Challenges of Contemporary Economics

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First Name: Ruth V.
Second name: Aguilera
Academic title: Professor

Place of employment: Department of International Business and Strategy , Northeastern University, USA
Position: Professor


March 1999 - Ph.D. in Sociology; Harvard University, Department of Sociology.

June 1996 - A.M. in Sociology, Harvard University, Department of Sociology.

June 1992 - M.A. (Licenciatura) with Honors in Economics. University of Barcelona, School of Economics and Business Administration, Barcelona, Spain.

June 1990 - Diploma in Business Analysis (Graduate level), University of Lancaster, The Management School, Lancaster, U. K.

Research interests:
My research interests lie at the intersection of international business, economic sociology, and organization studies. My core areas of research are comparative corporate governance and firm internationalization processes. In most of my work, I rely on comparative research methods to conduct systematic analyses of economic organizations across countries, and most recently, I pay particular attention to the role that ownership plays in influencing governance practices and stakeholder relationships. My main scholarly contribution is the development of theories of comparative corporate governance and the empirical applications and extensions of these frameworks.

Publications (most important/popular):

1. Articles Published or Forthcoming in Refereed Journals

Desender, K., Aguilera, R.V., Lopez-Puertas Lamy, M., and Crespí, R. Forthcoming. "A Clash of Governance Logics: Foreign Ownership and Board Monitoring." Strategic Management Journal.

Musacchio, A., Lazzarini, S., and Aguilera, R.V. Forthcoming. "New Varieties of State Capitalism: Strategic and Governance Implications," at Academy of Management Perspectives

García-Castro, R. and Aguilera, R. V. 2014. "Incremental Value Creation and Appropriation in a World with Multiple Stakeholders," Strategic Management Journal.

Kim, J. U. and Aguilera, R. A. Forthcoming "Foreign Direct Investment Location Choice Research: A Critical Review and Extensions," International Journal of Management Reviews.

Jung, R., Aguilera, R.V., and Goyer, M. Forthcoming. "Choice within Institutional Constraints: Foreign Institutional Investors and Corporate Restructuring Practices in France," at International Journal of Human Resource Management.

Aguilera, R., Bednar, M., Desender, K., and Lee, JH. Forthcoming. "Connecting the Dots. Bringing External Corporate Governance into the Corporate Governance Puzzle," The Annals of the Academy of Management, vol. 9.

Kim, J. U. and Aguilera, R. V. Forthcoming. "The World is Spiky: An Internationalization Framework for a Semi-Globalized World," Global Strategic Journal.

Bell, G., Filatotchev, I. and Aguilera, R. V. (2014) "Corporate Governance and Investors' Perception of Foreign IPO Value: An Institutional Perspective," Academy of Management Journal, 57(1): 301-320.

Vadera, A. and Aguilera, R.V. (2014) "The Evolution of Vocabularies and its Relation to the Investigation of White-Collar Crimes: An Institutional Work Perspective," Journal of Business Ethics.

Garcia-Castro, R. and Aguilera, R.V. (2014) "Family Involvement in Business and Financial Performance: A Set-Theoretic Cross-National Inquiry," Journal of Family Business Strategy, 5: 85-96.

Terjesen, S., Aguilera, R.V. and R. Lorenz. (2014) "Legislating a Woman's Seat on the Board: Institutional Factors Driving Gender Quotas for Boards of Directors," Journal of Business Ethics, 50(2): 177-186.

Desender, K., Aguilera, R.V., Crespí-Cladera, R., and García-Cestona, M. A. (2013) "When Does Ownership Matter? Board Characteristics and Behavior," Strategic Management Journal, 34(7): 823-842.

García Castro, R, Aguilera, R. V., and Ariño, M.A. (2013) "Bundles of Firm Corporate Governance Practices: A Fuzzy Set Analysis," Corporate Governance: An International Review, 21(4): 390-407.

