Faculty Profile

Hao LIANG's photo


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


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)

  1. Liang, H., Sun, L., Teo, M. 2022. "Responsible Hedge Funds," Review of Finance, 26(6), 1585-1633.
  2. Guedhami, O., Liang, H., Shailer, G. 2022. "Business Ethics Issues in Finance: Challenges and Recommendations,". Journal of Business Ethics, forthcoming.
  3. Hsu, P.H., Liang, H., Matos, P. 2021. “Leviathan Inc. and Corporate Environmental Engagement,” Management Science, forthcoming.
  4. Liang, H., Sun, SL. 2021. “Globalization and Affordability of Microfinance,” Journal of Business Venturing, 36(1), 106065.
  5. Dai, R., Liang, H., Ng, L. 2021. “Socially Responsible Corporate Customers,” Journal of Financial Economics, 142(2), 598-626.
  6. Liang, H., Renneboog, L., 2021. “Corporate Social Responsibility and Sustainable Finance,” Oxford Research Encyclopedia of Economics and Finance.
  7. Liang, H., Renneboog, L., Vansteenkiste, C. 2020. “Cross-Border Acquisitions and Employee Policies,” Journal of Corporate Finance, 62, 101575.
  8. Liang, H., Renneboog, L. 2020. “The Global Sustainability Footprint of Sovereign Wealth Funds,” Oxford Review of Economic Policy, 36(2), 380-426.
  9. Cao, J., Liang, H., Zhan, X. 2019. “Peer Effects of Corporate Social Responsibility,” Management Science, 65(12), 5487-5503.
  10. 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.  
  11. Liang, H., Renneboog, L. 2017. “Corporate Donations and Shareholder Value,” Oxford Review of Economic Policy, 33(2), 278-316.
  12. Liang, H., Renneboog, L. 2017. “On the Foundations of Corporate Social Responsibility,” Journal of Finance, 72(2), 853-910.
  13. Ferrell, A., Liang, H., Renneboog, L. 2016. “Socially Responsible Firms,” Journal of Financial Economics, 122(3), 585-606.
  14. 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.
  15. Liang, H. Renneboog, L. Sun, SL. 2015. “The Political Determinants of Executive Compensation: Evidence from an Emerging Economy,” Emerging Markets Review, 25, 69-91.
  16. 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

  1. The Alphabetical Soup in Reporting and Measuring ESG (with Chan Kam Chee) (2022), Asian Management Insights, Singapore Management University.
  2. Social Responsibility in Business and Finance (with Phuong Nguyen) (2022), in Hilary, G., McLean, D. (eds). Handbook of Financial Decision Making.
  3. 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.
  4. Pinduoduo: From E-Commerce Platform to Empowering Farmers (with Cheah Sin Mei) (2020), Asian Management Insights, Singapore Management University.
  5. 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.
  6. 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. 
  7. 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.
  8. 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.
  9. 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

  1. Liang, H., Chan, CW. 2022. Ant Fortune: Providing Universal Wealth Management Services in China, SMU Case 22-0029
  2. 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 
  3. Liang, H., Cheah, S., 2021. Alibaba Cainiao's Smart Green Logistics Strategy: Good for the Earth, Good for the Business, SMU Case 21-0027
  4. Liang, H., Cheah, S., 2020. Pinduoduo: Driving e-Commerce in Rural China to Improve Farmers' Livehood, SMU Case 20-0043
  5. Liang, H., Chiu, T.K., Wang, J. 2020. Century Galaxy Group: The Price of Compassion (with), SMU Case 20-0023
  6. Liang, H., Nguyen, P.T.B. 2020. DBS Pilot Impact Measurement Project: Technical Review: www.dbs.com/sustainability/insights/measuring-impact.
  7. 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.
  8. Liang, H. Kapoor, A., Luo, J., Huang, B. 2019. Music Securities: Making an Impact through Crowdfunding, SMU Case 19-0042
  9. 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
  10. Liang, H., Chan, CW. 2019. The Financing of Mobike and Ofo, SMU Case 19-0014
  11. 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
  12. Liang, H., Wong, A., Jiang, H., Yang, D. 2019. Artepharm: Commercialising the Malaria Cure in Africa, SMU Case 19-0024

Research Advisor/ Co-research Advisor to

  • Leon QIU Tianci, (leon.qiu.2019[at]phdgm.smu.edu.sg), PhD(GM)
  • BIAN Sheng, (shengbian.2020[at]dba.smu.edu.sg),SMU-ZJU DBA(A&F)
  • TAO Hong , (hong.tao.2019[at]dba.smu.edu.sg), SMU-ZJU DBA(A&F)
  • TONG Lung Tim, (lttong.2021[at]dba.smu.edu.sg), SMU-ZJU DBA(A&F)