text in Research Archive
• Randøy, Trond (2021). Gir god corporate governance høyere aksjeavkastning? Full text in Research Archive
• Randøy, Trond; Veltrop, Dennis & Hermes, Niels (2021). ‘Zooming’ in on Board Functioning during the COVID-19 Lockdown. Full text in Research Archive
• Randøy, Trond (2021). Konkurransestrategi i et bærekraftperspektiv. Full text in Research Archive
• Randøy, Trond; Veltrop, Dennis & Hermes, Niels (2021). ‘Zooming’ in on Board Functioning during the COVID-19 Lockdown: An Inductive Analysis of Board Virtuality. Full text in Research Archive
• Hearn, Bruce; Oxelheim, Lars & Randøy, Trond (2020). The Impact of Business Group Affiliation and Country-Level Institutions on Corporate Governance of Emerging Market Firms. Full text in Research Archive
• Randøy, Trond & Hearn, Bruce (2020). THE IMPACT OF BUSINESS GROUP AFFILIATION AND INSTITUTIONS ON CORPORATE GOVERNANCE OF EMERGING MARKET FIRMS. Full text in Research Archive
• Randøy, Trond (2020). UiA-professor: En "perfekt storm. [Journal]. Fædrelandsvennen. Full text in Research Archive
• Randøy, Trond (2020). Glede over ny batterifabrikk. [TV]. NRK Sørlandet. Full text in Research Archive
• Randøy, Trond (2020). Eierskapsstrategi for Kristiansand kommune. Full text in Research Archive
• Randøy, Trond (2020). Stormberg samarbeider med Amazon. [Journal]. Fædrelandsvennen. Full text in Research Archive
• Hearn, Bruce; Oxelheim, Lars & Randøy, Trond (2020). Founder vs Non-Founder Director in Influencing Asymmetric Information: Evidence from Caribbean. Full text in Research Archive
• Afzali, Haroon; Martikainen, Minna; Oxelheim, Lars & Randøy, Trond (2020). Foreign Audit Committee Members and Financial Reporting Quality (FRQ). Full text in Research Archive
• Hearn, Bruce; Oxelheim, Lars & Randøy, Trond (2020). The Impact of Business Group Affiliation and Institutions on Corporate Governance of Emerging Market Firms. Full text in Research Archive
• Oxelheim, Lars; Randøy, Trond; Doktor, Bob & Chang, Rosita (2019). CEO Incentives Shown to Yield Positive Societal Benefits. Harvard Law School Forum on Corporate Governance and Financial Regulation. Full text in Research Archive
• Oxelheim, Lars; Randøy, Trond & Hearn, Bruce (2019). Emerging Market Business Groups: Moving from Institutional Voids to Institutional Embeddedness with Social Elites. Full text in Research Archive
• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2019). THE IMPACT OF LIABILITY OF FOREIGNNESS ON PERFORMANCE IN HYBRID FIRMS. Full text in Research Archive
• Randøy, Trond; Oxelheim, Lars & Hearn, Bruce (2019). THE ROLE OF FORMAL INSTITUTIONS AND TRIBALISM INFLUENCING FIRMS’ ADOPTION OF SHAREHOLDER VALUE CORPORATE GOVERNANCE – AN EMERGING MARKET PERSPECTIVE. Full text in Research Archive
• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2019). THE IMPACT OF LIABILITY OF FOREIGNNESS ON PERFORMANCE IN HYBRID FIRMS. Full text in Research Archive
• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2019). THE LIABILITY OF FOREIGNNESS ON PERFORMANCE IN GREENFIELD HYBRID ORGANIZATIONS. Full text in Research Archive
• Virgosita, Risa & Randøy, Trond (2019). Uncovering the Success of Minority Chinese Entrepreneurs: The Role of Financial Literacy and Entrepreneurial Orientation on SME Performance. Full text in Research Archive
• Apriliyanti, Indri; Randøy, Trond & Dieleman, Marleen (2019). Pandering to Politicians: A Multiple Agency Perspective on State-Owned Enterprises in Emerging Markets. Full text in Research Archive
• Hearn, Bruce; Oxelheim, Lars & Randøy, Trond (2019). FROM NEXUS OF CONTRACTS TO NEXUS OF INSTITUTIONS: THE DETERMINANTS OF ANGLO-AMERICAN CORPORATE GOVERNANCE MIGRATION INTO EMERGING ECONOMIES. Full text in Research Archive
• Randøy, Trond (2019). Stiftelser til besvær. Full text in Research Archive
