Publications
Journal publications
90. Barg, J., Drobetz, W., El Ghoul, S., Guedhami, O., Schröder, H. Board Ancestral Diversity and Voluntary Greenhouse Gas Emission Disclosure. British Journal of Management, forthcoming.
89. Chen, R., El Ghoul, S., Guedhami, O. Conducting Research in International Accounting and Finance: Opportunities, Challenges, and Recommendations. Journal of International Accounting Research, forthcoming.
88. Brockman, P., Drobetz, W., El Ghoul, S., Guedhami, O., Zheng, Y. Do Foreign Institutional Shareholders Affect International Debt Contracting? Evidence from Yankee Bond Covenants. Journal of International Business Studies, forthcoming.
87. Drobetz, W., El Ghoul, S., Fu, Z., Guedhami, O. Institutional Investors and Corporate Environmental Costs: The Roles of Investment Horizon and Investor Origin. European Financial Management, forthcoming.
· Award for best paper at the Sustainable Financial Innovation Centre (SFiC) Conference on Sustainability, Climate Change and Financial Innovation (2022)
86. El Ghoul, S., Guedhami, O., Kuang, H., Zheng, Y. Does Climate Change Exposure Matter to Stakeholders? Evidence from the Costs of High Leverage. Review of Corporate Finance, forthcoming.
85. El Ghoul, S., Guedhami, O., Mansi, S., Yoon, H. J. 2023. Institutional Shareholder Distraction, Agency Conflicts, and the Cost of Debt. Management Science 69, 4973–5693.
84. Bae, K-H, El Ghoul, S., Gong, Z., Guedhami, O. In the CEO we Trust: Negative Effects of CEO-Board Trust. Journal of Financial and Quantitative Analysis, forthcoming.
83. El Ghoul, S., Guedhami, O, Kim, H, Suh, J. The Persistence and Consequences of Share Repurchases. Journal of Business, Finance & Accounting, forthcoming.
• Semi-finalist, award for best paper in corporate finance at the 2020 FMA annual conference
88. El Ghoul, S. Guedhami, O., Wei, Z, Zhu, Y. 2023. Does Public Corruption Affect Analyst Forecast Quality? Journal of Banking & Finance 154, 106860.
81. Driss, H., El Ghoul, S, Guedhami, O., Wald, J. 2023. Governance and Leverage: International Evidence. Financial Review 58, 261–285.
80. El Ghoul, S., Guedhami, O., Mansi, S., Wang, H. 2023. Economic Policy Uncertainty, Institutional Environments, and Corporate Cash Holdings. Research in International Business and Finance 65, 101887.
89. El Ghoul, S., Gong, Z., Guedhami, O., Hou, F., Tong, W. 2023. Social Trust and Firm Innovation. Journal of International Financial Markets, Institutions and Money 84, 101745.
78. Karoui, A., El Ghoul, S., Patel, S., Ramani, S. 2023. The Green and Brown Performances of Mutual Fund Portfolios. Journal of Cleaner Production 384, 135267.
77. El Ghoul, S., Fu, Z., Guedhami, O., Saadi, S. 2023. Firm Inflexibility and the Implied Cost of Equity. Finance Research Letters 52, 103539.
76. El Ghoul, S., Guedhami, O., Mansi, S., Sy, O. 2023. Event Studies in International Finance Research. Journal of International Business Studies 54, 344–364.
75. Döring, S., Drobetz, W., El Ghoul, S., Guedhami, O., Schröder, H. 2023. Foreign Institutional Investors, Legal Origin, and Corporate Greenhouse Gas Emissions Disclosure. Journal of Business Ethics 182, 903–932.
74. Boubakri, N., Cao, Z., Li, X., El Ghoul, S., Guedhami, O. 2023. National Culture and Bank Liquidity Creation. Journal of Financial Stability 64, 101086.
73. Ashraf, B. N., El Ghoul, S., Goodell, J., Guedhami, O. 2022. What does COVID-19 Teach us about the Role of National Culture? Evidence from Social Distancing Restrictions. Journal of International Financial Markets, Institutions & Money 80, 101647.
72. El Ghoul, S., Guedhami, O., Nash, R., Wang, H. 2022. Economic Policy Uncertainty and Insider Trading. Journal of Financial Research 45, 817–854.
