Nordic Finance and the Good Society
NEW newsletter
January 2026
Read our latest newsletter! It is filled with valuable insights, key updates, and research highlights.
Upcoming event:
Rule simplification and competitiveness in the financial sector
Europe faces growing challenges to competitiveness, the green transition and financial stability. On 4 May 2026, CBS hosts a high-level conference bringing together EU representatives, regulators, Nordic banks and labour organisations to discuss how regulatory simplification can strengthen competitiveness while safeguarding a robust financial sector.
New Podcast Episode: Nordic Corporate Governance with Lars Ohnemus
Is the Nordic corporate governance model a lighthouse for European competitiveness — or a regional exception? In a new episode of
Rig på Viden, André Thormann talks with Lars Ohnemus about new research on whether the Nordic model offers transferable lessons for Europe.
Listen here. The episode is in Danish.
New Award-winning research:
The impact of ownership competence on transaction costs of listed firms: The case of private equity ownership in emerging markets
The paper received the Best Paper Award at the 51st European International Business Conference. The study by Trond Randøy, Bruce Hearn, Collins Ntim, Ven Tauringana, John Malagila and Lars Oxelheim examines how private equity ownership affects transaction costs in emerging markets. Using data from eight Caribbean stock exchanges, the findings show higher transaction costs associated with private equity ownership, highlighting the importance of governance and institutional context.
Read more in the latest newsletter.
RESEARCH: Societal Compliance
Impact Report 2025 Scandinavian Suspicious Activity Reporting
New research by Kalle Johannes Rose shows large and persistent differences in suspicious activity reporting across Denmark, Sweden and Norway. Based on data from national Financial Intelligence Units (2018–2023), the report finds that variations in SAR levels primarily reflect supervisory pressure, risk perception and compliance cultures rather than underlying financial crime. The findings highlight the limits of regulatory harmonisation and the need for a more shared, risk-based compliance approach in Scandinavia.
Read more in the latest newsletter or read the full article here.
RESEARCH: The Future of European Union Competitiveness
The Nordic Corporate Governance Model: A Lighthouse or an Illusion?
New research by Caglar Kaya and Lars Ohnemus examines whether the Nordic corporate governance model can help strengthen European Union competitiveness. Using comparative multi-year data, the study finds that while the Nordic countries do not lead in all financial indicators, they consistently outperform other EU regions in institutional quality, public sector efficiency, innovation capacity and long-term, stakeholder-oriented ownership. The Nordic model emerges as a governance “lighthouse” with transferable lessons for EU reforms.
Read more in the latest newsletter or read the full article here.
THE PROJECT
Nordic Finance and the Good Society is a research project commenced in 2014, conducted by Center for Corporate Governance together with key stakeholders. The project proposes a fresh and new look at the Nordic financial sector with a view on finding a way towards growth and value creation. The project focuses on business strategies and governance but will also address policy and regulation issues.
Through several research articles and concluding reports, the project aims to find new Nordic strategic profiles for the financial sectors, which can be a road to growth.
The research project is divided in different phases, so far NFGS I, NFGS II and NFGS III, which is the newest phase that commenced in November 2023.
Click through the different phases to see the key objectives and research areas among other things.
ACCESS TO LEADING RESEARCH WITHIN THE NORDIC FINANCIAL SECTOR
The project takes an open and multi-disciplinary approach, and the goal of the project is to provide professionals and the general public access to leading research within the Danish and Nordic financial sector. Ultimately, Nordic finance needs to establish a new competitive platform or risk marginalization in the EU.
THE AIM OF THE PROJECT
Nordic Finance and the Good Society aims to contribute to future strategy and business policy discussions in the Danish and the Nordic context. The wish is to provide new knowledge on corporate governance and financial strategy, which can contribute in creating opportunities of developing new courses, containing both fields.