Azzim Gulamhussen

Azzim is focused in taking his research on the globalization, governance and regulation of financial institutions to classrooms and boardrooms, and benefitting the institutions where he works and the society at large. His experience in teaching and supervising undergraduate, masters and doctoral students, and executives, spans Cape Vert, China, Finland, India, Mozambique, Portugal, and the United Kingdom.

He held senior management positions at ISCTE Business School for approximately nine years; first, as President of the Finance Research Centre, then as the President of the Business Research Unit, and more recently as Dean of the Business School. He also served as member of the board and then as the Chairman of an international NGO for 10 years.

Azzim has been a consultant to the United Nations (UNIDO), to the E.U., and to SME and multinational corporations. He was recently invited to join the Global Compact Leaders Forum by the Secretary General of the United Nations, and to be a speaker at conferences organized by the Economist and the Euromoney.

Job Title : Professor of Financial Institutions

Management Domain
Accounting & Finance
Financial Services Management

Teaching in
MBA in Financial Services and Insurance
Masters in Financial Management

Expert in
Financial Institutions
International Finance
International Financial Reporting Standards


Azzim is a professor of financial institutions at Vlerick Business School. He teaches banking, an area in which he has been awarded several research grants, taught in Africa, Asia and Europe and published extensively in international peer-reviewed journals, in the MBA – FSI, the MFM and to corporate executives.

He obtained his doctorate from the Henley Business School, an elite triple-crown school, and conducted his post-doctoral studies as Fulbright / U.S. State Department Scholar at Harvard University. Azzim has also held visiting positions at the London School of Economics and the Helsinki School of Economics.

His research has been published, among others, in the Journal of Corporate Finance, Journal of Financial Services Research, Journal of Financial Stability, Quantitative Finance, Review of Accounting Studies, Journal of International Money & Finance, International Finance, and the Journal of International Financial Management & Accounting.



Articles in refereed journals with impact

  • Gulamhussen A. Pinheiro J. Manuel C.  2016. What drives cross-border M&As in commercial banking?. Journal of Banking and Finance, 72(November 2016 Suppl): S6-S18.

  • Clare A. Meryem D. Gulamhussen A. Franco Pozzolo A.  2016. Bank business models, regulation, and the role of financial market participants in the global financial crisis. Journal of Banking and Finance, 72(November 2016 Suppl): S1-S5.

  • Abreu F. Gulamhussen A.  2015. The effectiveness of regulatory capital requirements prior to the onset of the financial crisis†. International Review of Finance, 15(2): 199-221.

  • Gulamhussen A. Pinheiro C. Franco Pozzolo A.  2014. International diversification and risk of multinational banks: Evidence from the pre-crisis period. Journal of Financial Stability, 13(August): 30-43.

  • Bhimani A. Gulamhussen A. da Rocha Lopes S.  2014. Owner liability and financial reporting information as predictors of firm default in bank loans. Review of Accounting Studies, 19(2): 769-804.

  • Gulamhussen A. Lavrador I.  2014. Internal capital markets and the funding of subsidiaries of multinational banks. International Finance, 17(3): 357-380.

  • Gomes Santana Félix E. Pacheco Pires C. Gulamhussen A.  2014. The exit decision in the European venture capital market. Quantitative Finance, 14(6): 1115-11130.

  • Abreu F. Gulamhussen A.  2013. Dividend payouts: Evidence from U.S. bank holding companies in the context of the financial crisis. Journal of Corporate Finance, 22(Sept.): 54-65.

  • Bhimani A. Gulamhussen A. da Rocha Lopes S.  2013. The role of financial, macroeconomic, and non-financial information in bank loan default timing prediction. European Accounting Review, 22(4): 739-763.

  • Abreu F. Gulamhussen A.  2013. The stock market reaction to the public announcement of a supranational list of too-big-to-fail banks during the financial crisis. Journal of International Financial Markets, Institutions and Money, 25(July): 49-72.

  • Clare A. Gulamhussen A. Pinheiro C.  2013. What factors cause foreign banks to stay in London?. Journal of International Money and Finance, 32(Feb.): 739-761.

  • Gomes Santana Félix E. Pacheco Pires C. Gulamhussen A.  2012. The determinants of venture capital across Europe - Evidence across countries. Journal of Financial Services Research, 44(3): 259-279.

  • Gulamhussen A. Pinheiro C. Sousa R.  2012. The influence of managerial ownership on bank market value, performance, and risk: Evidence from banks listed on the stoxx global index. Journal of International Financial Management & Accounting, 23(2): 121-153.

  • Aguiar S. Aguiar-Conraria L. Gulamhussen A. Magalhaes P.  2012. Foreign direct investment in Brazil and home country political risk: the case of Brazil. Latin America Research Review, 47(2): 144-165.

  • Bhimani A. Gulamhussen A. da Rocha Lopes S.  2010. Accounting and non-accounting determinants of default: The case of privately-held firms. Journal of Accounting and Public Policy, 29(6): 517-532.

  • Gulamhussen A.  2009. A theoretical perspective on the location of banking FDI. Management International Review, 49(2): 163-178.

  • Gulamhussen A. Guerreiro L.  2009. The influence of foreign equity and board membership on corporate strategy and management of internal costs in Portuguese banksThe influence of foreign equity and board membership on corporate strategy and management of internal costs in Portuguese b. Management Accounting Research, 20(1): 6-17.

  • Casson M. Dark K. Gulamhussen A.  2009. Extending internalisation theory. International Business Review, 18(3): 236-256.

  • Gulamhussen A.  2007. Choice of scale by banks in financial centers. International Business Review, 16(4): 507-525.

Articles in other (un)refereed journals

  • Gulamhussen A. Fonte Santa S.  2015. Female directors in bank boardrooms and their influence on performance and risk-taking. Global Finance Journal, 28(October): 10-23.

  • Gulamhussen A. Pinheiro C. Franco Pozzolo A.  2012. Internationalization, diversification and risk in multinational banks. Bancaria, (11)

  • Gulamhussen A.  2012. FDI in investment banking. Thunderbird International Business Review, 54(6): 921-934.

  • Bhimani A. Gulamhussen A. da Rocha Lopes S.  2009. The effectiveness of auditor's going concern evaluation as an external governance mechanism: Evidence from bank loan defaults. The International Journal of Accounting, 44(3): 239-255.

  • Paulo Esperanca J. Gulamhussen A.  2002. A note on foreign bank investment in the United States. Applied Financial Economics, 12(1): 39-46.

  • Paulo Esperanca J. Gulamhussen A.  2001. (Re)Testing the follow the customer hypothesis in multinational bank investment. Journal of Multinational Financial Management, 11(3): 281-293.