• Randøy, Trond (2019). Byggebransjen hardest rammet i fjor. [Journal]. Fædrelandsvennen. Full text in Research Archive
• Randøy, Trond (2019). Hvem overtar etter Nysted? [Journal]. Fædrelandsvennen. Full text in Research Archive
• Randøy, Trond (2018). How can professors enhance student entrepreneurship: A Scandinavian-Tanzanian Safari. Full text in Research Archive
• Randøy, Trond (2018). THE MIGRATION OF CORPORATE GOVERNANCE INTO EMERGING MARKETS: ON THE ROLE OF FORMAL INSTITUTIONS AND INDIGENOUS TRIBALISM. Full text in Research Archive
• Hermes, Niels; Hooghiemstra, Reggy; Oxelheim, Lars & Randøy, Trond (2018). Strangers on the board: The Impact of Board Internationalization on Earnings Management. Full text in Research Archive
• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2018). THE LIABILITY OF FOREIGNNESS ON PERFORMANCE IN GREENFIELD HYBRID ORGANIZATIONS. Full text in Research Archive
• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2018). Internationally initiated Microfinance Institutions and their performance: the moderating effect of size. Full text in Research Archive
• Apriliyanti, Indri Dwi & Randøy, Trond (2017). Between Politics and Business: Boardroom Behavior in State-owned Indonesian Firms. Full text in Research Archive
• Randøy, Trond (2017). Lønnsomhet i familiebedriften. Full text in Research Archive
• Randøy, Trond (2017). Professor satser i Afrika. [Journal]. Dagens Næringsliv. Full text in Research Archive
• Oxelheim, Lars Christer; Hermes, Niels; Randøy, Trond & Hoggistra, Reggy (2016). Board Internationalization and Earnings Management. Full text in Research Archive
• Randøy, Trond; Oxelheim, Lars & Hearn, Bruce (2016). THE ROLE OF INSTITUTIONS IN THE MIGRATION OF CORPORATE GOVERNANCE PRACTICE INTO EMERGING ECONOMIES. Full text in Research Archive
• Randøy, Trond (2016). How to publish internationaly? http://www.bvef.lu.lv/eng/news/t/40169/. Full text in Research Archive
• Randøy, Trond; Oxelheim, Lars & Hearn, Bruce (2016). THE ROLE OF INSTITUTIONS IN THE MIGRATION OF CORPORATE GOVERNANCE PRACTICE INTO EMERGING ECONOMIES – THE CASE OF AFRICA. Full text in Research Archive
• Randøy, Trond (2016). Utvekslingsstudent ble værende. [Journal]. Fædrelandsvennen. Full text in Research Archive
• Randøy, Trond (2016). Vanlig å finne nye muligheter. [Journal]. Fædrelandsvennen. Full text in Research Archive
• Randøy, Trond (2016). From Aid to Business. Full text in Research Archive
• Engstrøm, Pontus; Randøy, Trond & Berglihn, Harald (2016). Mikrofinans bekjemper ikke fattigdom. [Journal]. Dagens Næringsliv. Full text in Research Archive
• Randøy, Trond (2016). God eierstyring i familiebedrifter. Full text in Research Archive
• Randøy, Trond & Flåten, Bjørn-Tore (2016). Kommer vi til å se noe helt nytt som ingen har tenkt på før? [Journal]. Fædrelandsvennen. Full text in Research Archive
• Randøy, Trond (2015). Innovative ways to finance emerging market SMEs: The case of micro private equity”. Addressed to the Responsebility and Finance Conference. Full text in Research Archive
• Randøy, Trond (2015). Does the corporate elite block female appointments. Full text in Research Archive
• Randøy, Trond; Terjesen, Siri; Engstrøm, Pontus & Mori, Neema (2015). An Academic Route to Transnational Entrepreneurship: A Scandinavian-Tanzanian Safari. Full text in Research Archive
• Randøy, Trond (2015). Board diversity and good corporate governance. Full text in Research Archive
• Randøy, Trond; Hooghiemstra, Reggy; Oxelheim, Lars Christer & Hermes, Niels (2015). The Impact of Board Internationalization on Earnings Management. Full text in Research Archive
• Randøy, Trond (2015). Recent development in Nordic Corporate Governance. Full text in Research Archive
