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Dr. Tanveer Bagh is a postdoctoral fellow at Xiamen University, Department of Finance, School of Economics & Wang Yanan Institute for Studies in Economics (WISE) (ranked 78th in the world by QS, https://wise.xmu.edu.cn/english/info/2312/17222.htm) and an Assistant Professor at ILMA University. He holds a PhD in Finance from the Central University of Finance & Economics (CUFE), Beijing (#195 QS by subject, 2025). He was awarded the CSC Government Scholarship and the CUFE Outstanding Doctoral Research Award for his dissertation, "ESG Investment, Climate Change Risk, and Corporate Value under a Real-Option Framework: A Global Perspective," presenting groundbreaking insights into sustainable finance, corporate resilience, and strategic decision-making in an evolving global economy.
Dr. Bagh’s research spans sustainable finance (ESG investment, climate finance), corporate governance, and digital finance, with strong applications of the real options framework, empirical asset pricing, machine learning in finance, textual analysis, and large language models (LLMs). More broadly, his work explores climate finance and green growth, EESG & sustainability index development, sustainable development, climate change, and SDGs, with a particular emphasis on firm resilience and long-term sustainable growth.
He employs advanced econometric and statistical methods (DiD, IV, Panel FE, MMQR, ML classification) using STATA, R, Python, alongside strong data analytics expertise (SQL, Power BI, Tableau, Bloomberg Terminal) to translate complex datasets into actionable insights for policy and practice.
His work has been published in top-tier SSCI, ABDC, ABS, and Scopus-indexed journals, including IRFA, RIBAF, RQFA, BIR, IREF, IJFE, JPM, JAI, JAE, Financial Innovation, Corporate Governance, Global Business Review, Management Decision, and FRL, among others. He has also contributed book chapters in Digital Banking & Finance: A Handbook and The Palgrave Handbook of Green Finance.
He serves on the Editorial Board of Quantitative Finance and Financial Statistical Journal (https://systems.enpress-publisher.com/s.php/index/detail?id=17&jid=27) and the Asian Journal of Economic Modelling (https://www.aessweb.com/journals/5009/info/eb). He is also an Advisory Board Member of the Archives of Management and Social Sciences.He is also a regular reviewer for journals such as JBR, IRFA, IJFE, RIBAF, IREF, FRL, Sustainable Development, and Financial Innovation. Recently, he was invited as a keynote speaker at the 16th International Conference on Advanced Management Science (ICAMS 2025).
Contact: +92 306 5147793
baghtanveer@gmail.com, tanveerbagh01@gmail.com
Publications
Publications
Bagh, T., Hunjra, A. I., Guo, Y., & Bouri, E. (2024) Corporate capital structure in BRICS economies: An integrated analysis of ESG, firm, industry, and macroeconomic determinants. International Journal of Finance & Economics. https://doi.org/10.1002/ijfe.3036.
Bagh, T., Zhou, B., Alawi, S. M., & Azam, R. I. (2024). ESG resilience: Exploring the non-linear effects of ESG performance on firms’ sustainable growth. Research in International Business and Finance, 70, 102305. https://doi.org/10.1016/j.ribaf.2024.102305.
Bagh, T., Fuwei, J., & Khan, M. A. (2024). Corporate ESG investments and Firm's value under the real-option framework: evidence from two world-leading economies. Borsa Istanbul Review, 24(2), 324-340. https://doi.org/10.1016/j.bir.2024.01.002.
Bagh, T., Hunjra, A. I., Ntim, C., & Naseer, M. M. (2025). Capitalizing on risk: How corporate financial flexibility, investment efficiency, and institutional ownership shape risk-taking dynamics. International Review of Economics & Finance, 104068. https://doi.org/https://doi.org/10.1016/j.iref.2025.104068
Bagh, T., Khan, M. A., Naseer, M. M., & Iftikhar, K. (2024). Does financial flexibility drive a firm's risk‐taking in emerging markets? The moderating role of investment efficiency. Managerial and Decision Economics. https://doi.org/10.1002/mde.4337.
Bagh, T., Hunjra, A. I., & Kossai, M. (2024). Greening the Corporate Landscape: Governance Practices, Green Innovation, and Sustainable Development. Journal of Alternative Investments. https://doi.org/10.3905/jai.2024.1.212.
Bagh, T., Bouri, E. and Khan, M.A. (2024), "Climate change sentiment, ESG practices, and firm value: international insights," China Finance Review International. https://doi.org/10.1108/CFRI-07-2024-0381.
