Luiz RicardoKabbach

Luiz Ricardo Kabbach is Clinical Associate Professor of Strategy & Entrepreneurship at the Kelley School of Business, Indiana University Indianapolis, and Research Director of the university's Institute for Corporate Governance and Ethics. He publishes as Luiz Ricardo Kabbach de Castro.

His research sits where corporate governance meets strategy: how ownership structures, controlling families and boards of directors shape decisions about acquisitions, investment, innovation and ethics. Much of it draws on Latin America and other emerging markets, where concentrated ownership is the norm rather than the exception. The work has appeared in Business & Society, Family Business Review, Corporate Governance: An International Review, the Journal of Banking & Finance and Socio-Economic Review.

Before joining Kelley he held faculty positions at the University of Navarra in Spain (Associate Professor with tenure), the University of Florida, the University of São Paulo and Universidad Adolfo Ibáñez in Chile, with visiting appointments at the University of Missouri and the University of Adelaide. Before academia he was a management consultant with Arthur Andersen, Symnetics and Capgemini, and he has served on the board of his family's holding company since 2001.

Three questions run through the work.

• How do controlling owners and families change the strategic decisions a firm makes?Acquisitions, investment, financial constraints, business groups
• What makes a board effective at governing innovation and long-term value?Board human and social capital, CEO duality, compliance
• Can companies pursue social and environmental goals without giving up economic performance?Corporate purpose, codes of ethics, ESG governance

Current projects

Through the Institute for Corporate Governance and Ethics, current work examines how corporate purpose and governance reinforce each other, how codes of ethics work in practice rather than on paper, and what keeps family businesses alive across generations. Earlier funding from Spain's Ministry of Science and Innovation supported the project Governing ESG Practices: The Role of Purpose, Ethics, Compliance, and Innovation (2022–2025, co-principal investigator).

Selected publications

• In the Multitude of Words, Sin Is Not Lacking: Are Codes of Ethics Promoting Corporate Responsibility or Providing Legal Shields? Do Fortune 500 codes of ethics guide behavior, or mainly protect the company legally? Business & Society, 2025, 64(2), 339–378. With M. Dall'Agnol and D. Redín. Best Open Impact Paper, EURAM SIG 2021; runner-up, AOM SIM Best Paper 2021
• The Role of Family Control and Ownership in M&A Decisions: Evidence from an Emerging Market How does family control change the way firms approach mergers and acquisitions? Research in International Business and Finance, 2025 (in press). With M. Meirelles and A. Kalatzis. Best Paper, Family Business Research SIG, EURAM 2024
• Family Firms and Compliance: Reconciling the Conflicting Predictions Within the Socioemotional Wealth Perspective When do family firms follow corporate governance codes, and when do they resist them? Family Business Review, 2016, 30(2), 137–159. With R. Crespí-Cladera and R. V. Aguilera.
• Cross-Border and Domestic Minority Acquisitions and Financial Constraints: Reaping Big Benefits from Small Shareholders Can taking a minority stake in another firm ease a company's financing constraints? Corporate Governance: An International Review, 2023, 31(3), 491–514. With L. Macoris, A. Kalatzis and D. Boehe.
• Do Internal Capital Markets in Business Groups Reduce Financial Constraints? Do business groups help their member firms invest when outside capital is scarce? Journal of Banking & Finance, 2023. With G. Kirch and R. da Matta.
• Reexamining CEO Duality: The Surprisingly Problematic Issues of Conceptualization and Measurement Why do studies disagree on whether a CEO should also chair the board? Corporate Governance: An International Review, 2017, 25(6), 411–427. With S. Gove, M. Junkunc and co-authors. Runner-up, CGIR Best Article Award 2017
• Mapping the Business Systems of 61 Major Economies: A Taxonomy and Implications for Varieties of Capitalism and Business Systems Research How do national business systems cluster around the world? Socio-Economic Review, 2018, 16(1), 5–38. With M. Witt, K. Amaeshi, S. Mahroum, D. Bohle and L. Saez.

All publications and working papers

Refereed journal articles

1. The Role of Family Control and Ownership in M&A Decisions: Evidence from an Emerging Market. Research in International Business and Finance, 2025 (in press). With M. Meirelles and A. Kalatzis.
2. In the Multitude of Words, Sin Is Not Lacking: Are Codes of Ethics Promoting Corporate Responsibility or Providing Legal Shields? Business & Society, 2025, 64(2), 339–378. With M. Dall'Agnol and D. Redín.
3. Do Internal Capital Markets in Business Groups Reduce Financial Constraints? Journal of Banking & Finance, 2023. With G. Kirch and R. da Matta.
4. Investment-Cash Flow Sensitivity and Investor Protection. Journal of Business Finance & Accounting, 2023, 50(7–8), 1402–1438. With H. Castro, E. Schiehll and P. R. S. Terra.
5. Cross-Border and Domestic Minority Acquisitions and Financial Constraints. Corporate Governance: An International Review, 2023, 31(3), 491–514. With L. Macoris, A. Kalatzis and D. Boehe.
6. Do Financial Constraints in an Unstable Emerging Economy Mitigate the Opportunistic Behavior of Entrenched Family Owners? Emerging Markets Review, 2022. With A. Pellicani and A. Kalatzis.
7. Effects of Ownership Structure on Merger and Acquisition Decisions in Brazilian Companies. RAUSP Management Journal, 2020, 55(2), 227–245. With N. Nogueira.
8. Research Perspectives in Corporate Governance of Brazilian Firms. Journal of Contemporary Administration (RAC), 2019, 23(6), 696–702. With A. Bressan, E. Schiehll and J. Procianoy.
9. Controlling Shareholders and Investment-Risk Sensitivity in an Emerging Economy. Emerging Markets Review, 2019, 39, 133–153. With D. Caixe and A. Kalatzis.
10. Mapping the Business Systems of 61 Major Economies. Socio-Economic Review, 2018, 16(1), 5–38. With M. Witt, K. Amaeshi, S. Mahroum, D. Bohle and L. Saez.
11. Reexamining CEO Duality: The Surprisingly Problematic Issues of Conceptualization and Measurement. Corporate Governance: An International Review, 2017, 25(6), 411–427. With S. Gove, M. Junkunc, S. Mingo, O. Bruyaka, P. Thakur and M. Larraza-Kintana.
12. Family Firms and Compliance: Reconciling the Conflicting Predictions Within the Socioemotional Wealth Perspective. Family Business Review, 2016, 30(2), 137–159. With R. Crespí-Cladera and R. V. Aguilera.
13. An Organizational Economics Approach on the Pursuit of Socioemotional and Financial Wealth in Family Firms. Management Research, 2016, 14(3), 267–278. With R. Crespí-Cladera and R. V. Aguilera.
14. The Effects of the Shareholder Agreements' Binding Clauses on Firm Value. RAE-FGV, 2015, 55(3), 345–358. With M. Gelman and V. Seidler.