Flores, R., Aguilera, R. V., Mahdian, A. and Vaaler, P. (2013) "How Well Do Supra-National Regional Grouping Schemes Fit International Business Research Models," Journal of International Business Studies, 44 (5): 451-474.

Bell, G., Aguilera, R. V., and Filatotchev, I. (2013) "Corporate Governance and Configuration Research: The Case of Foreign IPOs Listing in London," Research in the Sociology of Organizations, 38: 159-180.

Aguilera, R. V. and Crespí-Cladera, R. (2012) "Firm Family Firms: Current Debates in Corporate Governance in Family Firms," Journal of Family Business Strategy, 3: 66-69.

Aguilera, R.V. and Desender, K. (2012) "Challenges in the Measuring of Comparative Corporate Governance: A Review of the Main Indices," Research Methodology in Strategy and Management, 8: 289-321.

Aguilera, R. V. (2011) "Governance in a Transnational Era. Stephen J. Kobrin and the Post-Westphalian Reality," Advances in International Management, 24:33-42.

Aguilera, R. V. (2011) "Inter-Organizational Governance and Global Strategy?," Global Strategy Journal, 1(3): 90-95.

Aguilera, R. V. and Jackson, G. (2010) "Comparative and International Corporate Governance," Academy of Management Annals, 4 (1): 485- 556.

Bucheli M. and Aguilera R.V. (2010) "Political Survival, Energy Policies, and Multinational Corporations: A Historical Study for Standard Oil of New Jersey in Colombia, Mexico, and Venezuela in the Twentieth Century," Management International Review, 50 (3): 347-378.

Aguilera, R. V. and Williams, C. A. (2009) "Law and Finance: Inaccurate, Incomplete, and Important," BYU Law Review, 6: 1412-1434.*

Reprinted in Zumbansen & Williams (2011) The Embedded Firm: Labour, Corporate Governance, and Finance Capitalism, Cambridge: Cambridge University Press.

Reprinted in Kuckul, Bacq, Gras and Griffiths (2013) Social Entrepreneurship. Cheltenham, UK: Edward Elgar Publishing Ltd.

Vadera, A. K., Aguilera, R. V. and B. Caza (2009) "Making Sense of Whistle-Blowing's Antecedents: Learning from Research on Identity and Ethics Programs," Business Ethics Quarterly, 19(4): 553-587.

Aguilera, R.V. and Cuervo-Cazurra, A. (2009) "Codes of Good Governance," Corporate Governance: An International Review, 17 (3): 376-387.

Aguilera, R. V., Filatotchev, I, Gospel, H, and Jackson, G. (2008) "An Organizational Approach to Comparative Corporate Governance: Costs, Contingencies, and Complementarities," Organization Science, 19 (3): 475-492.

Li, Y. and R. V. Aguilera. (2008) "Target Director Turnover in Acquisitions: A Conceptual Framework," Corporate Governance: An International Review, 16 (6) 492-503.

Aguilera, R. V. and A. Vadera (2008) "The Dark Side of Authority: Antecedents, Mechanisms, and Consequences of Organizational Corruption," Journal of Business Ethics, 77 (4): 431-449.

Jeong, D. Y. and R. V. Aguilera. (2008) "The Evolution of Enterprise Unionism in Japan: A Socio-Political Perspective," British Journal of Industrial Relations, 46 (1): 98-132.

Vaaler, P., James, B., and Aguilera, R.V. (2008) "Risk and Capital Structure in Asian Project Finance," Asia Pacific Journal of Management, 25 (1): 25-50.

Vaaler, P., Aguilera, R.V., Flores, R. G. (2008) "New Methods for Ex Post Evaluation of Regional Grouping Schemes in International Business Research: A Simulated Annealing Approach." Research Methodology in Strategy and Management, 5: 161-190.

Aguilera, R.V., Rupp, D., Williams, C.A., and Ganapathi, J. (2007) "Putting the S Back in CSR: A Multi-level Theory of Social Change in Organizations," Academy of Management Review, 32 (3): 836-863.

