Dr Pengfei Gao

Structural Change and Economic Dynamics, 2026

Global Value Chain Participation and Firm-Level Carbon Emissions: Evidence from China

with Huahua Ge, Xiaoxi Zhang, and Mengjia Li

This paper examines firm-level participation in global value chains and carbon emissions using Chinese listed-firm data.

doi.org/10.1016/j.strueco.2026.02.001

International Review of Economics & Finance, 2025

Staying or Switching: How Companies React to Audit Firm Penalties

with Kexin Zhang and Danglun Luo

This paper studies client-company responses to penalized audit firms through financing, reputation, and relationship channels.

doi.org/10.1016/j.iref.2025.104639

Finance Research Letters, 2025

Going Global, Going Green: How Outward FDI Enhances Corporate Green Innovation

with Huahua Ge, Zaixin Chen, and Chenbo Wang

This paper links outward foreign direct investment to firms' green innovation through reverse technology spillovers and environmental regulation.

doi.org/10.1016/j.frl.2025.107554

International Review of Financial Analysis, 2024

Administrative Monopoly and State-Owned Enterprise Innovation: Evidence from the Fair Competition Review System in China

with Xingquan Yang, Kexin Zhang, and Guanmin Liao

This paper uses China's Fair Competition Review System to examine the innovation effects of administrative monopoly.

doi.org/10.1016/j.irfa.2024.103463

Applied Economics, 2024

State-Owned Shareholders' Participation and Environmental, Social, and Governance Performance of Private Firms: Evidence from China

with Xingquan Yang, Kexin Zhang, and Zheng Yang

This paper investigates how state-owned shareholder participation affects ESG performance and firm value among private firms.

doi.org/10.1080/00036846.2024.2337797

Financial Technophilia: Markets and Corporate Disclosure of Emerging Technologies

with Arman Eshraghi, Izidin El Kalak, and Jason Zezhong Xiao

SSRN

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.

Does a Firm's Understanding of Local Government Policy Lead to Reducing Investment Inefficiency?

with Huiqun Feng and Jason Zezhong Xiao

Tech Frenzy Fallout: When Hype Hits Hard and Stocks Crash

with Arman Eshraghi, Izidin El Kalak, and Jason Zezhong Xiao

SSRN

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

Great Trees Are Good for Shade: Firm Risk and Values Resonance with Local Governments

with Hafiz Hoque, Mengjia Li, Huiqun Feng, and Zaixin Chen

Presented at Cardiff Business School Seminar, BAFA 2023 Annual Conference, BFWG Annual Conference, and Loughborough Business School PGR Workshop.

Unlocking Risk Management Potential: Digital Transformation and Derivatives Usage

with Rui Ye, Kefei You, Jin Jiang, and Hongfang Chen

Presented at BFWG Annual Conference 2025.

Shareholder Style Diversity and ESG "Doing More Than Saying" Strategy

with Zaixin Chen, Frank Hong Liu, and Chaowei Wang

Presented at 2025 SWAG Conference, Swansea University, BAFA 2026 Annual Conference, Leeds University Business School, EAA 2026 Annual Conference, BFWG 2026 Annual Conference.

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

with Huahua Ge and Chenbo Wang

SSRN

Survive the Peril or Cook the Books? Climate Physical Risk and Corporate Financial Misconduct

with Miao Wang, Xiwei Men, and Chao Feng

From Regulation to Upgrade: How Restricting Informal Employment Enhances Firm Efficiency

with Ran Xu and Guanmin Liao

SSRN

Presented at BAFA 2026 Annual Conference.

Signaling Nature: How Patient Capital Drives Biodiversity Disclosure

with Zaixin Chen, Zhaoying Lu, and Hongfang Chen

SSRN

Presented at BAFA 2026 Annual Conference and EAA 2026 Annual Conference.