22 Oct 2026
Ziyi Zhai, a PhD candidate in Accounting at the International Business School Suzhou (IBSS), Xi'an Jiaotong-Liverpool University, has published a new paper in Finance Research Letters, an ABDC-A ranked journal. The paper, titled "The Impact of Green Finance Reform and Innovation Pilot Zones on Environmental Information Disclosure Quality," is co-authored with her supervisor Dr Mohamed Omran.
The study examines the impact of the Green Finance Reform and Innovation Pilot Zones (GFRIPZ) on the environmental information disclosure (EID) of Chinese firms from 2015 to 2023, utilizing a staggered difference-in-differences approach. The results show that the policy significantly improves firms' EID, with increased attention from green investors acting as a mediator. However, government green subsidies can negatively affect EID. The improvement in disclosure is especially pronounced among state-owned enterprises and non-high-tech firms. These findings offer valuable insights for policymakers seeking to align subsidy schemes with incentives to improve disclosure.
Ziyi Zhai's research lies at the intersection of green finance, environmental, social, and governance (ESG) factors, and corporate governance. Specifically, she investigates how market-based environmental regulations and ESG disclosure mandates shape corporate financial policies, risk management, and long-term value creation. Her work seeks to unravel the mechanisms through which stakeholder pressures translate into measurable governance outcomes. Ultimately, she hopes that her research will contribute to refining policy design and steering corporate practices toward greater sustainability.
The publication reflects IBSS's continued commitment to impactful research in accounting, finance and sustainability.
【About the IBSS PhD programmes】
The IBSS PhD programmes at Xi'an Jiaotong-Liverpool University offer an excellent opportunity for students seeking doctoral study at a young, dynamic and academically strong business school. Founded in 2013, IBSS is the largest English-language business school in China and is among an elite and prestigious group of business schools worldwide to hold Triple Crown accreditation from AACSB, EQUIS and AMBA. IBSS brings together a highly international body of academic staff, with all holding overseas doctoral degrees and/or international work experience, and offers prospective students access to a strong pool of potential supervisors in a vibrant, research-led academic environment.
PhD students at IBSS study in a highly international environment and benefit from joint supervision involving XJTLU and the University of Liverpool, UK, gaining broad academic support and diverse international perspectives. IBSS offers doctoral research opportunities across a broad range of areas in business, including accounting, economics, finance, strategy, organisation, marketing, operations, and data-driven business research, among other fields. Prospective applicants are warmly encouraged to explore the webpages and academic staff profiles of each department to identify research areas and potential supervisors that best match their own research interests.
We welcome outstanding applicants to apply through the online application system.
If you have any questions regarding the application system, please contact: DoctoralStudies@xjtlu.edu.cn. For enquiries about the IBSS PhD programmes, please email: IBSS.PhD@xjtlu.edu.cn.
22 Oct 2026