Flores, R., and R. V. Aguilera (2007) "Globalization and Location Choice: An Analysis of U.S. Multinational Firms in 1980 and 2000," Journal of International Business Studies, 38 (7): 1187-1210.

Aguilera, R.V. (2007) "Translating Theoretical Logics across Borders: Organizational Characteristics, Structural Mechanisms and Contextual Factors in International Alliances," Journal of International Business Studies, 38 (1): 38-46.

Rupp, D., J. Ganapathi, R.V. Aguilera, and C. Williams. (2006) "Employee Reactions to Corporate Social Responsibility: An Organizational Justice Framework," Journal of Organizational Behaviour, 27, 537-543.

Aguilera, R.V., C. Williams, Conley, J., and D. Rupp. (2006) "Corporate Governance and Corporate Social Responsibility. A Comparative Analysis of the U.K. and the U.S.," Corporate Governance: An International Review, 14(3): 147-157.

Aguilera, R.V. (2005) "Corporate Governance and Director Accountability: An Institutional Comparative Perspective," British Journal of Management, 16: 1-15.

Krug, J. and Aguilera, R.V. (2005) "Top Management Team Turnover in Mergers & Acquisitions," Advances in Mergers and Acquisitions, 4: 123-152.

Aguilera, R.V. and Dabu, A. (2005) "The Transformation of Employment Relations Systems in Central and Eastern Europe," Journal of Industrial Relations, 47(1): 16-42.

Aguilera, R.V. and Cuervo-Cazurra, A. (2004) "Codes of Good Governance Worldwide: What is the Trigger?," Organization Studies, 25(3): 415-443.

Aguilera, R.V. and Dencker, J.C. (2004) "The Role of Human Resource Management in Cross-Border Mergers and Acquisitions," International Journal of Human Resource Management, 15(8): 1357-1372.

-- Reprinted in Mark E. Mendenhall, Gary R. Oddou, and Gunter K. Stahl (2008) Readings and Cases in International Human Resource Management (4th Edition). Routledge: New York.

Aguilera, R.V. and Jackson, G. (2003) "The Cross-National Diversity of Corporate Governance: Dimensions and Determinants." Academy of Management Review, 28(3): 447-465.

Aguilera, R. V. (1998) "Directorship Interlocks in Comparative Perspective: The Case of Spain."  European Sociological Review, 14(4): 319-342.

Aguilera-Vaqués, R. (1992) "Para una Sociología del Racismo: Análisis Comparativo de las Pautas de Matrimonio entre Personas de Raza Blanca y Negra," Revista Española de Investigaciones Sociológicas, 60: 47-61.


2.Articles Submitted to Refereed Journals

Aguilera, R.V. and Dencker, J. C. "Determinants of Acquisition Completion: A Relational Perspective," invited to revise and resubmit at Strategic Management Journal.

Aguilera, R.V., J. Capapé and Santiso, J. "Sovereign Wealth Funds: the Perfect Strangers," under third review at Academy of Management Perspectives.

Kabbach de Castro, L. R., Aguilera, R.V., and Crespi-Cladera, R. "Are Families Less Compliant? An Analysis of European Corporate Governance Codes," invited to revise and resubmit at Family Business Review.

Aguilera, R. V., Desender, K., Surroca, J., and Tribó, J. A. "Is Managerial Entrenchment Always Bad? A Corporate Social Responsibility Approach," under review at Journal of International Business Studies.

Aguilera, R. A., Terjesen, S., and Judge, W. Q. "Under What Conditions Do Firms Exercise Governance Discretion?," under review at Academy of Management Review.

Bovie, S., Bednar, M., and Aguilera, R.V. Forthcoming 2016. "Designed to Fail: The Implausibility of Effective Board Monitoring," invitation to full article at The Annals of the Academy of Management.


