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Photo of Sauerwald, Steve

Steve Sauerwald

Associate Professor

Department of Managerial Studies


Building & Room:

2210 UH


601 S. Morgan St., Chicago, IL 60607

Office Phone:

(312) 996-4054

CV Link:

Steve Sauerwald

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

  • Mitra, A., Post, C., & Sauerwald, S. “Evaluating Board Candidates: A Threat-Contingency Model of Shareholder Dissent Against Female Director Candidates.” Organization Science, 32(1): 86-110. Research findings covered in Forbes, Board Agenda, Harvard Business Review, and BBC.
  • Mutlu, C., Mutlu, S., & Sauerwald, S. (2021). “CEO Outside Directorships and Managerial Efficiency: The Role of Host Board Capital.” Corporate Governance: An International Review, 29(1): 45-66. Research findings covered in Columbia Law School’s Blue Sky Blog.
  • Aguilera, R.V., Duran, P., Heugens, P., Sauerwald, S., Turturea, R., & van Essen, M. (2021). “State Ownership, Political Ideology, and Firm Performance Around the World.” Journal of World Business, 56(1): 101113.
  • Heugens, P., Sauerwald, S., Turturea, R., & van Essen, M. (2020). “Does State Ownership Hurt or Help Minority Shareholders? International Evidence from Control Block Acquisitions.” Global Strategy Journal, 10(4): 750-778.
  • 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.
  • 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.

Professional Leadership

Member, Editorial Board of Corporate Governance: An International Review (2019 – present)

Member, Editorial Board of Human Relations (2020 – present)

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


PhD, University of Texas at Dallas, 2014
MBA, University of Texas at Dallas, 2008