Research

[1] "External Cost of Leverage Adjustment: Evidence from Defined Benefit Pension Plans" with Tae-Nyun Kim,  Journal of Economics and Business (ABDC: B) 96 (March/April 2018), 1-14

[2] "Corporate Social Performance of Family Firms: A place-based perspective in the context of layoff"  with Zulquer Ali Haider, Zhenyu Wu and Junsheng Dou,  Journal of Business Ethics (ABDC: A, FT50 Journal), 167, 2020,  235-252

[3] "The Impact of Investor Sentiment on Dividend Catering Incentives Around the World" with Jinho Byun, Rose Liao and Carrie Pan,  Journal of International Financial Market, Institutions and Money (ABDC: A), 71, March 2021 

[4] "CEO Career Concerns and ESG Investments" with Tae-Nyun Kim,  Finance Research Letters (ABDC: A), 55, July, 2023 

[1] "Institutional Investors' Heterogeneity and Layoff Decisions" with Hanqing (Chevy) Fang, Pyung Kyung Kang, and Zhenyu Wu  

Abstract: This paper examines whether institutional investors heterogeneity affect corporate employee layoff decisions. More specifically, we find empirical evidence that employee layoffs will be less likely for firms with more long-term institutional investors as opposed to firms with more short- term institutional investors. The ownership by local institutional investors is more negatively related to the likelihood of employee layoffs than ownership by distant institutional investors. We show that firms with high long-term institutional investors and local institutional investors enhance financial performance after layoffs.