3.Other Articles and Book Chapters

Aguilera, R. V., Goyer, M. and Kabbach de Castro, L.R. (2013) "Regulation and Comparative Corporate Governance."  In M. Wright, D. S. Siegel, K. Keasey, and I. Filatotchev (Eds.) Oxford Handbook of Corporate Governance. Pp. 23-45. Oxford: Oxford University Press.

Aguilera, R.V., Desender, K., and Kabbach de Castro, L. R. (2012) "A Bundle Perspective to Comparative Corporate Governance." In Clarke, T. and D. Branson (Eds.), The SAGE Handbook of Corporate Governance. Pp. 379-405. New York: Sage Publications.

Sears, J., Aguilera, R.V., and Dencker, J.C. (2012) "The Role of Human Resource Management in Cross-Border Acquisitions." In G. Stahl, I. Björkman and S. Morris (Eds.) Handbook of Research in International Human Resource Management. Pp. 415-435. New York: Edward Elgar.

Aguilera, R. V., Castro, L. R. K., Lee, J. H., and You, J. (2012) "Corporate Governance in Emerging Markets" In G. Morgan and R. Whitley (eds.) Capitalisms and Capitalism in the 21st Century. Pp. 319-344. Oxford: Oxford University Press.

Garcia-Castro, R. and Aguilera, R.V. (2012) "A Decade of Corporate Governance Reforms in Spain." In A. Rasheed and T. Yoshikawa (Eds.) Convergence of Corporate Governance:  Promise and Prospects. Pp. 187-211. Basingstoke: Palgrave.

Haxhi, I. and Aguilera, R.V. (2012) "Are Codes Fostering Convergence in Corporate Governance? An Institutional Perspective." In A. Rasheed and T. Yoshikawa (Eds.) Convergence of Corporate Governance:  Promise and Prospects. Pp. 234-248. Basingstoke: Palgrave.

Rupp, D. E., Williams, C., Aguilera, R. (2011). "Increasing Corporate Social Responsibility through Stakeholder Value Internalization (and the Catalyzing Effect of New Governance): An Application of Organizational Justice, Self-Determination, and Social Influence Theories." In M. Schminke (Ed.). Pp. 69-88. Managerial Ethics: Managing the Psychology of Morality. Routledge/Psychology Press.

Aguilera, R.V., Cuervo-Cazurra, A. and Kim, S. (2010) "Taking Stock of Research on Codes of Good Governance." In F. Lopez, Codes of Corporate Governance Around the World. Pp. 3-32. Hauppauge, N.Y.:Nova Publishers.

Choi, S and Aguilera, R.V. (2009) "Corporate Social Responsibility Dynamics in South Korea and Japan: A Comparative Analysis." In Ch. Mallin (Ed.), Corporate Social Responsibility: A Case Study Approach, Pp. 123-147 New York: Edward Elgar Publishing Ltd.

Aguilera, R. V. (2009) "A Comparative Analysis of Corporate Governance Systems in Latin America: Argentina, Brazil, Chile, Colombia and Venezuela." In R. McGee, Ed. Corporate Governance in Developing Economies. Pp. 151-172. New York: Springer.

Vadera, A., and Aguilera, R.V. (2009) "The Role of IHRM in the Formulation and Implementation of Ethics Programs in Multinational Enterpries." In P. R. Sparrow (Ed.), Handbook on International Human Resource Management Research: Integrating People, Process and Context.  Pp. 413-437. Oxford: Blackwell.

Aguilera, R.V., Flores, R., and Vaaler, P. (2008) "Is it All a Matter of Grouping? Examining the Regional Effect in Global Strategy Research." In S. Tallman, International Strategic Management: A New Generation. Pp. 209-228. Northampton, MA:  Edward Elgar Publishing, Inc.

Aguilera, R. V. Dencker, J.C., and Z. Yalabik (2008) "Institutions and Organizational Socialization: Integrating Employees in Cross-Border Mergers and Acquisitions" In A. Y. Lewin, S. T. Cavusgil, G. T. M. Hult, and D. Griffith (Eds.) Thought Leadership in Advancing International Business Research, vol. 2. Pp. 153-189. London: Palgrave McMillan.