71. El Ghoul, S., Karoui, A. 2022. Fund Performance and Social Responsibility: New Evidence using Social Active Share and Social Tracking Error. Journal of Banking & Finance 143, 106598.
70. Carney, R., El Ghoul, S., Guedhami, O., Lu, J., Wang, H. 2022. Political Corporate Social Responsibility: The Role of Deliberative Capacity. Journal of International Business Studies 53, 1766–1784.
· Award for best paper in emerging economies research at the Academy of International Business (AIB) Meeting (2018)
69. Brockman, P., El Ghoul, S., Guedhami, O., Zheng, Y. 2022. Does Social Trust Affect International Contracting? Evidence from Foreign Bond Covenants. Journal of International Business Studies 53, 1011–1044.
68. Chen, R., El Ghoul, S., Guedhami, O., Wang, H., Yang, Y. 2022. Corporate Governance and Tax Avoidance: Evidence from U.S. Cross-Listing. The Accounting Review 97, 49–78.
· Award for best paper at the Frontiers of Business Research in China International Conference (2019)
67. Chen, R., El Ghoul, S., Guedhami, O., Liu, F. 2022. The Corporate Governance Consequences of Small Shareholdings: Evidence from Sovereign Wealth Fund Cross-Border Investments. Corporate Governance: An International Review 30, 656–685.
66. El Ghoul, S., Karoui, A. 2022. Fund Names vs. Family Names: Implications for Mutual Fund Flows. Financial Review 57, 509–531.
65. Berger, A., El Ghoul, S., Guedhami, O., Roman, R. 2022. Geographic Deregulation and Banks’ Cost of Equity Capital. Journal of International Money and Finance 120, 102498.
64. Attig, N., Driss, H., El Ghoul, S. 2021. Credit Ratings Quality in Uncertain Times. Journal of International Financial Markets, Institutions & Money 75, 101449.
63. Attig, N., El Ghoul, S. 2021. Flying under the Radar: The Real Effects of Anonymous Trading. Journal of Corporate Finance 71, 102092.
62. Duan, Y., El Ghoul, S., Guedhami, O., Li, H., Li, X. 2021. Bank Systemic Risk around COVID-19: A Cross-Country Analysis. Journal of Banking & Finance 133, 106299.
61. El Ghoul, S., Fu, Z., Guedhami, O. 2021. Zombie Firms: Prevalence, Determinants and Corporate Policies. Finance Research Letters 41, 101876.
60. Boubakri, N., Chen, R., El Ghoul, S., Guedhami, O. 2021. State Ownership and Debt Structure. Review of Corporate Finance 1, 223–257.
59. Berger, A., El Ghoul, S., Guedhami, O., Guo, J. 2021. Corporate Capital Structure and Firm Value: International Evidence on the Special Roles of Bank Debt. Review of Corporate Finance 1, 1–41.
58. Arouri, M., El Ghoul, S., Gomes, M. 2021. Greenwashing and Product Market Competition. Finance Research Letters 46, 100758.
57. Driss, H., Drobetz, W., El Ghoul, S., Guedhami, O. 2021. Institutional Investment Horizons, Corporate Governance, and Credit Ratings: International Evidence. Journal of Corporate Finance 67, 101874.
56. Bae, K-H, El Ghoul, S., Guedhami, O., Zheng, X. 2021. Board Reforms and Dividend Policy: International Evidence. Journal of Financial and Quantitative Analysis 56, 1296–1320.
55. Boubakri, N., El Ghoul, S., Guedhami, O., Wang, H. 2021. Corporate Social Responsibility in Emerging Markets Economies: Determinants, Consequences, and Future Research Directions. Emerging Markets Review 46, 100758.
54. Chen, R., El Ghoul, S., Guedhami, O., Kwok, C., Nash, R. 2021. International Evidence on State Ownership and Trade Credit: Opportunities and Motivations. Journal of International Business Studies 52, 1121–1158.
· Award for best young scholar paper at Frontiers of Business Research in China International conference (2018)
53. El Ghoul, S., Guedhami, O., Kim, Y., Yoon, H. J. 2021. Policy Uncertainty and Accounting Quality. The Accounting Review 96, 233–260.