Bagh, T., Khan, M. A., Fenyves, V., & Olah, J. U. D. I. T. (2023). Asymmetric Effect of Investors Sentiments on Herding Behavior and Stock Returns: Pre and Post Covid-19 Analysis. Montenegrin Journal of Economics, 19(1), 43-55 http://doi.org/10.14254/1800-5845/2023.19-1.4.
Hunjra, A. I, Bagh, T., Palma, A., & Goodell, J. W. (2024). Is enterprise risk-taking less sensitive to financial flexibility post-COVID-19? Evidence from non-linear patterns. International Review of Financial Analysis, 95, 103432. https://doi.org/10.1016/j.irfa.2024.103432.
Bagh, T., Khan, M. K., Hull, R., & Naseem, M. (2025). Climate Change Risks and Firm Value: The Mitigating Role of CSR Engagement. 2025. Financial Innovation.
Naseer, M. M., Guo, Y., Bagh, T., & Zhu, X. (2024). Sustainable investments in volatile times: Nexus of climate change risk, ESG practices, and market volatility. International Review of Financial Analysis. https://doi.org/10.1016/j.irfa.2024.103492.
Bagh, T., Khan, M. A., Meyer, N., & Riaz, H. (2023). Impact of boardroom diversity on corporate financial performance. Humanities and Social Sciences Communications. https://doi.org/10.1057/s41599-023-01700-3.
Bagh, T., Fuwei, J., & Khan, M. A. (2024). From risk to resilience: Climate change risk, ESG investments engagement and Firm's value. Heliyon, 10(5). https://doi.org/10.1016/j.heliyon.2024.e26757.
Abdul.w., Bagh. T., (2025). Litigation risk, green innovation and corporate reputation: empirical evidence from China.Journal of Asia Business Studies. https://doi.org/10.1108/JABS-12-2023-0522
Naseer, M. M., Khan, M. A., Bagh, T., Guo, Y., & Zhu, X. (2024). Firm climate change risk and financial flexibility: Drivers of ESG performance and firm value. Borsa Istanbul Review, 24(1), 106-117. https://doi.org/10.1016/j.bir.2023.11.003.
Waheed, A., Hussain, S., Bagh, T., Malik, Q. A., & Ashfaq, R. (2024). Litigation Risk, Ownership Structure and Payout Policy: An Agency Theory Perspective. Global Business Review, 0(0). https://doi.org/10.1177/09721509241263740.
Naseer, M. M., Hunjra, A. I., Palma, A., & Bagh, T. (2025). Sustainable development goals and environmental performance: Exploring the contribution of governance, energy, and growth. Research in International Business and Finance, 73, 102646.
Muzammil, M., Ali, M. M., Bagh, T., & Khan, M. A. (2024). Exchange rate movements and trade balance in developing economies: Evidence of symmetry and country-specific asymmetries. The Journal of International Trade & Economic Development. https://doi.org/10.1080/09638199.2024.2389871.
Iftikhar, K., Bagh, T., (2024). The Dichotomy of Corporate Litigation Risk in Shaping ESG Disclosure: Does Green Innovation Matter? Research In International Business and Finance. https://doi.org/10.1016/j.ribaf.2024.102744.
Iftikhar, K., Bagh, T., & Khan, M. A. (2024). The Role of Corporate Governance in the nexus between Litigation Risk and Corporate Innovation. Borsa Istanbul Review. https://doi.org/10.1016/j.bir.2024.04.005.
Bagh, T., Waheed, A., Khan, M. A., & Naseer, M. M. (2023). Effect of economic policy uncertainty on China’s stock price index: a comprehensive analysis using wavelet coherence approach. SAGE Open. https://doi.org/10.1177/21582440231210368.
Bagh, T., Naseer, M. M., Khan, M. A., Pypłacz, P., & Oláh, J. (2023). Sustainable growth rate, corporate value of US firms within capital and labor market distortions: The moderating effect of institutional quality. Oeconomia Copernicana. https://doi.org/10.24136/oc.20
- Iftikhar, I., Khan, M.A., Shabbir, M.N. Bagh. T. (2025). Exploring the Nexus between Trade Openness, Innovation, and Total Factor Productivity in BRICS and D-8 Economies. Equilibrium. Quarterly Journal of Economics and Economic Policy.https://doi.org/10.24136/eq.3253
- Shabbir, M.N., Iftikhar.I., Bagh. T., Muhammad Nadir Shabbir. (2025). Governance in action: transforming financial landscape through innovation among developing countries. Journal of Applied Economics. https://doi.org/10.1080/15140326.2025.2542766
- Bagh, T., Hunjra, A. I., & Corbet, S. (2025).The impact of corporate governance on firm value: Understanding the role of strategic change. International Review of Economics & Finance. https://doi.org/10.1016/j.iref.2025.104472.
