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Department
Département
Finance
Teaching areas
Domaine d’enseignement
Finance
Equity Crowdfunding
Corporate Governance
Financial Engineering
Shareholder Activism
Investing
Fintech
Research areas
Domaine de recherche
Corporate Governance
Shareholder Activism
Equity Crowdfunding
Development and Transition Economics
Skills
Financial engineering
Corporate governance
Fintech
Deeptech
Stakeholders
Equity crowdfunding
Bankruptcy
PACTE Law
Shareholder Activism
Crowdfunding
Purpose corporation
Finance
Company
Biography
Biographie
Full Professor (HDR) of Finance at Audencia Business School, my research examines how finance and corporate governance can support the transition towards more sustainable and purpose-driven organizations. I specialize in shareholder engagement, responsible ownership and governance models for profit-with-purpose corporations.
I am a researcher on an ANR-funded project on ownership models for purpose-driven companies and have also received research funding from the Paris Europlace Institute and the Pays de la Loire Region. My work combines academic research with practical implications for investors, policymakers and corporate leaders seeking to align financial performance with long-term societal value.
I am a former Visiting Professor at the University of Cambridge (Judge Business School). At Audencia, I previously served as Head of Research in the Finance Department (2022–2025), co-holder of the Finance for Innovation Chair (2018–2021), Deputy Director of Research, and Deputy Director of the Institute for Global Responsibility and Entrepreneurship.
My research has been published in leading international journals, including Regulation & Governance, Journal of Business Ethics, British Journal of Management, Journal of Cleaner Production, Corporate Governance: The International Journal of Business in Society, Journal of Applied Corporate Finance, Finance, Revue Française de Gestion, Entreprise & Société, and Finance Contrôle Stratégie.
I am also co-editor of Finance décarbonée : pour une économie durable, recipient of the FNEGE Label and the FNEGE Award for Best Management Book in the Corporate Social Responsibility category.
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Diplomas
HDR (Research Supervision Qualification)
Université de Strasbourg, Strasbourg
(2016)
Doctorate, Business administration, Finance
Université de Bourgogne, Dijon
(2001)
Diplôme du Centre Européen de Formation Approfondie à la Gestion (CEFAG Program Diploma)
FNEGE, PARIS
(1999)
DEA, Business administration, Finance
IAE Dijon, Dijon
(1997)
Master in Accounting and Finance Sciences and Technics (MSTCF)
IAE Amiens, Amiens
(1996)
Experiences
Head of Research - Finance Department
Audencia Business School, Nantes
2022 - 2025
Chair Holder - Finance for Innovation
Audencia Business School, Nantes
2018 - 2021
Deputy Research Director
Audencia Business School
2008 - 2011
Deputy Director of (Institut pour la Responsabilité Globale de L'Entreprise)
Audencia Business School
2005 - 2008
Associate Professor
Audencia Business School
2003 - 2016
Temporary Member of Research and teaching staff
Université Paris X, Paris
2001 - 2002
Temporary Member of Research and teaching staff
Université de Besançon, Besançon
2000 - 2001
Instructor - Tutorials statical and financial accounting
Université de Bourgogne
1997 - 2000
Visiting out
2024 - 2024
Cambridge Judge Business School, Great Britain : Research Visiting Associate
2015 - 2015
VSE Prague, : Corporate Governance
2014 - 2014
VSE Prague, : Corporate Governance
2013 - 2013
VSE Prague, : Corporate Governance
2012 - 2012
VSE Prague, : Corporate Governance
2011 - 2011
VSE Prague, : Corporate Governance
2010 - 2010
VSE Prague, : Corporate Governance
2009 - 2009
VSE Prague, : Corporate Governance
2008 - 2008
VSE Prague, : Corporate Governance
Publications
Published
HOLLANDTS X., BAUDOUX M., BOURJADE S., GIRARD-GUERRAUD C., (2026). Corporate Purpose, Regulation, Innovation and Performance: An Empirical Examination of French Purpose-Driven Bylaws Companies.
Journal of Cleaner Production, 538, 147383
GIRARD-GUERRAUD C., BAUDOUX M., HOLLANDTS X., (2026). How Investment Companies with Purpose Bylaws Reframe Governance to Leverage Multiple Accountability Mechanisms for Systemic Impact.
Regulation and Governance, 0 (0), 1-16
GIRARD-GUERRAUD C., RANNOU Y., ALIOUI S., (2025). Shareholder activism on climate issues: The role of framing and stakeholder systems.
British Journal of Management, 00, 1-15
HOLLANDTS X., BAUDOUX M., GIRARD-GUERRAUD C., BOUAISS K., BOURGEOIS C., (2025). Évolution de l’actionnariat dans les sociétés à mission : étude exploratoire en France.
Entreprise et Société, 1 (17), 61-84
BOUAISS K., GIRARD-GUERRAUD C., ZOUKOUA E.-A., (2023). Offre de service et niveau d'activité des plateformes d'equity crowdfunding.
