Faculty Profile

Hao LIANG

Full-time Faculty

Associate Professor of Finance; Recipient, Ho Bee Professorship in Sustainability Management; Co-Director, Singapore Green Finance Centre; Sustainable Business Research Peak Co-lead

Lee Kong Chian School of Business LKCSB

Education

2015	Ph.D. in Finance, Tilburg University
2012	M.Phil. in Finance, Tilburg University
2010	B.A. in Business Administration, Nankai University

Current Position(s) Held

Jul 2023 - Now	Ho Bee Professorship in Sustainability Management
Jul 2023 - Now	Co-Lead, Sustainable Business Research Peak Lee Kong Chian School of Business, Singapore Management University
Jul 2022 - Now	Co-Director, Singapore Green Finance Centre Lee Kong Chian School of Business, Singapore Management University
Jul 2021 - Jun 2022	Lee Kong Chian Fellow Lee Kong Chian School of Business, Singapore Management University
Jul 2020 - Now	Associate Professor of Finance Lee Kong Chian School of Business, Singapore Management University
Jul 2019 - Jun 2021	DBS Sustainability Fellow Lee Kong Chian School of Business, Singapore Management University
Jul 2017 - Jun 2019	BNP Paribas Fellow Lee Kong Chian School of Business, Singapore Management University
Jul 2015 - Jun 2020	Assistant Professor of Finance Lee Kong Chian School of Business, Singapore Management University

Research Interests

Corporate Finance

Corporate Governance

Corporate Social Responsibility

Law and Finance

International Business

Journal Articles (Refereed)

Liang, H., Sun, L., Teo, M. 2022. "Responsible Hedge Funds," Review of Finance, 26(6), 1585-1633.
Guedhami, O., Liang, H., Shailer, G. 2022. "Business Ethics Issues in Finance: Challenges and Recommendations,". Journal of Business Ethics, forthcoming.
Hsu, P.H., Liang, H., Matos, P. 2021. “Leviathan Inc. and Corporate Environmental Engagement,” Management Science, forthcoming.
Liang, H., Sun, SL. 2021. “Globalization and Affordability of Microfinance,” Journal of Business Venturing, 36(1), 106065.
Dai, R., Liang, H., Ng, L. 2021. “Socially Responsible Corporate Customers,” Journal of Financial Economics, 142(2), 598-626.
Liang, H., Renneboog, L., 2021. “Corporate Social Responsibility and Sustainable Finance,” Oxford Research Encyclopedia of Economics and Finance.
Liang, H., Renneboog, L., Vansteenkiste, C. 2020. “Cross-Border Acquisitions and Employee Policies,” Journal of Corporate Finance, 62, 101575.
Liang, H., Renneboog, L. 2020. “The Global Sustainability Footprint of Sovereign Wealth Funds,” Oxford Review of Economic Policy, 36(2), 380-426.
Cao, J., Liang, H., Zhan, X. 2019. “Peer Effects of Corporate Social Responsibility,” Management Science, 65(12), 5487-5503.
Liang, H., Marquis, C., Renneboog, L., Sun, SL. 2018. “Future-Time Framing: The Effect of Language on Corporate Future Orientation,” Organization Science, 29(6), 989-1236.
Liang, H., Renneboog, L. 2017. “Corporate Donations and Shareholder Value,” Oxford Review of Economic Policy, 33(2), 278-316.
Liang, H., Renneboog, L. 2017. “On the Foundations of Corporate Social Responsibility,” Journal of Finance, 72(2), 853-910.
Ferrell, A., Liang, H., Renneboog, L. 2016. “Socially Responsible Firms,” Journal of Financial Economics, 122(3), 585-606.
Liang, H., Ren, B., Sun, SL. 2015. “An Anatomy of State Control in the Globalization of State-Owned Enterprises,” Journal of International Business Studies, 46, 223-240.
Liang, H. Renneboog, L. Sun, SL. 2015. “The Political Determinants of Executive Compensation: Evidence from an Emerging Economy,” Emerging Markets Review, 25, 69-91.
Sun, SL, Liang, H. 2014. “Morphing: The Linkage between Inward Private Equity and Outward Venture,” Thunderbird International Business Review, 56(5), 421-438.

