Professor
Overview
Professor Joseph Fan joined UQ Business School in 2022, after serving 25 years in Hong Kong (CUHK 2004-2011; HKUST 1997-2004; HKU 1996-1997). He holds a PhD in finance from University of Pittsburgh, USA (1996) and a BA degree in economics from National Taiwan University (1985).
Joseph is a world leading researcher and an expert on the finance, governance, and organization of emerging market companies. He has published his research in a wide spectrum of renounced academic journals, including Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Journal of Business, Journal of Law and Economics, Journal of Law, Economics, and Organization, Journal of Comparative Economics, Journal of Accounting and Economics, and Journal of Accounting Research.
Joseph is one of the most cited researchers in finance globally – over 20,000 citations in Google Scholar. In particular, his co-authored research about ownership structures of East Asian companies has been named the 26th most cited article of all time published by Journal of Finance as of 2021. His another co-authored paper about political connections of Chinese firms published in Journal of Financial Economics has been named by Abacus (2018) as the 2nd most cited paper of all time on China finance and accounting topics. Joseph's research leadership is reflected by his long service on various editorial boards of international journals, including Journal of Corporate Finance and Management Science. His research insights are frequently quoted by global and regional medias, including The Economist, Wall Street Journal, Financial Times, Nikkei Asian Review, and South China Morning Post.
Besides research, Joseph devotes to disseminating knowledge to the industry and business community through applied research, executive education, and consulting. He is a co-author of The Family Business Map and several other books and case studies about family business governance and succession. He has developed a full EMBA course on corporate governance from emerging market perspectives and another course on family firm succession and governance, both are new and important addition to the business school curriculum. Joseph has consulted corporate governance and family business succession topics to numerous large and median sized global and regional industry leaders in China and Southeast Asia. The strong linkage between Joseph’s academic research and industry impacts has been acknowledged by Hong Kong University Grant Committee in its 2020 Research Assessment Exercise, as one of the top level (4/4) social impact cases submitted by all universities in Hong Kong.
Research Interests
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Corporate Governance
Ownership structures, control mechanisms, formal and informal governance of Asian and Chinese emerging market firms -
Family Firm Governance
Family governance, ownership and control mechanisms, and succession of founder and family controlled firms -
corporate finance
corporate capital structures and financing decisions in Asian emerging markets and global context
Research Impacts
Impacts - Academic
One of the globally most cited researchers in finance (top 100), corporate finance (top 40), corporate governance (top 20), and family businesses (top 10), according to Google Scholar.
- Google Scholar: 21,483 cites as of August 25, 2022
- Web of Science SSCI: 5,040 cites as of June 22, 2021
- Scopus: 5,905 cites as of June 22, 2021
- A co-authored research about Asian corporate ownership structures and stock value discounts has been named as the 26th most cited article of all time published by Journal of Finance as of 2021.
- A co-authored research about political connection and market valuation of newly IPO firms published by Journal of Financial Economics has been named by Abacus (2018) as the 2nd most cited paper on China finance and accounting of all time.
Impacts – Industry
- Through consulting, Joseph has accumulated rich experience and professional relations with owners and managers of large and median sized global and regional industry leaders in China and Southeast Asia. The strong linkage between the academic research and the industry impacts has been acknowledged by Hong Kong University Grant Committee in its 2020 Research Assessment Exercise as one of the top level (4/4) social impact cases submitted by all universities in Hong Kong.
- Joseph has achieved high reputation as top expert of corporate governance and family firms in Chinese and Asian emerging markets; research outcomes and insights frequently quoted by global and regional medias, including The Economist, Wall Street Journal, Financial Times, Nikkei Asian Review, and South China Morning Post (See Media Coverage Section).
Qualifications
- Doctor of Philosophy, University of Pittsburgh-Pittsburgh Campus
- Bachelor, National Taiwan University
- Bachelor, National Taiwan University
Publications
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Journal Article: Do founding families downgrade corporate governance? The roles of intra-family enforcement
Fan, Joseph P.H. and Yu, Xin (2022). Do founding families downgrade corporate governance? The roles of intra-family enforcement. Journal of Corporate Finance, 73 102190, 1-16. doi: 10.1016/j.jcorpfin.2022.102190
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Journal Article: Collectivist Cultures and the Emergence of Family Firms
Fan, Joseph P. H., Gu, Qiankun and Yu, Xin (2022). Collectivist Cultures and the Emergence of Family Firms. Journal of Law and Economics, 65 (S1), S293-S325. doi: 10.1086/718853
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Journal Article: Bureaucrats as managers and their roles in corporate diversification
Fan, Joseph P. H., Huang, Jun, Oberholzer-Gee, Felix and Zhao, Mengxin (2020). Bureaucrats as managers and their roles in corporate diversification. Journal of Corporate Finance, 63 101171, 101171. doi: 10.1016/j.jcorpfin.2017.03.006
Publications
Book
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Joseph P. H. Fan and Randall Morck eds. (2013). Capitalizing China. National Bureau of Economic Research Conference Report, Chicago, ILL, United States: University of Chicago Press.