52. Döring, S., Drobetz, W., El Ghoul, S., Guedhami, O., Schröder, H. 2021. Institutional Investor Horizon and Firm Valuation around the World. Journal of International Business Studies 52, 212–244.
51. Döring, S., Drobetz, W., El Ghoul, S., Guedhami, O., Schröder, H. 2021. Cross-Country Determinants of Institutional Investors’ Investment Horizons. Finance Research Letters 39, 101641.
50. El Ghoul, S., Karoui, A. 2021. What’s in a (Green) Name? The Consequences of Greening Fund Names on Fund Flows, Turnover, and Performance. Finance Research Letters 39, 101620.
49. Bae, K-H., El Ghoul, S. Gong, Z., Guedhami, O. 2021. Does CSR Matter in Times of Crisis? Evidence from the COVID-19 Pandemic. Journal of Corporate Finance 67, 101876.
48. Attig, N., El Ghoul, S., Guedhami, O., Zheng, X. 2021. Dividend Policy and Economic Policy Uncertainty: International Evidence. Journal of Corporate Finance 66, 101785.
47. El Ghoul, S., Guedhami, O., Kwok, C., Zheng, Y. 2021. The Role of Creditor Rights on Capital Structure and Product Market Interactions: International Evidence. Journal of International Business Studies 52, 121–147.
46. Berger, A., Chen, R., El Ghoul, S., Guedhami, O. 2020. Who Wins and Who Loses From Bank Geographic Deregulation? Analysis of Financially Constrained and Unconstrained Firms. Journal of Corporate Finance 65, 101775.
· Award for best paper in financial institutions at the Southwestern Finance Association Conference (2019)
45. Attig, N., Driss, H., El Ghoul, S. 2020. Rating Standards around the World: A Puzzle? Emerging Markets Review 45, 100701.
44. Attig, N., Chen, R., El Ghoul, S., Guedhami, O., Kwok, C., Pittman, J. 2020. Are Insiders Equal? Evidence from Earnings Management in Closely-Held East Asian Firms. Research in International Business and Finance 54, 101243.
43. Boubakri, N., Chen, R., El Ghoul, S., Nash, R., Guedhami, O. 2020. State Ownership and Stock Liquidity: Evidence from Privatization. Journal of Corporate Finance 65, 101763.
42. Cao, Z., El Ghoul, S., Guedhami, O., Kwok, C. 2020. National Culture and Exchange Rate Regime Choice. Journal of International Money and Finance 101, 102091.
· Lead Paper
41. Boubakri, N., El Ghoul, S., Guedhami, O, Hossain, M. 2020. Postprivatization State Ownership and Bank Risk-Taking: Cross-Country Evidence. Journal of Corporate Finance 64, 101625.
40. El Ghoul, S., Guedhami, O., Kwok, C., Zheng, Y. 2019. Collectivism and the Costs of High Leverage. Journal of Banking & Finance 106, 227–245.
39. El Ghoul, S., Guedhami, O., Nash, R., Patel, A. 2019. New Evidence on the Role of the Media in Corporate Social Responsibility. Journal of Business Ethics 154, 1051–1079.
38. Bae, K-H, El Ghoul, S., Guedhami, O., Kwok, C., Zheng, Y. 2019. Does Corporate Social Responsibility Reduce the Costs of High Leverage? Evidence from Capital Structure and Product Market Interactions. Journal of Banking & Finance 100, 135–150.
· List of Most Downloaded Journal of Banking & Finance Articles
· Summarized in CFA Digest 49(8), August 2019.
37. Attig, N., El Ghoul, S. 2018. Organization Capital and the Cost of Equity Financing in Medium-Sized Manufacturing Firms. Contemporary Accounting Research 35, 1616–1644.
36. Boubakri, N., El Ghoul, S., Guedhami, O., Megginson, W. 2018. The Market Value of Government Ownership. Journal of Corporate Finance 50, 44–65.
· Summarized in CFA Digest 48(8), August 2018.
35. Chen, R., El Ghoul, S., Guedhami, O., Nash, R. 2018. State Ownership and Corporate Cash Holdings. Journal of Financial and Quantitative Analysis 53, 2293–2334.