Finance Contrôle Stratégie, 26 (3), 26-3
BOUAISS K., GIRARD-GUERRAUD C., (2021). Capital humain du dirigeant-entrepreneur et faillite des entreprises financées par equity crowdfunding. N° spécial sur "Gouvernance et financement des firmes entrepreneuriales innovantes : nouvelles perspectives".
Revue Française de Gestion, 2021/6 (299), 95-115
GIRARD-GUERRAUD C., GATES S., (2020). Institutional Contradictions of the French State as Shareholder.
Corporate Governance: The International Journal of Business in Society, 20 (3), 545-558
BOUAISS K., GIRARD-GUERRAUD C., ZOPOUNIDIS C., (2020). Bankruptcy of ECF-funded firms: Evidence from France.
Finance, 41 (3), 99-137
GIRARD Carine, DEFFAINS-CRAPSKY Catherine, (2016). Les mécanismes de gouvernance disciplinaires et cognitifs en Equity Crowdfunding : Le cas de la France.
Finance Contrôle Stratégie, 19 (3), 1-15
GIRARD Carine, GATES Stephen, (2014). Global Drivers of and Local Resistance to French Shareholder Activism.
Journal of Applied Corporate Finance, 26 (1), 26-32
GIRARD Carine, SOBCZAK André, (2012). Towards a model of corporate and social stakeholder engagement: Analyzing the relations between a French mutual bank and its members.
Journal of Business Ethics, 107 (2), 215-225
GIRARD Carine, GATES Stephen, (2012). Focus on: Mobilizing Investor Networks behind Shareholder Activism in France.
Bankers Markets and Investors, (116), 66-74
GIRARD Carine, (2011). Success of Shareholder Activism: the French case.
Bankers Markets and Investors, (115), 26-36
GIRARD Carine, SOBCZAK André, (2010). Pour une cartographie des parties prenantes fondée sur leur engagement : une application aux sociétaires d’une banque mutualiste française.
Management et Avenir, (33), 157-174
GIRARD Carine, CERTHOUX Gilles, (2010). Les leviers de création de valeur de configurations d’investisseurs en capital risque : le cas d’un réseau régional de Business Angels.
Revue Française de Gouvernance d'Entreprise, (7), 9-25
GIRARD Carine, REDOR Etienne, (2010). Arcelor-Mittal : l’acier en fusion ?.
Revue des Cas en Gestion, (2), 29-40
GIRARD Carine, LE MAUX Julien, (2007). De l'activisme à l'engagement actionnarial.
Revue Française de Gouvernance d'Entreprise, (1), 113-132
GIRARD Carine, (2007). Actionnariat : Proposition d'une nouvelle typologie.
Gestion 2000, 24 (4), 135-150
GIRARD Carine, (2004). L'incidence de l'activisme actionnarial sur les mécanismes de gouvernance : le cas français.
Finance Contrôle Stratégie, 7 (3), 91-116
GIRARD Carine, (2003). La visibilité de la cause actionnariale.
Banque et Marchés, (63), 22-33
GIRARD-GUERRAUD C., (2002). Les actionnaires minoritaires.
Revue Française de Gestion, 28 (14), 183-202
GIRARD-GUERRAUD C., (2001). Une typologie de l'activisme des actionnaires minoritaires en France.
Finance Contrôle Stratégie, 4 (3), 123-146
BARNETO P., DUBOCAGE E., GIRARD-GUERRAUD C., RANNOU Y., SERRET V., (2025). Finance.
Editions Management et Société (EMS)
ZOPOUNIDIS C., GIRARD-GUERRAUD C., BOUAISS K., (2022). Recent Trends in Financial Engineering.
World Scientific Publishing
GIRARD Carine, BAR Jean-David, BOUYER Sophie, DESRONE Thomas, SAINT-DRENANT GEORGES Gaëlle, (2015). Vous avez dit crowdfunding ? Réflexions prospectives et repères pratiques (online).
NAPF - Place Financière du Grand Ouest
GIRARD, C., & REDOR, E. (2014). Gouvernance d'entreprise et private equity engagement (5ème ed.). In MOUGENOT, Gilles (Eds.), Tout savoir sur le capital investissement (pp. 439-456). Gualino Editeur.
GIRARD, C., & DEL VECCHIO, N. (2013). Strategic responses to new institutional pressures: the French case of institutional investor activism. In YOUNG, Suzanne and GATES, Stephen (Eds.), Institutional Investors and Corporate Responses: Actors, Power and Responses. Critical Studies on Corporate Responsibility, Governance and Sustainability (pp. 179-199). Emerald Group Publishing.
GIRARD, C., & REDOR, E. (2009). Les erreurs financières des dirigeants. In NOEL C., BERNARD M.B. (Eds.), Pourquoi les managers se trompent-ils ? De quelques illusions et erreurs tenaces en management (pp. 229-248). Gualino Editeur.
GIRARD, C., REDOR, E. (2010). Arcelor-Mittal : l'acier en fusion ?. Revue des Cas en Gestion, 2.
Press articles
GIRARD, C., POUSSIELGUES, N. (2017). Crowdfunding, une alternative de financement aux divers visages. Ouest-France.
