Research

Publications

1. Yang, X., Zhang, K., Gao, P., and Yang, Z. 2024. State-owned shareholders' participation and environmental, social, and governance performance of private firms: Evidence from China. Applied Economics. doi: 10.1080/00036846.2024.2337797. 

2. Yang, X., Zhang, K., Liao, G., and Gao, P. 2024. Administrative Monopoly and State-owned Enterprise Innovation: Evidence from the Fair Competition Review System in China. International Review of Financial Analysis. doi: 10.1016/j.irfa.2024.103463. 

3. Ge, H., Chen, Z., Gao, P*., and Wang, C. 2025. Going Global, Going Green: How Outward FDI Enhances Corporate Green Innovation. Finance Research Letters. doi: 10.1016/j.frl.2025.107554. 

4. Zhang, K., Luo, D., and Gao, P*. 2025. Staying or Switching: How Companies React to Audit Firm Penalties. International Review of Economics and Finance. (forthcoming)

Working Papers

1. Does a Firm’s Understanding of Local Government Policy Lead to Reducing Investment Inefficiency?, R&R 

• with Huiqun Feng (Tianjin University of Finance and Economics) and Jason Zezhong Xiao (University of Macau)

2. Global Value Chain: A Catalyst for Lower Carbon Emissions through Technological Innovation, R&R 

• with Huahua Ge (Capital University of Economics and Business), Xiaoxi Zhang (Chinese Academy of Social Sciences), and Mengjia Li (University of Macau)

3. Labor Dispatch and Productivity

• with Guanmin Liao and Ran Xu (Renmin University of China)

4. Financial Technophilia: Markets and Corporate Disclosure of Emerging Technologies

• with Arman Eshraghi, Izidin El Kalak (Cardiff University), and Jason Zezhong Xiao (University of Macau)

  • Presented at: WPGRC 2022, BFWG 2023, Tri-Uni Annual Conference (Xiamen University) 2023, 2nd Cardiff FinTech Conference 2023, CER FinTech Symposium 2024, ISAFE 2025, EFMA 2025; Research Seminars at: Cardiff University, University of Birmingham, Queen Mary University of London, University of Bath, Loughborough Business School, Newcastle University, and University of Macau.

5. Tech Frenzy Fallout: When Hype Hits Hard and Stocks Crash 

• with Arman Eshraghi, Izidin El Kalak (Cardiff University), and Jason Zezhong Xiao (University of Macau) 

  • Presented at: Tri-Uni Annual Conference (Newcastle University) 2022, 2nd FinTech Conference 2023, EAA 2023

6. Firm Risk and Values Resonance with Local Governments

• with Hafiz Hoque (Swansea University), Mengjia Li (American University of Sharjah), Huiqun Feng (Tianjin Uni of Finance and Economics), and Zaixin Chen (Loughborough University)

  • Presented at: Cardiff Business School, BAFA 2023 Annual Conference, BFWG Annual Conference, Loughborough Business School

7. Digital Transformation and Derivatives Usage

• with Rui Ye, Kefei You (University of Greenwich), Jin Jiang (Xi'an Jiaotong Liverpool University), and Hongfang Chen (China Europe International Business School)

  • Presented at: BFWG Annual Conference

9. Blockchain Policy and Supply Chain Optimization: Evidence from a Natural Experiment

• with Huahua Ge (Capital University of Economics and Business), Runze Zhang (Zhejiang Provincial Party Committee School), Zhijun Li (Nanjing University Business School)

10. From Center to Global: The Role of Supply Chain Networks in Enhancing Export Potential 

• with Huahua Ge and Chenbo Wang (Capital University of Economics and Business)

11. Financial Resilience, Internal Control Effectiveness, and Auditor Risk Pricing Decisions

• with Caijie Zhu (Shandong University of Finance and Economics)

Working Projects

1. "Corporate Site Visits and ESG Reputational Risk" with Mengjia Li (American University of Sharjah), Zaixin Chen (Loughborough University), and Peining Han (Cardiff University)

2. "Investor-firm-interaction and Corporate Green Behavior" with Chaowei Wang (Loughborough University) and Hong Frank Liu (Loughborough University)

Conferences Engagement

• Climate-Related Financial Reporting Conference: Frameworks, Risks, Implementations & Opportunities, the University of Cambridge, 2019

• Cardiff-Newcastle-Xiamen conference and Centre for China Business Research Symposium, 2019, Cardiff Business School (Discussant)

• Cardiff Business School Accounting and Finance Reading Group (Presentation)

• The 48th EFA Annual Meeting of the European Finance Association (EFA), Virtual

• 1st, 2nd, 3rd Welsh Postgraduate Research Conference (WPGRC), Cardiff Business School, 2021, 2022, 2023 (Presentation)

• WDNA-ATI Introductory Workshop for the Economy and Finance, Cardiff Business School, 2022 (Co-author Presentation)

• Tri-University Annual Conference, Newcastle, 2022 (Co-author Presentation)

• BAFA Northern Area Group (NAG) Annual Conference, Nottingham, 2023 (Presentation)

• Research Seminar, University of Birmingham, 2023 (Co-author Presentation)

• The 45th Annual Congress of the European Accounting Association (EAA), Finland, 2023 (Presentation, Session Chair, and Assistant)

• 15th and 16th Behavioural Finance Working Group Annual Conference, London, 2022, 2023 (Presentation, discussant, and Assistant)

• 2nd Conference on International Finance; Sustainable and Climate Finance and Growth (CINSC), Slovenia, 2023 (Co-author Presentation)

• Research seminars, University of Bath, UK, 2023 (Co-author Presentation)

• Tri-University Annual Conference, Xiamen University, China, 2023 (Co-author Presentation)

• The 1st and 2nd Cardiff Fintech Conferences, UK, 2022, 2023 (Presentation)

• The BAFA Annual Conference, 2024, University of Portsmouth (Presentation)

• Research seminars, University of Loughborough, UK, 2024 (Co-author Presentation)

• 18th International Behavioural Finance Working Group Annual Conference, London, 2025 (Presentation, discussant, and Assistant)

• BAFA-SWAG Annual Conference, 2025 (Co-author Presentation)