Photo of Sauerwald, Steve

Steve Sauerwald

Associate Professor

Department of Managerial Studies


Building & Room:

University Hall 2210


601 S. Morgan St., Chicago, IL 60607

Office Phone:

(312) 996-4054

CV Download:


Related Sites:



  • xact4u strategy consulting AG, Karlsruhe, Germany: Management Consultant

Classes Taught

  • Strategic Management
  • International Business
  • Global Strategy
  • Corporate Governance

Research Interests

  • Comparative corporate governance
  • Shareholder activism
  • Executive compensation
  • Social responsibility

Selected Publications

  • Heugens, P., Sauerwald, S., Turturea, R., & van Essen, M. “Does State Ownership Hurt or Help Minority Shareholders? International Evidence from Control Block Acquisitions.” Global Strategy Journal (forthcoming).
  • Sauerwald, S. & Su, W (2019). “CEO Overconfidence and CSR Decoupling.” Corporate Governance: An International Review, 27(4): 283-300.
  • Blevins, D.P., Sauerwald, S., Hoobler, J.M., & Robertson, C.J. (2019). “Gender Differences in Pay Levels: An Examination of the Compensation of University Presidents.” Organization Science, 30(3): 600-616.
  • Tihanyi, L., Aguilera, R.V., Heugens, P., van Essen, M., Sauerwald, S., Duran, P., & Turturea, R. (2019). “State Ownership and Political Connections.” Journal of Management, 45(6): 2293-2321.
  • Sauerwald, S., Heugens, P., Turturea, R., & van Essen, M. (2019). “Are All Private Benefits of Control Ineffective? Principal-Principal Benefits, External Governance Quality, and Firm Performance.” Journal of Management Studies, 56(4): 725-757.
  • Zhu, H., Ma, X., Sauerwald, S., & Peng, M.W. (2019). “Home Country Institutions Behind Cross-Border Acquisition Performance.” Journal of Management, 45(4): 1315-1342.
  • Sauerwald, S., van Oosterhout, H., van Essen, M, & Peng, M.W. (2018). “Proxy Advisors and Shareholder Dissent: A Cross-Country Comparative Study.” Journal of Management, 44(8): 3364-3394.
  • Su, W. & Sauerwald, S. (2018). “Does Corporate Philanthropy Increase Firm Value? The Moderating Role of Corporate Governance.” Business & Society, 57(4): 599-635.
  • Sauerwald, S., van Oosterhout, H., & van Essen, M. (2016). “Expressive Shareholder Democracy: A Multilevel Study of Shareholder Dissent in 15 Western European Countries.” Journal of Management Studies, 53(4): 520-551.
  • Sauerwald, S., Lin, Z., & Peng, M.W. (2016). “Board Social Capital and Excess CEO Returns.” Strategic Management Journal, 37(3): 498-520.
  • Peng, M.W., Mutlu, C.C., Sauerwald, S., Au, K., & Wang, D.L. (2015). “Board Interlocks and Corporate Performance Among Firms Listed Abroad.” Journal of Management History, 21(2): 257-282.
  • Dess, G.G. & Sauerwald, S. (2014). “Creating Value in Organizations: The Vital Role of Social Capital.” Organizational Dynamics, 43: 1-8.
  • Sauerwald, S. & Peng, M.W. (2013). “Informal Institutions, Shareholder Coalitions, and Principal-Principal Conflicts.” Asia Pacific Journal of Management, 30(3): 853-870.
  • Peng, M.W. & Sauerwald, S. (2013). “Principal-Principal Conflicts.” In M. Wright, D.S. Siegel, K. Keasey, and I. Filatotchev (eds.), The Oxford Handbook of Corporate Governance, 658-672. New York, NY: Oxford University Press.

Notable Honors

2019, Winner, Best Paper in Corporate Social Responsibility and Sustainability, Academy of Management (IM Division)

2013, Distinguished Paper Award, Academy of Management (BPS Division)

2013, Best Paper Award, Academy of Management (SIM Division)

2007-2008, Fulbright Scholarship, Fulbright Commission


Ph.D., University of Texas at Dallas, 2014
MBA, University of Texas at Dallas, 2008
Diploma in Business Administration and Engineering, Jena University of Applied Sciences, 2007