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Literature Andreoni, J., & Sprenger, C. (2010). Certain and Uncertain Utility. The Allais Paradox and Five Decision Theory Phenomena. Levine’s Working Paper Archive 926159295 . Retrieved from Baillon, A., Bleichrodt, H., & Liu, N. (2016). Group Decision rules and group rationality under risk. Journal of Risk and Uncertainty , 52 (2), 99-116. Bakacsi, Gy. (2015). Valtozo vezetesi paradigma – valtozo megbizo ugynok problema? [Changing leader-paradigm – changing principal-agent

Economics of Agency . Stanford University: A Report of the Center for Research on Organizational Efficiency, Bakacsi, Gy. (2015). Változó vezetési paradigma – változó megbízó ügynök probléma? [Changing leader-paradigm – changing principal-agent problem?] In Bakacsi, Gy. –Balaton, K. (Eds.): Vezetés és szervezet társadalmi kontextusban: Tanulmányok Dobák Miklós 60. születésnapja tiszteletére . Budapest, Akadémiai Press, 29-54. Baillon, A., Bleichrodt, H., Liu, L., & Wakker, P. P. (2016). Group Decision Rules and Group Rationality


The aim of this paper is to bring together some of the foundational and recent literature interlinking corporate governance and the leadership role of the board of directors. Strategic leadership is widely assumed to be a responsibility that defaults to the Chief Executive Officers (CEOs). However, in practice, what most CEOs do is strategic management rather than strategic leadership. While strategic management does share key aspects of strategic leadership CEOs are expected to prioritize the managerial side over the leadership side. This is just one of the situations in which the board-room assumes the leadership role. This paper discusses how boards of directors conduct the process of strategic leadership in their organizations. In recent years there has been an increasing interest among scholars to understand how boards strategize from a behavioral point of view. This growing interest has resulted in the development of various typologies regarding boards’ involvement in the strategic leadership processes.


The article concentrates on the impact of selected aspects of governance - the level of autonomy and the involvement of stakeholders in the internal governance of a university - on the research performance of universities measured by indicators of international university rankings in cross-country comparisons. The analyses are geographically situated in Europe. They follow two paths which are from the theoretical point of view based on the concepts of the principal-agent problem and stakeholder theory. Using linear regression, the author identifies statistically significant aspects of governance and compares them with results of previous studies. The findings serve as a basis for a discussion regarding how to create appropriate conditions for universities in order to improve their prospects for international success in research. The limitations of the results relating to the data, methodology and their application in the European context are discussed and general recommendations are formulated.

, V., Stanciu, D.E., New suficient conditions for B-preinvex and some extinsion, Proceedings of The Roumanian Academy, 12(3),197-202, 2011. [15] Rogerson, W.P., The First-Order Approach to Principal-Agent Problems, Econometrica, 53, 1357-1367, 1985. [16] Tanaka, Y, A short derivation of the Kuhn-Tucker conditions, Open Jour- nal of Optimization, 4(2), 47-50,2015. [17] Zang, Q.X. On suficiency and duality of solutions for nonsmooth (h; ')- semi-infinite programming, Acta Math.Appl. Sinica 24, 129138, 2001. [18] Xu, Y., Liu, S., Kuhn-Tucker Necessary Conditions for (h

people with long-term conditions. London: The Kings Fund . Grossman, S.J., Hart, O.D. (1983). An Analysis of the Principal–Agent Problem. Econometrica , 51(1): pp. 7–45. Grund, C., Walter, T. (2013). Management Compensation and the Economic Crisis: Longitudinal Evidence from the German Chemical Sector, IZA Discussion Paper No. 7435, 1-35. Haygroup. (2013). Top–executive compensation in Europe in 2012.Retrieved from: . Heskett, J. (2007). How should pay be linked to performance

Transport Logistics Action Plan , Commission of European Communities, Brussels, 18.10.2007. Green Corridor (2010), Regeringskansliet – Government Offices of Sweden, Green Corridors. 15.06.2010. Grossman, S. & Hart, O. (1983), ‘An analysis of the principal agent problem,’ Econometrica , vol. 51, no. 1, pp. 7–46. Gustafsson, I. (2008), Interaction Infrastructure – A holistic approach to support comodality for freight , Blekinge Institute of Technology, Doctoral Thesis No. 2008:01, Karlskrona: School of Technoculture, Humanities and

Comparative Law 1:2 (1994): 337–366. 51. Van den Bergh, Roger. “Towards an Institutional Legal Framework for regulatory Competition in Europe.” Kyklos 53:4 (2000): 435–466. 52. Vaubel, Roland. “Principal-agent Problems in International Organizations.” The Review of International Organisations 1:2 (2006): 125–138. 53. Von Hayek, Friedrich A. “Competition as a Discovery Procedure”: 57–68. In: Friedrich A. von Hayek. New Studies in Philosophy, Politics, Economics and the History of Idea . Chicago: University of Chicago Press, 1978. 54. Wincott, Daniel, John Peterson, and

Finance 48, 831-880. 94. Kern, A. (2004). UK Corporate governance and banking regulation: The regulators role as stakeholder. Stetson Law Review 33, 991-1034. 95. Kern, A. (2006). Corporate governance and banks: The role of regulation in reducing the principal-agent problem. Journal of Banking Regulation, 7, 17-40. 96. Keys, B. J . Mukherjee, T . Seru, A . and Vig,V. (2009). Financial regulation and securitization: Evidence from subprime loans. Journal of Monetary Economics, 56(5), 700-720. 97. Kirkpatrick, G. ( 2009). The corporate governance lessons from the