Williams, C. A. and Aguilera, R.V. (2008) "Corporate Social Responsibility in Comparative Perspective." In A. Crane, A. McWilliams, D. Matten, J. Moon and D. Siegel (Eds.), Oxford Handbook of Corporate Social Responsibility. Pp. 452-472. Oxford: Oxford University Press.

Aguilera, R.V. (2005) "Corporate Governance and Employment Relations: Spain in the Context of Western Europe." In H. Gospel and A. Pendleton (Eds.), Corporate Governance and Labour Management: An International Comparison. Pp.197-225. Oxford: Oxford University Press.

Cuervo-Cazurra, A. and R.V. Aguilera (2004) "The Worldwide Diffusion of Codes of Good Governance."  In A. Grandori (Ed.), Corporate Governance and Firm Organization. Pp. 318-348. Oxford: Oxford University Press.

Aguilera, R.V. and G. Yip (2004) "Corporate Governance and Globalization: Toward an Actor-Centered Institutional Analysis." In A. Ariño, P. Ghemawat and J. E. Ricart (Eds.), Creating Value through Global Strategy. Pp. 55-67. London: Palgrave.

Aguilera, R.V. (2003) "Are Italy and Spain Mediterranean Sisters? A Comparison of Corporate Governance Systems" (2003). In R. V. Aguilera and M. Federowicz (Eds.), Corporate Governance in a Changing and Political Environment: Trajectories of Institutional Change. Pp. 23-70. London: Palgrave Macmillan.


4.Books and Edited Books

Federowicz, M. and R. V. Aguilera, Eds. (2003) Corporate Governance in a Changing Economic and Political Environment. Trajectories of Institutional Change. London: Palgrave Macmillan.


5.Reports and Other Materials

Aguilera, R.V., Judge, W., and Musacchio, A. (2013). A Note on International Corporate Governance. (N9-713-079).  Harvard Business School Publishing.

Aguilera, R.V. and Jin Uk Kim (2013) "Technical Note: Globalization, Globaloney, Semi-Globalization, and the Multinational Enterprise" [includes teaching exercises and slides for instructor]

Aguilera, R. V. and I. Griffiths (2013) "An Introduction to Corporate Governance" [includes slides for instructor]

Aguilera, R. and G. Yip (2005) "Global Strategy Faces Local Constraints." Mastering Corporate Governance, Financial Times (May 27, 2005)

Reprinted in C.A. Mallin (2007), Corporate Governance. Oxford: Oxford University Press, pp. 60-61.

- Reprinted in: International Finance Corporation Sustainable Investor (World Bank, Washington, D.C.) in June 2005.

Aguilera, R. V. (2005) "Internationalizing Economic Sociology." Accounts. 5(1): 5-6.

Aguilera, R. V. (2005) "Corporate Governance." In J. Beckert and M. Zafirovski, International Encyclopedia of Economic Sociology. London: Routledge.

Aguilera, R.V. and G. Jackson (2002) "Hybridization and Heterogeneity across National Models of Corporate Governance" Economic Sociology, 3(2): 17-26.


5. Book Reviews

Aguilera, R. V. (2012) "Contingent Capital. Short-term Investors and the Evolution of Corporate Governance in France and Germany" by M. Goyer. Administrative Science Quarterly, 57: 696-699.

Aguilera, R. V. and Vadera, A. K. (2010) "Law & Capitalism: What Corporate Crises Reveal about Legal Systems and Economic Development around the World," by C. J. Milhaupt and K. Pistor.  Political Science Quarterly.

Aguilera, R. V. (2006) "Local Players in Global Games. The Strategic Constitution of a Multinational Corporation" by P. H. Kristensen and J. Zeitlin. Administrative Science Quarterly, 51 (4): 663-666.