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Designing financial systems in East Asia and Japan
Joseph P. H. Fan, Masaharu Hanazaki and Juro Teranishi eds. (2004). Designing financial systems in East Asia and Japan. Abingdon, Oxon, United Kingdom: Rouledge.
Journal Article
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Do founding families downgrade corporate governance? The roles of intra-family enforcement
Fan, Joseph P.H. and Yu, Xin (2022). Do founding families downgrade corporate governance? The roles of intra-family enforcement. Journal of Corporate Finance, 73 102190, 1-16. doi: 10.1016/j.jcorpfin.2022.102190
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Collectivist Cultures and the Emergence of Family Firms
Fan, Joseph P. H., Gu, Qiankun and Yu, Xin (2022). Collectivist Cultures and the Emergence of Family Firms. Journal of Law and Economics, 65 (S1), S293-S325. doi: 10.1086/718853
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Bureaucrats as managers and their roles in corporate diversification
Fan, Joseph P. H., Huang, Jun, Oberholzer-Gee, Felix and Zhao, Mengxin (2020). Bureaucrats as managers and their roles in corporate diversification. Journal of Corporate Finance, 63 101171, 101171. doi: 10.1016/j.jcorpfin.2017.03.006
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Fan, Joseph P. H. and Leung, Winnie S. C. (2020). The impact of ownership transferability on family firm governance and performance: the case of family trusts. Journal of Corporate Finance, 61 101409. doi: 10.1016/j.jcorpfin.2018.09.004
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Institutional determinants of vertical integration in China
Fan, Joseph P. H., Huang, Jun, Morck, Randall and Yeung, Bernard (2017). Institutional determinants of vertical integration in China. Journal of Corporate Finance, 44, 524-539. doi: 10.1016/j.jcorpfin.2014.05.013
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Bennedsen, Morten, Fan, Joseph P. H., Jian, Ming and Yeh, Yin-Hua (2015). The family business map: framework, selective survey, and evidence from Chinese family firm succession. Journal of Corporate Finance, 33, 212-226. doi: 10.1016/j.jcorpfin.2015.01.008
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Relationship networks and earnings informativeness: evidence from corruption cases
Fan, Joseph P. H., Guan, Feng, Li, Zengquan and Yang, Yong George (2014). Relationship networks and earnings informativeness: evidence from corruption cases. Journal of Business Finance and Accounting, 41 (7-8), 831-866. doi: 10.1111/jbfa.12078
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Fan, Joseph P. H., Wong, T. J. and Zhang, Tianyu (2014). Politically connected CEOs, corporate governance, and the post-IPO performance of China's partially privatized firms. Journal of Applied Corporate Finance, 26 (3), 85-+. doi: 10.1111/jacf.12084
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Institutions and organizational structure: the case of state-owned corporate pyramids
Fan, Joseph P. H., Wong, T. J. and Zhang, Tianyu (2013). Institutions and organizational structure: the case of state-owned corporate pyramids. Journal of Law Economics and Organization, 29 (6), 1217-1252. doi: 10.1093/jleo/ews028
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Institutions, ownership structures, and distress resolution in China
Fan, Joseph P. H., Huang, Jun and Zhu, Ning (2013). Institutions, ownership structures, and distress resolution in China. Journal of Corporate Finance, 23, 71-87. doi: 10.1016/j.jcorpfin.2013.07.005
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Innovation or imitation? The role of intellectual property rights protections
Fan, Joseph P. H., Gillan, Stuart L. and Yu, Xin (2013). Innovation or imitation? The role of intellectual property rights protections. Journal of Multinational Financial Management, 23 (3), 208-234. doi: 10.1016/j.mulfin.2013.03.001
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The value of marriage to family firms
Bunkanwanicha, Pramuan, Fan, Joseph P. H. and Wiwattanakantang, Yupana (2013). The value of marriage to family firms. Journal of Financial and Quantitative Analysis, 48 (2), 611-636. doi: 10.1017/S0022109013000148
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Founder succession and accounting properties*
Fan, Joseph P. H., Wong, T. J. and Zhang, Tianyu (2012). Founder succession and accounting properties*. Contemporary Accounting Research, 29 (1), 283-311. doi: 10.1111/j.1911-3846.2011.01099.x
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An international comparison of capital structure and debt maturity choices
Fan, Joseph P. H., Titman, Sheridan and Twite, Garry (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47 (1), 23-56. doi: 10.1017/s0022109011000597
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Fan, Joseph P. H., Wei, K. C. John and Xu, Xinzhong (2011). Corporate finance and governance in emerging markets: a selective review and an agenda for future research. Journal of Corporate Finance, 17 (2), 207-214. doi: 10.1016/j.jcorpfin.2010.12.001
