Research

researchprojects-1024x681

Research

Yang, L., Shen, J., Shen, J., Cheng, L. T. W., Lu, W. (2026). An International Perspective of Selective ESG Engagement: Evidence from Real Estate Investment Trusts. The Journal of Real Estate Finance and Economics, forthcoming.

 

Cheng, L. T. W., Shen, J., Shen, J., & Yu, Q. (2026). Saving planet earth or maximizing financial gains: A global analysis of environmental performance positioning as an ESG strategy. Research in International Business and Finance, vol. 89. https://doi.org/10.1016/j.ribaf.2026.103462

 

Kong, P., Cheng, L. T. W., Pan, L., Shen, J., and Yu, Q., (2025) “Non financial information uncertainty, firm growth, and market value during crisis: Evidence from China”, Pacific-Basin Finance Journal, vol. 91.
https://doi.org/10.1016/j.pacfin.2025.102748

 

Ma, L., LI, J., Cheng, L. T. W., and Cao, J., (2025) “The Role of Independent Directors in Mitigating Corporate Greenwashing: Evidence from Board Voting in China”, European Journal of Finance, vol. 31(11), pp. 1405-1425
https://doi.org/10.1080/1351847X.2025.2481957

 

Cheng, L. T. W., Cheong, T. S., Wojewodzki, M., and Chui, D., (2025) The Effect of ESG Divergence on The Financial Performance of Hong Kong Listed Firms: An Artificial Neural Network Approach. Research in International Business and Finance, vol. 73. https://doi.org/10.1016/j.ribaf.2024.102616

 

Cheng, L. T. W., Tsang, C. K. & Lee, S. K. (2024). Comparing the Financial Performance Effect of International and Local ESG Ratings: A Two-stage DEA Approach. Annals of Financial Economics, vol. 19 (4). https://doi.org/10.1142/S2010495225500010

 

Fan, K. Y., Shen, J., Hui, E. C., & Cheng, L. T. W. (November 2024). ESG Components and Equity Returns: Evidence from Real Estate Investment Trusts. International Review of Financial Analysis, vol. 96.  https://doi.org/10.1016/j.irfa.2024.103716 

 

Cheng, L. T. W., Lee, S. K., Li, S. K., and Tsang, C. K. (2023 April). Understanding Resource Deployment Efficiency for ESG and Financial Performance: a DEA Approach. Research in International Business and Finance, vol. 65. https://doi.org/10.1016/j.ribaf.2023.101941

 

Wojewodzki, M., Cheong, T. S., Shen, J. Cheng, L. T. W. (2023 September). Does corporate carbon performance converge in the global market? Evidence from a distribution dynamic approach. Journal of Environmental Management, vol. 342. https://doi.org/10.1016/j.jenvman.2023.118355

 

Cheng, L. T. W., Shen, J., and Wojewodzki, M. (2023 January). A cross-country analysis of corporate carbon performance: An international investment perspective. Research in International Business and Finance, vol. 64. https://doi.org/10.1016/j.ribaf.2023.101888

 

Zeng, J. Z., Yu, I. Y., Tso, S. H., and Yang, M. X. (2022 December). Employees’ geographic social identity and group pro-environmental behaviors: Cross-cultural evidence from 45 countries. Business Strategy and the Environment, vol. 32(6), pp. 3848–3860. https://doi.org/10.1002/bse.3341

 

Cao, J., Faff, R., He, J. and Li, Y., (2022 December). Who is Green Washing and What is the Consequence, Evidence from China.  ABACUS, vol. 58. https://doi.org/10.1111/abac.12273

The i-score and its Impact on Understanding ESG Performance of Hong Kong Listed Firms

Prof. Louis Cheng began to explore ESG and green finance research in 2018. Through constantly engagement with the industry and the market, he identified an important industry need in ESG integration for asset management industry and listed firms in Hong Kong. Based on a 2019 working paper from the MIT team[1] on the ESG divergence, he began to develop the idea of i-score as an academic research issue while applying it in various industry engagement to create an impact for the professional community. In the story below, you can see how the i-score research journey and the industry engagement unfold.

 

[1] Berg, F., Kölbel, J., and Rigobon, R. (2019). Aggregate Confusion: The Divergence of ESG Ratings”. Available at SSRN: https://ssrn.com/abstract=3438533 ; the paper published at Review of Finance (2022).

 

Click here to see the impact story.

 

Latest Development of the i-score’s Impacts

In 2026, the i-score is adopted by Center for Environmental, Social, and Governance Studies (CESGS) at Universitas Airlangga (UNAIR) to conduct an analysis on the ESG performance of 1,167 listed firms from 17 countries in the region. The report will be released at the ASBIF on June 21-23.

 

CILTHK & HSUHK 2023 Hong Kong Transport & Logistics Industry ESG Survey

The survey objectives are to explore the ESG progress, plan, needs and challenges in transport and logistics industry; identify gaps between companies and their clients; and provide recommendations for the industry and the HKSAR government to enhance competitiveness of the industry.

 

Click here to see the report.

 

Final Report on Innovation and Technology Fund Series Activities

The report provides comprehensive coverage of the project, and more significantly, it introduces our proprietary ESG sentiment indicator, the i-Composite Scorecard.

 

Click here to see the report.

 

ESG Stakeholder Survey Report

The investor survey aims to explore how the US and Mainland China investors adjust their expected returns conditional on corporate ESG performance. The objective of the consumer/employee survey is to understand how corporate ESG practices can be connected to employees’ own values and, in turn, affect their own green consumption behaviors.

 

Click here to see the report (including English and Chinese versions of the report).

 

Fintech Penetration Survey Report

This project is funded by The S. H. Ho Foundation and implemented by the Research Centre for ESG at the Hang Seng University of Hong Kong. The purpose of this Fintech survey is to find out, under COVID-19, how bank customers in Hong Kong view the financial services provided by traditional banks (both physical and online services), virtual banks, and online investment platforms. Specifically, we are interested in understanding which financial service provider can generate better customer satisfaction in five dimensions. They are 1) communication effectiveness, 2) competence level, 3) service quality, which in turn lead to 4) commitment and 5) trust from the customers.

 

Click here to see the report (including the full report in English and the Chinese summary).