Aguilera, R. V. (2002) "The Architecture of Markets. An Economic Sociology of Twenty-First-Century Capitalist Societies" by N. Fligstein. Academy of Management Review, 27(2): 304-306.

Aguilera, R. V. (1998) "Banking on Privilege: The Politics of Spanish Financial Reform" by S. Pérez. Contemporary Sociology, 27(6): 599-600.

Aguilera-Vaqués, R. (1992) "The Organizational State: Social Choice in National Policy Domains" by E.O. Laumann and D. Knoke. Revista Española de Investigaciones Sociológicas, 59: 329-343.

Aguilera-Vaqués, R. (1991) "The AIDS Disaster: The Failure of Organizations in New York and the Nation" by Ch. Perrow and M. Guillén. Revista Española de Investigaciones Sociológicas, 53: 246-255.


6.Working Papers (Working Draft Available)

Bednar, M. K., Vadera, A. K., and Aguilera, R.V. "Minding the Store: the Relationship between Formal and Social Independence of the Board of Directors and White-Collar Crime."

Kabbach de Castro, L. R., Aguilera, R.V., and Crespi-Cladera, R. "Corporate Ownership in Latin American Firms: A Comparative Analysis of Dual-Class Shares."

Lee, J., Desender, K., and Aguilera, R. "How Much I Am Going to Tell You? A Study of Differences in Ownership from an Institutional Perspective." Finalist for 2013 Academy of Management IM Division CGIO Best Paper Award.

Aguilera, R.V., Crespí-Cladera, R., and Castro, L.R. "Contingent Ownership: A Comparative Analysis of Latin America."

Haxhi, I. and Aguilera, R.V. "Institutional Configurations and the Cross-National Diversity of Corporate Governance."

Lee, J. H., Leblebici, H., and Aguilera, R.V. "The Role of Discourse in the Legitimization and Diffusion of Innovative Practices: A Process View."


Listed in "The World's Most Influential Scientific Minds," in Economics and Business, 2014, Thomson Reuters.

CLADEA 2014 Best Paper in "Ethics, Social Responsibility and Sustainability," (with Jain and Jamali).

Finalist for 2013 Academy of Management IM Division CGIO Best Paper Award, (with Desender and Lee).

Nominated for 2013 Academy of Management IM Division CGIO Best Paper Award, (with Kabbach de Castro and Crespí-Cladera).

Best paper Award, Academy of International Business, Latin American Chapter "Corporate Ownership in Latin American Firms: A Comparative Analysis of Dual-Class Shares," (with Kabbach de Castro and Crespí-Cladera), April 2013.

The Innovative Paper, 12th Workshop for Corporate Governance and Investment, Center for Corporate Governance, Leipzig Graduate School of Management, for "Board Characteristics and Audit Fees: When Does Ownership Matter? (with Desender, Crespí-Cladera and García-Cestona), Spring 2011.

"Uncertainty Awareness and Corporate Ownership Concentration: Evidence from Emerging Markets," with Kabbach de Castro and Crespí-Cladera.

-Finalist Paper for "Robert H. Schaffer Award for Best Paper in Applied International Management," (with Castro-Kabbach and Crespí-Cladera), August 2011.

- Best Accepted Papers on the Academy of Management Annual Meeting, August 2011.

Best Paper Prize at the Centre for Corporate Governance Research, 3rd International Conference on Corporate Governance, University of Birmingham and Blackwell Publishing, Corporate Governance: An International Review (July 2005). "Putting the S back in CSR," (with Rupp, Williams, and Ganapathi).

Beckman Fellow, Center for Advanced Study, University of Illinois at Urbana-Champaign (Spring 2002).

Outstanding Reviewer Award 2006, Academy of International Business.

Outstanding Reviewer Award 2002, International Management Division, Academy of Management.

University of Illinois "Incomplete List for Teachers Rated as Excellent," (2000-2013).