Publications and Research Areas across Markets
My research primarily uses large-scale archival datasets from U.S., Chinese, and international capital markets.
For U.S. listed firms, my research draws on databases such as BoardEx, Compustat, CRSP, ExecuComp, IBES, and Refinitiv 13F institutional holdings. This market setting supports my work on top management team characteristics, board advising, investment efficiency, labour investment efficiency, analyst behaviour, corporate governance, and financial outcomes.
For China A-share listed firms, my research commonly combines CSMAR, Wind, RKS/Rankins CSR ratings, Dibo internal control data, and firms’ annual reports. This setting supports my work on corporate social responsibility, qualified foreign institutional investors, audit fees, internal control quality, top management team financial experience, academic executives, tax aggressiveness, and firm value.
For international and cross-country samples, my research uses SDC Platinum/Thomson One Banker, ASSET4/Refinitiv ESG, Datastream, Worldscope, World Bank indicators, and country-level institutional datasets. These data support my work on cross-border mergers and acquisitions, cross-border alliances, seasoned equity offerings, CSR/ESG performance, capital market outcomes, and international corporate governance.
(1) Li, Z., & Wang, B. (2026). How Reelection Pressure Shapes Directors’ Commitment to Stakeholders: Evidence from Majority Voting Legislation, Corporate Governance: An International Review, accepted (ABS-3/ABDC-A).
(2) Cao, Y. & Li, Z. (2026), Top Management’s Financial Experience, Backgrounds in Regulatory and Non-Regulatory Financial Institutions, and Corporate Tax Aggressiveness, Journal of Accounting Literature, accepted (ABS-3/ABDC-A).
(3) Li, Z. & Liu, X. (2025), Top Executives with Academic Work Experience, Aspirational and Substantive Stakeholder-Friendly Engagement, and Firm Value, Abacus, forthcoming (ABS-3/ABDC-A).
(4) Li, Z., & Wang, B. (2024). Non-CEO executives' intraorganizational competition incentives and corporate labour investment efficiency. European Financial Management, 30, 1868–1915 (ABS-3/ABDC-A).
(5) Huang, C. & Li, Z. (2024). The Role of Cross-Border Alliances in Corporate Social Responsibility: International Evidence. Journal of Financial Research (ABS-3/ABDC-A).
(6) Li, Z., Liu, X. and Wang, B. (2024), Military-experienced senior executives, corporate earnings quality and firm value, Journal of Accounting Literature, Vol. 46 No. 3, pp. 401-445 (ABS-3/ABDC-A).
(7) Li, Z. & Wang, B. (2023). Community Social Capital and Board Advising: Evidence from the Structure of Board Committees. British Journal of Management (ABS-4/ABDC-A*).
(8) Li, Z. & Wang, P. (2023). Cross-border mergers and acquisitions and corporate social responsibility: Evidence from Chinese listed firms. Journal of Business Finance & Accounting, 50, 335–376. (ABS-3/ABDC-A*).
(9) Li, Z., Pryshchepa, O., & Wang, B. (2023). Financial experts on the top management team: Do they reduce investment inefficiency? Journal of Business Finance & Accounting, 50, 198–235. (ABS-3/ABDC-A*).
(10) Li, Z. & Wang, P. (2022). Flotation costs of seasoned equity offerings: Does corporate social responsibility matter? European Financial Management, 28, 771– 808. (ABS-3/ABDC-A).
(11) Li, Z., Wang, B., & Zhou, D. (2022). Financial Experts of Top Management Teams and Corporate Social Responsibility: Evidence from China. Review of Quantitative Finance and Accounting (ABS-3/ABDC-B).
(12) Li, Z. & Wang, B. (2022). The Influence of Foreign Institutional Investors on Audit Fees: Evidence from Chinese Listed Firms. Accounting Forum (ABS-3/ABDC-A).
(13) Li, Z., Wang, P., & Wu, T. (2021). Do foreign institutional investors drive corporate social responsibility? Evidence from listed firms in China. Journal of Business Finance & Accounting (ABS-3/ABDC-A*).
(14) Li, Z., Wang, B., Wu, T., & Zhou, D. (2021). The influence of qualified foreign institutional investors on internal control quality: Evidence from China. International Review of Financial Analysis, 78. (ABS-3/ABDC-A).
Working with ‘Revise and Resubmit’ Decisions
(1) The Impact of Military Experience in Top Management on Corporate Employee-Friendly Practices: Global Evidence, the proceeding of the 2025 Financial Management Association (FMA) Asia/Pacific Conference, major revision
(2) Leadership Beyond the Battlefield: How Military-Experienced Senior Executives Influence Analyst Coverage, Forecast Accuracy, and Dispersion, the proceeding of the 2024 Financial Management Association European Conference (Italy), major revision
(3) Top Management with Academic Career Experience: Implications for Audit Expenditures, Auditor Choice, and Investors’ Perceptions, major revision
(4) How Reelection Pressure Shapes Directors’ Commitment to Stakeholders: Evidence from Majority Voting Legislation (with Bo Wang), the proceeding of the 2025 European Financial Management Association (EFMA) Annual Meeting (Greece) & 2024 Financial Management Association (FMA) Annual Meeting (USA) and 2024 FMA European Conference (Italy), (accepted - 28th May 2026) Corporate Governance: An International Review (ABS-3/ABDC-A)
Works-in-Progress
The Effect of Equity Blockholders on the Voluntary Delisting: Empirical Evidence from the USA (with Nick Tsitsianis and Zhihuan Li), presented at the 2023 QMUL SBM PhD Conference, 2024 British Accounting and Finance Association (BAFA) Annual Meeting, 2025 Annual Congress of the European Accounting Association (EAA), 2026 EBES Conference Annual Meeting (Note: This paper has also been accepted for presentation at the 2026 World Finance Conference)
Beyond Face Value: Do Firms Need a Sustainability Committee when Community Social Capital is High? (with Oksana Pryshchepa and Bo Wang), presented at the 2023 Financial Management Association (FMA) Annual Meeting, 2024 Financial Management & Accounting Research Conference (FMARC), 2026 Financial Management Association (FMA) European Conference
Does Financial Analyst Coverage Influence Firms’ Workforce Diversity Practices and Performance (with Zixuan Zhu and Chunling Xia), presented at the 2023 QMUL SBM PhD Conference, 2025 British Accounting & Finance Association (BAFA) Doctoral Masterclasses, 2026 European Financial Management Association (EFMA) Annual Meeting (Note: This paper has also been accepted for presentation at the 2026 World Finance Conference)
Legal Expertise in Leadership: How Lawyer CEOs Create Value in Mergers and Acquisitions (with Zankai Wang and Chunling Xia), presented at the 2025 British Accounting & Finance Association (BAFA) Doctoral Masterclasses, 2026 European Financial Management Association (EFMA) Annual Meeting, 2026 Financial Management Association (FMA) European Conference (Note: This paper has also been accepted for presentation at the 2026 World Finance Conference)
Artificial Intelligence as Relational Capital: Evidence from Major Customer Relationships (with Bo Wang), accepted for presentation at the 2026 European Financial Management Association (EFMA) Annual Meeting