• Randøy, Trond (2015). What can Latvian Firms learn from the Nordic Corporate Governance Model. Full text in Research Archive
• Oxelheim, Lars Christer; Randøy, Trond; Hermes, Niels & Hoggistra, Reggy (2015). Board Internationalization and Earnings management. Full text in Research Archive
• Oxelheim, Lars Christer; Randøy, Trond; Doktor, Bob; Chang, Rosita; Jr, Jack deLong & Campell, Cynthia (2015). Long Term Incentive Schemes and Economic Growth -. Individualistic vs Collectivistic Countries. Full text in Research Archive
• Oxelheim, Lars Christer; Hermes, Niels; Randøy, Trond & Hoggistra, Reggy (2015). Board Internationalization and Earnings Management. Full text in Research Archive
• Oxelheim, Lars Christer; Randøy, Trond & Hearn, Bruce (2015). Business groups and institutions - The case of Africa. Full text in Research Archive
• Oxelheim, Lars Christer; Randøy, Trond & Hearn, Bruce (2015). Business groups and institutions - The case of Africa", Conference paper at Academy of International Business (AIB). Full text in Research Archive
• Sougand, Golsorkhi; Mersland, Roy; Piekkari, Rebecca & Randøy, Trond (2014). The Impact of Language on Performance in Cross Country Alliances: A Study of the Global Microfinance Industry. Full text in Research Archive
• Hearn, Bruce; Randøy, Trond & Oxelheim, Lars Christer (2014). THE INSTITUTIONAL DETERMINANTS OF FAMILY AND NON-FAMILY INVOLVEMENT IN BUSINESS GROUPs – THE CASE OF AFRICA. Full text in Research Archive
• Randøy, Trond; Oxelheim, Lars Christer; Hermes, Niels & Hooghiemstra, Reggy (2014). Earnings Management and the Influence of Anglo-American Board Members: Evidence from the Nordic Countries. Full text in Research Archive
• Sommeno, Tigist Woldetsadik; Mersland, Roy & Randøy, Trond (2021). The Impact of Internationalization on Performance in Hybrid Organizations. Universitetet i Agder. ISSN 9788284270425. Full text in Research Archive Show summary

  With the growing demand for socially and environmentally conscious products and services, hybrid organizations that address social and environmental issues with a market-based solution are gaining widespread significance (Haigh et al., 2015; Miller et al., 2012; Hockerts, 2015). Hybrid organizations, or “social enterprises” or “the fourth sector” as they are sometimes called, appear to present a sustainable solution to a myriad of social causes such as unemployment, poor health, illiteracy, etc. (Haigh and Hoffman, 2011; Battilana and Lee, 2014). Hybrid organizations are an innovative solution to the institutional voids arising from governments facing resource constraints and unable to sustainably address the scores of social problems seen around the world (Mair and Marti, 2009). In this regard, hybrid organizations are of interest to policymakers, investors, and scholars worldwide. In particular, policymakers are increasingly adjusting legal frameworks to accommodate the hybrid organization model (Brakman Reiser and Dean, 2017). Global impact investors (investors seeking both social and financial returns) are increasingly investing in hybrid organizations (Bugg-Levine, Kogut, and Kulatilaka, 2012), and recent reports show that the global market size of these investors is worth more than $700 billion US dollars (Financial Times, 2020). Scholars, particularly international business scholars, are also calling for more research on hybrid organizations, as evidenced by the recent special issue of the Journal of World Business (Alon et al., 2020).

• Oxelheim, Lars & Randøy, Trond (2021). The Impact of Founders on Information Asymmetry vis-à-vis Outside Investors: Evidence from Caribbean Offshore Tax Havens. Research Institute of Industrial Economics - IFN WP 1419. Full text in Research Archive

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