34. Drobetz, W., El Ghoul, S., Guedhami, O., Janzen, M. 2018. Policy Uncertainty, Investment, and the Cost of Capital. Journal of Financial Stability 39, 28–45.
33. El Ghoul, S., Guedhami, O., Kim, H., Park, K. 2018. Corporate Environmental Responsibility and the Cost of Capital: International Evidence. Journal of Business Ethics 149, 335–361.
· Summarized in CFA Digest 48(11), November 2018
32. El Ghoul, S., Guedhami, O., Kwok, C., Zheng, X. 2018. Zero-Leverage Puzzle: An International Comparison. Review of Finance 22, 1063–1120.
31. Berger, A., El Ghoul, S., Guedhami, O., Roman, R. 2017. Internationalization and Bank Risk. Management Science 63, 2283–2301.
· Korea Development Bank outstanding paper award at the Conference on Asia–Pacific Financial Markets (2013)
30. El Ghoul, S., Guedhami, O., Kim, Y. 2017. Country-Level Institutions, Firm Value, and the Role of Corporate Social Responsibility Initiatives. Journal of International Business Studies 48, 360–385.
· Top 1% most cited paper in the field of Economics & Business (Web of Science, 2019)
29. El Ghoul, S., Karoui, A. 2017. Does Corporate Social Responsibility Affect Mutual Fund Performance and Flows? Journal of Banking & Finance 77, 53–63.
28. Chen, R., El Ghoul, S., Guedhami, O., Wang, H. 2017. Do State and Foreign Ownership Affect Investment Efficiency? Evidence from Privatizations. Journal of Corporate Finance 42, 408–421.
· List of Most Cited Journal of Corporate Finance Articles (since 2017)
27. El Ghoul, S., Guedhami, O., Pittman, J. 2016. Cross-Country Evidence on the Importance of Big Four Auditors to Equity Pricing: The Mediating Role of Legal Institutions. Accounting, Organizations and Society 54, 60–81.
26. El Ghoul, S., Guedhami, O., Wang, H., Kwok, C. 2016. Family Control and Corporate Social Responsibility. Journal of Banking & Finance 73, 131–146.
· Award for best paper at the 6th World Business Ethics Forum (2016)
· List of Most Cited Journal of Banking & Finance Articles (since 2016)
25. El Ghoul, S., Zheng, X. 2016. Trade Credit Provision and National Culture. Journal of Corporate Finance 41, 475–501.
24. El Ghoul, S., Guedhami, O., Kwok, C., Zheng, X. 2016. Collectivism and Corruption in Commercial Loan Production: How to Break the Curse? Journal of Business Ethics 139, 225–250.
23. El Ghoul, S., Guedhami, O., Pittman, J., Rizeanu, S. 2016. Cross-Country Evidence on the Importance of Auditor Choice to Corporate Debt Maturity. Contemporary Accounting Research 33, 718–751.
22. Boubakri, N., El Ghoul, S., Wang, H., Guedhami, O., Kwok, C. 2016. Cross-Listing and Corporate Social Responsibility. Journal of Corporate Finance 41, 123–138.
· List of Most Cited Journal of Corporate Finance Articles (since 2016)
21. Attig, N., Boubakri, N., El Ghoul, S., Guedhami, O. 2016. The Global Financial Crisis, Family Control, and Dividend Policy. Financial Management 45, 291–313.
20. Attig, N., Boubakri, N., El Ghoul, S., Guedhami, O. 2016. Firm Internationalization and Corporate Social Responsibility. Journal of Business Ethics 134, 171–197.
· Lead Paper
19. El Ghoul, S., Guedhami, O., Kwok, C., Shao, L. 2016. National Culture and Profit Reinvestment: Evidence from Small and Medium-Sized Enterprises. Financial Management 45, 37–65.
18. Boubakri, N., El Ghoul, S., Guedhami, O., Samet, A. 2015. The Effects of Analyst Forecast Properties and Country-Level Institutions on the Cost of Debt. Journal of Financial Research 38, 461–493.
17. Boubakri, N., El Ghoul, S., Saffar, W. 2015. Firm Growth and Political Institutions. Journal of Multinational Financial Management 31, 104–125.
16. Boubakri, N., El Ghoul, S., Saffar, W. 2014. Political Rights and Equity Pricing. Journal of Corporate Finance 27, 326–344.