Book Chapters

The Alphabetical Soup in Reporting and Measuring ESG (with Chan Kam Chee) (2022), Asian Management Insights, Singapore Management University.
Social Responsibility in Business and Finance (with Phuong Nguyen) (2022), in Hilary, G., McLean, D. (eds). Handbook of Financial Decision Making.
Impact Assessment and Measurement with Sustainable Development Goals (with Dave Fernandez and Mikkel Larsen) (2021), in G. George, M.R. Haas, H. Joshi, A. McGahan, P. Tracey (eds.) Handbook on the Business of Sustainability: The Organization, Implementation, and Practice of Sustainable Growth.
Pinduoduo: From E-Commerce Platform to Empowering Farmers (with Cheah Sin Mei) (2020), Asian Management Insights, Singapore Management University.
Liang, H., Renneboog, L. 2018. The Political Economy of Executive Compensation in Emerging Markets, in B. Yurtoglu (eds.) Research Handbook of Corporate Governance in Emerging Markets, Edward Elgar.
Liang, H., Renneboog, L. 2017. Is Corporate Social Responsibility an Agency Problem? In S. Boubaker, D. Cummings, and D. Nguyen (eds.), Handbook of Finance and Sustainability, Edward Elgar.
Liang, H., Renneboog, L., Sun, L. 2016. A State-Stewardship View on Executive Compensation. In J. J. Choi, M. Powers, and X. Zhang (eds.), International Finance Review, Vol. 17, “The Political Economy of Chinese Finance”, UK: Emerald.
Ren, B., Liang, H., Zheng, Y. 2012. Chinese Multinationals’ Outward Foreign Direct Investment: An Institutional Perspective and the Role of the State. In Ilan Alon, Marc Fetscherin, Philippe Gugler (eds.), Chinese International Investment, Palgrave Macmillan.
Sun, L., Liang, H. 2011. Chinese Venture Capitalists (HE, Xin; KUANG, Ziping). In W. Zhang, H. Wang and I. Alon (eds.), Entrepreneurial and Business Elites of China: The Chinese Returnees Who Have Shaped Modern China, Emerald.

Cases and Policy Articles

Liang, H., Chan, CW. 2022. Ant Fortune: Providing Universal Wealth Management Services in China, SMU Case 22-0029
Liang, H., Chua, A., Yang, W. 2021. SGFC White Paper: Impact Measurement and Standards: https://skbi.smu.edu.sg/research/reports/SGFC-Impact-Measurement-Standards
Liang, H., Cheah, S., 2021. Alibaba Cainiao's Smart Green Logistics Strategy: Good for the Earth, Good for the Business, SMU Case 21-0027
Liang, H., Cheah, S., 2020. Pinduoduo: Driving e-Commerce in Rural China to Improve Farmers' Livehood, SMU Case 20-0043
Liang, H., Chiu, T.K., Wang, J. 2020. Century Galaxy Group: The Price of Compassion (with), SMU Case 20-0023
Liang, H., Nguyen, P.T.B. 2020. DBS Pilot Impact Measurement Project: Technical Review: www.dbs.com/sustainability/insights/measuring-impact.
Liang, H., Huang, B., Kapoor, A., Luo, J. 2020. Crowdfunding with Music Securities: A New Approach to Impact Investing. Asian Development Bank Institute Policy Brief.
Liang, H. Kapoor, A., Luo, J., Huang, B. 2019. Music Securities: Making an Impact through Crowdfunding, SMU Case 19-0042
Liang, H., Wang, J., Lim, G., Cheah, S. Chiu, T. 2020. Ant Financial: The Road to Financial Inclusion in China through QR Codes and Technology-as-a-Service, SMU Case 20-0005
Liang, H., Chan, CW. 2019. The Financing of Mobike and Ofo, SMU Case 19-0014
Merrill, R., Chang, H., Liang, H. Lan, Y., Wong, A. 2019. Growing a Global Forest: Ant Financial, Alipay, and the Ant Forest, SMU Case 19-0019
Liang, H., Wong, A., Jiang, H., Yang, D. 2019. Artepharm: Commercialising the Malaria Cure in Africa, SMU Case 19-0024