CLAVEAU, J.-L., & GIRARD, C. (2016). Mode de financement en fonds propres alternatif ou complémentaire ?. Revue Banque (800), pp. 67-72.
CLAVEAU, J.-L., & GIRARD, C. (2016). Equity-CrowdFunding en France. Mode de financement en fonds propres alternatif ou complémentaire?. Revue Banque.
GIRARD, C., & GATES, S. (2011). The Professionalization of Shareholder Activism in France. The Conference Board, Director Notes (4).
Broadcast
Professional conference
Scientific activities
Reviewer for an academic journal
British Journal of Management
2026
Management International
2026
Business & Society
2026
Europen Journal of Finance
2025
European Journal of Finance
2024
Global Business & Economics Review
2022
Sustainability Accounting Management and Policy Journal
2022
Corporate Governance: An International Review
2022
European Management Review
2022
Revue Française de Gouvernance d'Entreprise
2021
Member of the editorial board of an academic journal
Corporate Governance and Sustainability Review
2026
Circular Economy
2021
Journal of Corporate Governance and Regulation
2016
Journal of Business and Financial Affairs
2012
Revue Française de Gouvernance d’Entreprise
2007
Member of the scientific board of an academic association
37th International Conference of the French Finance Association (AFFI)
2021
AFFI Conference
2020
Financial Engineering & Banking Society Conference (FEBS)
2019
Journée des 3F
2019
Revue Vie et Sciences de l'Entreprise
2019
AAIG Association Académique Internationale de Gouvernance
2019
Abbé Grégoire Innovation Days
2017
Comité scientifique Microfinance Insight Forum portant sur " Crowd, engagement and control "
2015
Guest Editor of an academic journal
Recent Trends in Financial Engineering: Towards more Sustainability and Social Impact-World Scientific Eds
2019
Member of the board of directors of an academic association
AAIG Association Academique Internationale de Gouvernance
2013
Awards and honors
FNEGE Grant in the "Higher Education Textbook - CSR category", 2026
Europlace Institute of Finance - Institut Louis Bachelier research grant : Shareholder engagement in Europe: A review of the dynamics of climate resolutions, 2023
Award prize by the International Academic Governance Association, 2022
AAPG2021 OSMosis Observatoire des Sociétés à Mission, 2021
Financement des spin-offs et start-ups deeptech: Une meilleure compréhension du phénomène au service du développement de ces entreprises, 2021
Papier primé lors de la Conférence Internationale de Gouvernance : Capital humain du dirigeant-entrepreneur et défaillance des firmes financées par equity crowdfunding, 2020
Prix de l'Innovation pédagogique Audencia, 2017
Doctoral supervision
(2023) L. ZHEN : External Corporate Governance of listed Companies and Stock Price Xrash Risk.
(2022) G. ZHOU : The impact of market competition and equity structure on trust industry efficiency in the era of the "post-asset management new regulations".
(2022) H. SUN : A study of ESG rating of listed technology companies - A case study of China's science and technology innovation board.
Since 2021 S. B. SERGE BRICE NGODJOU : Les effets des diversités sur la gouvernance et la performance en entreprise.
Since 2020 M. VARIN-CLECH : Performativité, temporalité et finance.
Since 2018 V. BUFFA : Social Impact Bonds.
(2023) N. CAVAGNA : Financing trajectory and governance of innovative companies: a certification approach.
(2024) : Between dsintermediation and head-on competition: an analysis of the strategic responses of established banks to two cases of competitive changeBetween dsintermediation and head-on competition: an analysis of the strategic responses of established banks to two cases of competitive change.
(2015) B. GUERY BERNARD : Le concept de finalité pour éclairer le travail du manager. Une lecture philosophique à partir du cas de la Française des jeux.
(2026) T. THOMAS ENJALBERT : Aligner investissement local et transitions globale dans le monde de la finance : enjeux, conception et conditions d'effectivité des mesures d'impact.
(2025) : Cognition dans la prise de décision des Business Angels. Analyse des perceptions subjectives par le prisme de l’empathie et des outils de design.
(2023) C.-A. LOHER-DELALUNE : Trois essais sur l'engagement actionnarial. Contributions à la compréhension des origines, des pratiques et des acteurs dans le contexte français.
(2022) N. T. T. NGUYEN : Boards and Managers Diversity: Impact on the Performance of Vietnamese Firms.
(2022) P. XYDONAS : On Multicriteria Financial Decision Making.
(2022) A. SOUCHAUD : Cheminer et Transmettre.
(2019) A. A. A. SARANG : Three Essays on Board Diversity, Corporate Governance and Corporate Finance.
(2018) I. EL GOLLI IBTIHEL : Rémunération des dirigeants et performance des firmes.
(2018) I. KELLADI INSAF : Les déterminants de la décision d'achat de l'investisseur individuel: Une analyse sous le prisme de la valeur perçue. Le cas de l'actionnaire individuel français'.
(2016) N. BEN ARFA NOUHA.