Book chapters

1. Brazil. In J. Callund, G. Jiménez and N. Pyper (Eds.), Corporate Governing in Latin America: The Importance of Scandals to Institute Change. Palgrave Macmillan, 2023, 247–270. With D. Aldrighi.
2. Relational Contracts and Change in Family Firms. In K. Klimczak and Y. Shachmurove (Eds.), Organizational Change and Relational Resources. Routledge, 2021.
3. Regulation and Comparative Corporate Governance. In M. Wright et al. (Eds.), Oxford Handbook of Corporate Governance. Oxford University Press, 2013, 23–45. With R. V. Aguilera and M. Goyer.
4. A Bundle Perspective to Comparative Corporate Governance. In T. Clarke and D. Branson (Eds.), The SAGE Handbook of Corporate Governance. SAGE, 2012, 379–405. With R. V. Aguilera and K. Desender.
5. Corporate Governance in Emerging Markets. In G. Morgan and R. Whitley (Eds.), Capitalisms and Capitalism in the 21st Century. Oxford University Press, 2012, 319–344. With R. V. Aguilera, J. H. Lee and J. You.
6. Circular Economy: Opportunities and Challenges for the Brazilian Industry Sector. Confederação Nacional da Indústria, 2018. With A. Ometto and co-authors.
7. Strategic Initiatives Management. In D. Kallás and A. Coutinho (Eds.), Strategic Management: Experiences and Learnings from Brazilian Companies. Elsevier, 2005. With C. Loureiro.

Working papers

1. Local Religiosity and the Pricing of Dividend Signals. With C. Aranda, D. Echeverry and A. Mesa. Under review, Journal of Corporate Finance.
2. Corporate Purpose and Governance: A Systematic Literature Review and Research Agenda. With F. Rivera and Á. Lleó. Under review, Corporate Governance: An International Review.
3. Credit Supply Shocks and M&A: An Empirical Analysis of Firm Behavior During Banking Crises (1990–2019). With L. Macoris and K. Farrouk. Under review, Review of Corporate Finance Studies.
4. Governing Innovation: The Role of Board of Directors' Human and Social Capital. With M. Chimirri. Under review, Journal of Business Research.
5. Longevity in the Family Business: A Systematic Literature Review. With S. Trejo. Under review, Journal of Family Business Strategy.
6. Towards a Conscious Business Framework: The Role of Purpose, Strategy, Culture, Learning, and Leadership. With P. Paro, M. Gerolamo and R. Sisodia.
7. The Effects of Conscious Business on Multiple Stakeholders' Engagement. With P. Paro, M. Gerolamo and R. Sisodia.
8. Family Ownership and Firms' Productivity. With A. Kalatzis.

Two principles guide the classroom: teaching only matters when it produces learning, and a good teacher facilitates knowledge rather than transferring it. Courses are built around real decisions that executives, owners and boards face.

Recognized with Outstanding Faculty Awards at the University of Navarra (2022) and the University of Florida Professional MBA (2020). PhD advisor to students now on the faculty at UFRGS, Univesp and Universidad del Istmo.

I bring two decades of research on ownership and boards, consulting experience at Arthur Andersen, Symnetics and Capgemini, and a seat on a family holding company’s board. I work with owners, boards and leadership teams in English, Spanish and Portuguese.

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1. 2025Research Director, Institute for Corporate Governance and Ethics, Indiana University
2. 2024Best Paper Award, Family Business Research SIG (EURAM / SIMA), with A. Kalatzis and M. Meirelles
3. 2023José Castillejo Mobility Award, Ministry of Science and Innovation of Spain
4. 2022Outstanding Faculty Award, School of Economics and Business, University of Navarra
5. 2022Principal investigator, Governing ESG Practices, Ministry of Science and Innovation of Spain (€80,041)
6. 2021Best Open Impact Paper Award, EURAM SIG; runner-up, Academy of Management SIM Best Paper Award
7. 2020Outstanding Faculty Award, Professional MBA, Warrington College of Business, University of Florida
8. 2020Runner-up, Best Paper Award, International Corporate Governance Society
9. 2019Best Paper Award, International Corporate Governance Society
10. 2018Runner-up Article Award, Corporate Governance: An International Review
11. 2013Best Paper Award, Academy of International Business, Latin American Chapter
12. 2011Research Award, Foundation of Financial Studies, Spain; three Academy of Management best paper finalist nominations

Full list of honors, grants and service in the CV.