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Institutions and foreign direct investment: China versus the rest of the world
Fan, Joseph P. H., Morck, Randall, Xu, Lixin Colin and Yeung, Bernard (2009). Institutions and foreign direct investment: China versus the rest of the world. World Development, 37 (4), 852-865. doi: 10.1016/j.worlddev.2008.07.016
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Public governance and corporate finance: evidence from corruption cases
Fan, Joseph P.H., Rui, Oliver Meng and Zhao, Mengxin (2008). Public governance and corporate finance: evidence from corruption cases. Journal of Comparative Economics, 36 (3), 343-364. doi: 10.1016/j.jce.2008.05.001
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Diversification of Chinese companies: an international comparison
Fan, Joseph P. H., Huang, Jun, Oberholzer-Gee, Felix, Smith, Troy D. and Zhao, Mengxin (2008). Diversification of Chinese companies: an international comparison. Chinese Management Studies, 2 (1), 6-13. doi: 10.1108/17506140810866223
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Fan, Joseph P. H., Wong, T. J. and Zhang, Tianyu (2007). Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms. Journal of Financial Economics, 84 (2), 330-357. doi: 10.1016/j.jfineco.2006.03.008
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On the patterns and wealth effects of vertical mergers
Fan, Joseph P.H. and Goyal, Vidhan K. (2006). On the patterns and wealth effects of vertical mergers. Journal of Business, 79 (2), 877-902. doi: 10.1086/499141
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The benefits and costs of group affiliation: evidence from East Asia
Claessens, Stijn, Fan, Joseph P.H. and Lang, Larry H.P. (2006). The benefits and costs of group affiliation: evidence from East Asia. Emerging Markets Review, 7 (1), 1-26. doi: 10.1016/j.ememar.2005.08.001
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Fan, Joseph P.H. and Wong, T.J. (2005). Do external auditors perform a corporate governance role in emerging markets? Evidence from East Asia. Journal of Accounting Research, 43 (1), 35-72. doi: 10.1111/j.1475-679x.2004.00162.x
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Corporate governance in Asia: a survey
Claessens, Stijn and Fan, Joseph P. H. (2003). Corporate governance in Asia: a survey. SSRN Electronic Journal. doi: 10.2139/ssrn.386481
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When does corporate diversification matter to productivity and performance? Evidence from East Asia
Claessens, Stijn, Djankov, Simeon, Fan, Joseph P.H. and Lang, Larry H.P. (2003). When does corporate diversification matter to productivity and performance? Evidence from East Asia. Pacific Basin Finance Journal, 11 (3), 365-392. doi: 10.1016/s0927-538x(03)00029-5
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Disentangling the incentive and entrenchment effects of large shareholdings
Claessens, Stijn, Djankov, Simeon, Fan, Joseph P.H. and Lang, Larry H.P. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance, 57 (6), 2741-2771. doi: 10.1111/1540-6261.00511
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Corporate ownership structure and the informativeness of accounting earnings in East Asia
Fan, Joseph P.H. and Wong, T.J. (2002). Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics, 33 (3), 401-425. doi: 10.1016/s0165-4101(02)00047-2
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Price uncertainty and vertical integration: an examination of petrochemical firms
Fan, Joseph P.H. (2000). Price uncertainty and vertical integration: an examination of petrochemical firms. Journal of Corporate Finance, 6 (4), 345-376. doi: 10.1016/s0929-1199(00)00006-7
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The measurement of relatedness: an application to corporate diversification
Fan, J. P. H. and Lang, L. H. P. (2000). The measurement of relatedness: an application to corporate diversification. Journal of Business, 73 (4), 629-660. doi: 10.1086/209657
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Nguyen, Dung and Fan, Po-Hung J. (1995). The role of natural-resources in trade patterns among the US, Japan, and other countries in the Asian-Pacific rim. Weltwirtschaftliches Archiv, 131 (3), 489-508. doi: 10.1007/bf02707914
Conference Publication
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Revisiting the bright and dark sides of capital flows in business groups
Fan, Joseph P. H., Jin, Li and Zheng, Guojian (2016). Revisiting the bright and dark sides of capital flows in business groups. Conference on the Sustainable and Ethical Entrepreneurship, Corporate Finance and Governance, and Institutional Reform in China, Beijing, Peoples R China, 6-7 April 2013. Dordrecht, Netherlands: Springer Netherlands. doi: 10.1007/s10551-014-2382-6
