Professor of Accounting and Control

Grupo Santander Chair of Financial Institutions and Corporate Governance

• Ph.D. in Business, Stanford University
• Ph.D. in Construction Engineering, Universitat Politècnica de Catalunya
• Degree in Civil Engineering, Universitat Politècnica de Catalunya

Professor Gaizka Ormazabal received a PhD in Business from Stanford University, a PhD in Construction Engineering from Universitat Politecnica de Catalunya, and a Bachelor’s Degree in Civil Engineering (Ingeniería de Caminos, Canals y Puertos) from Universitat Politécnica de Catalunya.

Professor Ormazabal’s research focuses on executive compensation and corporate governance. His work examines the choice and valuation implications of corporate governance mechanisms. His current research projects analyze recent trends in managerial compensation, corporate governance intermediaries, financial regulation, bank accounting, and the role of corporate governance in sustainable development.

His research appears in leading academic journals including, among others, Journal of Accounting and Economics, Journal of Accounting Research, Journal of Finance, Journal of Financial EconomicsJournal of Law and EconomicsReview of Accounting Studies, and The Accounting Review. His research has been featured in the popular media, including such outlets as the Wall Street Journal, the New York TimesThe EconomistForbes, and Bloomberg, and has been cited in final rulings by the U.S. Securities and Exchange Commission and the European Securities and Markets Authority. He is editor of Review of Accounting Studies. Gaizka is also a Research Affiliate in the Financial Economics program of the Center for Economic Policy Research (CEPR), research member in the European Corporate Governance Institute (ECGI), and Research Member of the Sustainable Finance Research and Policy Network (RPN). He holds the Grupo Santander Chair of Financial Institutions and Corporate Governance and serves as academic director at the IESE Center for Corporate Governance.

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Areas of interest

* Executive compensation
* Corporate Governance
* Risk Management
* Financial regulation and enforcement
* Governance intermediaries
* Sustainable finance
* Banking


Journal Articles (refereed)

BONETTI, P., ORMAZABAL, G. (2023). Boosting foreign investment. The Role of cerfitication of corporate governance. Journal of Accounting Research, 61 (1), 95-140. doi:10.1111/1475-679X.12468.
ORMAZABAL, G., BARROSO CASADO, R., N'GATTA, D. (2022). Individual wealth taxes and corporate payouts. The Accounting Review. (Forthcoming)
AZAR, J., DURO, M., KADACH, I., ORMAZABAL, G. (2021). The Big three and corporate carbon emissions around the world. Journal of Financial Economics, 142 (2), 674-696. doi:10.1016/j.jfineco.2021.05.007.
BOLTON, P., KACPERCZYK, M. T., LEUZ, C., ORMAZABAL, G., REICHELSTEIN, S., SCHOENMAKER, D. (2021). Mandatory carbon disclosures and the path to net zero. Management and Business Review, 1 (3).
BADIA, M., DURO, M., JORGENSEN, B. N., ORMAZABAL, G. (2021). Disclosure regulation and competitive interactions. Evidence form the oil and gas industry. The Accounting Review, 96 (5), 1-29. doi:10.2308/TAR-2018-0436.
LÓPEZ, G., ORMAZABAL, G., SAKASAI, Y. (2021). Switching from incurred to expected loan loss provisioning. Early evidence. Journal of Accounting Research, 59 (3), 757-804. doi:10.1111/1475-679X.12354.
FERRES, D., ORMAZABAL, G., POVEL, P., SERTSIOS, G. (2021). Capital Structure under Collusion. Journal of Financial Intermediation, 45, Article 100854. doi:10.1016/j.jfi.2020.100854.
BADIA, M., DURO, M., JORGENSEN, B. N., ORMAZABAL, G. (2020). The Informational Effects of Tightening Oil and Gas Disclosure Rules. Contemporary Accounting Research, 37 (3), 1720-1755. doi:10.1111/1911-3846.12572.
JAGOLINZER, A. D., LARCKER D. F., ORMAZABAL, G., TAYLOR, D. J. (2020). Political connections and the informativeness of insider trades. Journal of Finance, 75 (4), 1833-1876. doi:
BONETTI, P., DURO, M., ORMAZABAL, G. (2020). Disclosure Regulation and Corporate Acquisitions. Journal of Accounting Research, 58 (1), 55 - 103. doi:

Working Papers

COHEN, S., KADACH, I., ORMAZABAL, G. (2022). Why do institutional investors request climate related disclosures?.
COHEN, S., KADACH, I., ORMAZABAL, G., REICHELSTEIN, S. (2022). Executive compensation tied to ESG performance. International evidence.
BISSESSUR, S., LITJENS, R., ORMAZABAL, G. (2021). What hinders accounting harmonization?. Learning from the enforcement of IFRS in the European Union.
ORMAZABAL, G., JOCHEM, T., RAJAMANI, A. (2020). Why have CEO pay levels become less diverse?.
MORAIS, B., ORMAZABAL, G., PEYDRO, J. L., ROA, M., SARMIENTO, M. (2020). Forward looking loan provisions. Credit supply and risk-taking.

ORMAZABAL, G., N'GATTA, D., RANEY, R. (2022). Trading emission allowances and reporting incentives. Haskayne and Fox Accounting Conference.

Articles in other publications

ORMAZABAL, G. (2016). Lo que todo consejero debería saber. Supervisión de riesgos. IESE Insight (28), pp. 23 - 28.
ORMAZABAL, G. (2016). Risk Oversight: What Every Director Should Know. Are Risky Boards Getting Riskier? IESE Insight (28), pp. 23 - 28.
ORMAZABAL, G., MCCALL, A. L. (2014). Are Voting Guidelines Ruling Your Business?. Proxy Advisors. IESE Insight (21), pp. 31 - 35.
ORMAZABAL, G., MCCALL, A. L. (2014). ¿Las asesorías de voto gobiernan su negocio?. El poder de decisión en las juntas de accionistas. IESE Insight (21), pp. 37 - 41.
ORMAZABAL, G. (2012). ¿Son realmente culpables?. Agencias de calificación crediticia. Revista de Antiguos Alumnos (127), pp. 26 - 29.

Book Chapters

DURO, M., ORMAZABAL, G. (2018). Does Regulating Banks' Corporate Governance Help? A Review of the Empirical Evidence. In Belén Díaz Díaz, Samuel O. Idowu, Philip Molyneux (Eds.), Corporate Governance in Banking and Investor Protection: From Theory to Practice (pp. 3 - 20). Cham: Springer International Publishing.


SAKASAI, Y., ORMAZÁBAL, G., CANALS, J. (2022). 2022 IESE Survey on Boards of Directors: Corporate Purpose, Culture and Strategy. IESE.


ORMAZABAL, G. (2022). Schneider Electric: vincular la remuneración al ESG. IESE, C-804.
SOLER, E., ORMAZÁBAL, G. (2021). Le Grand Hôtel de Leysin (GHL). IESE, C-805.
ORMAZABAL, G., KADACH, I., KANJHAN, B. (2019). Al Jakani Computers. IESE, C-794-E.
ORMAZABAL, G., KADACH, I. (2019). Say on Pay at Citigroup. IESE, C-795-E.
SOLER, E., ESTEVES, J., ORMAZABAL, G. (2015). Salers Dairy Products. IESE, C-781-E.

Technical Notes

ORMAZABAL, G., SOLER, E. (2015). Variance Analysis. IESE, CN-226-E.
ORMAZABAL, G., SOLER, E. (2015). Monetary Incentives. IESE, CN-229-E.
ORMAZABAL, G., SOLER, E. (2015). Performance Measurement. IESE, CN-228-E.
ORMAZABAL, G., SOLER, E. (2014). Transfer Pricing. IESE, CN-227-E.
ORMAZABAL, G., SOLER, E. (2014). Precios de transferencia. IESE, CN-227.