15. Attig, N., Cleary, S., El Ghoul, S., Guedhami, O. 2014. Corporate Legitimacy and Investment–Cash Flow Sensitivity. Journal of Business Ethics 121, 297–314.
14. Cho, S-S., El Ghoul, S., Guedhami, O., Suh, J. 2014. Creditor Rights and Capital Structure: Evidence from International Data. Journal of Corporate Finance 25, 40–60.
· Summarized in CFA Digest 44(4), April 2014.
13. Boubakri, N., El Ghoul, S., Saffar, W. 2013. Cash Holdings of Politically Connected Firms. Journal of Multinational Financial Management 23, 338–355.
12. Attig, N., El Ghoul, S., Guedhami, O., Suh, J. 2013. Corporate Social Responsibility and Credit Ratings. Journal of Business Ethics 117, 679–694.
· Lead paper
11. Attig, N., Cleary, S., El Ghoul, S., Guedhami, O. 2013. Institutional Investment Horizons and the Cost of Equity Capital. Financial Management 42, 441–477.
· Award for best paper in banking and finance at the European Business Research Conference (2012)
10. Zheng, X., El Ghoul, S., Guedhami, O., Kwok, C. 2013. Collectivism and Corruption in Bank Lending. Journal of International Business Studies 44, 363–390.
· Hyundai Securities outstanding paper award at the Conference on Asia–Pacific Financial Markets (2012)
· Award for best paper in financial institutions at the Southwestern Finance Association Conference (2012)
9. Attig, N., El Ghoul, S., Guedhami, O., Rizeanu, S. 2013. The Governance Role of Multiple Large Shareholders: Evidence from the Valuation of Cash Holdings. Journal of Management & Governance 17, 419–451.
8. El Ghoul, S., Guedhami, O., Ni, Y., Pittman, J., Saadi, S. 2013. Does Information Asymmetry Matter to Equity Pricing? Evidence from Firms’ Geographic Location. Contemporary Accounting Research 30, 140–181.
7. Attig, N., Cleary, S., El Ghoul, S., Guedhami, O. 2012. Institutional Investment Horizon and Investment–Cash Flow Sensitivity. Journal of Banking & Finance 36, 1164–1180.
6. El Ghoul, S., Guedhami, O., Ni, Y., Pittman, J., Saadi, S. 2012. Does Religion Matter to Equity Pricing? Journal of Business Ethics 111, 491–518.
5. Zheng, X., El Ghoul, S., Guedhami, O., Kwok, C. 2012. National Culture and Corporate Debt Maturity. Journal of Banking & Finance 36, 468–488.
4. El Ghoul, S., Guedhami, O., Pittman, J. 2011. The Role of IRS Monitoring in Equity Pricing in Public Firms. Contemporary Accounting Research 28, 643–674.
3. El Ghoul, S., Guedhami, O., Kwok, C., Mishra, D. 2011. Does Corporate Social Responsibility Affect the Cost of Capital? Journal of Banking & Finance 35, 2388–2406.
· Moskowitz Prize for best paper in socially responsible investing (2011)
· List of Most Downloaded Journal of Banking & Finance Articles
· Top 1% most cited paper in the field of Economics & Business (Web of Science, 2019)
2. Attig, N., El Ghoul, S., Guedhami, O. 2009. Do Multiple Large Shareholders Play a Corporate Governance Role? Evidence from East Asia. Journal of Financial Research 32, 395–422.
1. El Ghoul, S. 2004. An Empirical Investigation of Corporate Risk-Taking in Financial Distress. Finance India/Quarterly Journal of Finance 18, 703–721.
Book chapters
2. Attig, N., El Ghoul, S., Guedhami, O. 2011. Institutional Investment Horizon and Firm Credit Ratings. In Institutional Investors in Global Capital Markets (International Finance Review), edited by Narjess Boubakri and Jean-Claude Cosset. Vol. 12, 51–82: Emerald Group Publishing Limited.
1. El Ghoul, S., Gagnon, J-M., Khoury, N. 2005. Les régimes de rémunération à base d'options aux dirigeants: Charge comptable et régie d’entreprise. In Traité de gouvernance corporative. Théories et pratiques à travers le monde, edited by A. Naciri: Laval University Press.