- Iftikhar, I., Bagh. T., M.A., Shabbir, M.N.(2025).Corporate Reputation Gains from Green Innovation: Moderating Effects of Subsidies and Eco-Friendly Products.Research in International Business and Finance. https://doi.org/10.1016/j.ribaf.2025.103108
Working Papers/ In Process
Managerial Myopia Through Textual Analysis and Its Role in the Nexus of ESG Disclosure and Corporate Economic Sustainability. Bagh, T., Hunjra, A. I.
ESG Performance, Real Option Growth, and Firm Value: Global Insights and Policy Implications. Bagh, T., Hunjra, A. I.
Do Corporate Valuations Reflect Climate Change Risk in Global Markets? What Does Corporate Climate Governance Have to Do with It?Bagh, T., Naseer, M. M.
Breaking the Glass Ceiling: Do Female CFOs Reduce Stock Price Crash Risk in Emerging Markets? Fareed, M. A., Feng, F., Hunjra, A. I., Bagh, T
Books Chapters
Bagh, T., Iftikhar, K. (2024). Understanding the Theoretical Context of Green Finance. In the Palgrave Handbook of Green Finance for Sustainable Development.
Bagh, T., Iftikhar, K. (2024). Digital Assets in Disarray: Unraveling Herd Behavior Amidst COVID-19 and the Russian-Ukraine War. In Digital Banking and Finance: A Handbook.
Neenu C., Rufsha., Bagh.T. (2025). Riding the Waves of Uncertainty: Unveiling the Interaction Among Global Uncertainties and Sustainable Stocks in India through Wavelet Coherence and TVP-VAR. In Emerald Handbook of Climate Risk and Emerging Markets: Valuation, Volatility, and Portfolio Strategies.
Naseer, M. M., & Bagh, T. (2024). Building a Sustainable Future: The Impact of Corporate Social Responsibility on Firms’ Sustainable Development. In The Emerald Handbook of Ethical Finance and Corporate Social Responsibility: A Framework for Sustainable Development (pp. 623-646).
Naseer, M. M., & Bagh, T. (2024). Green Finance and Climate Challenges: Paving the Way for Economic, Social, and Governance Readiness and Sustainable Development Goals. In The Palgrave Handbook of Green Finance for Sustainable Development, 123-153.
Revision Submitted Papers
Sustainable Corporate Practices, Governance, and Corporate Risk-Taking: Global Evidence 2025. Bagh, T., Bouri, E., Khan, H., & Iftikhar, I. International Journal of Finance & Economics
Managerial Investment Strategies, Corporate Risk-Taking, and Environmental, Social, and Governance Practices: Evidence from BRICS, 2025, Corporate Governance
Does Financial Stability Withstand Economic Policy Uncertainty? Insights from Linear and Nonlinear Patterns : Journal of Public Affairs 2025
Does Financial Religious practices for Achieving SDG Goal of Poverty Alleviation: 2025, Book Chapter. Faith-Based Finance and Sustainability by Emerald and Scopus indexed.
Revision Submitted Papers
Corporate Ethical Culture and Stakeholders Value Creation: Quantifying Ethics through Large Language Models
Board Gender Diversity and ESG Investments: An ESG-Specific Strategic Change Perspective
Does Ethical Culture Curb ESG Greenwashing? Evidence from LLM-Measured Text
Corporate Ethical Culture, Accounting Conservatism, and Sustainable Value Creation: Evidence from LLM-Measured Text
Climate Change sentiments and corporate sustainability: A stakeholders Capitalism Perspective
Post Doc Fellow, at Xiamen University China (2025-2026)
Scool of Economics (XU)
Wang Yanan Institute for Studies in Economics (WISE), Xiamen University, China
Editioral Board: Quantitative Finance | Financial Statistical Journal
PhD. Sustainable Finance (2021-2025)
MS in Management Science: Finance
Master of Business Administation (MBA) Finance
Manager Audit and Complance
Field Trainer–Financial Literacy Program: State Bank of Pakistan (2020), under the national financial literacy program of the Asian Development Bank
Lecturer Finance , Department of Finance and Economics, Faculty of Business Administration at ILMA University
Lect. Accounting and Finance
He has been awarded the CSC Government PhD Scholarship and received the Central University of Finance and Economics (CUFE) ''Doctoral Research Award'' as a prestigious recognition for outstanding academic excellence and impactful research. Awarded for the PhD dissertation titled "ESG Investment, Climate Change Risk, and Corporate Value under a Real-Option Framework: A Global Perspective," presenting groundbreaking insights into sustainable finance, corporate resilience, and strategic decision-making in an evolving global economy.
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