![](https://neoma-bs.com/sites/default/files/uploaded_images/profs-neoma_0.png)# ZHAO Hong { "@context": "https://schema.org", "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://neoma-bs.com/" }, { "@type": "ListItem", "position": 2, "name": "ZHAO\u0020Hong", "item": "https://neoma-bs.com/node/8540.md" } ] } - [Home](https://neoma-bs.com/) - ZHAO Hong ![](/sites/default/files/styles/large/public/uploaded_images/photos_academ/3342-zhao-hong.jpg?itok=C94bLO-u)ZHAO Hong Associate Professor - About - Academic publications [Finance](https://neoma-bs.com/departements/finance) PhD, Business Administration, Finance Hong Zhao is an Associate Professor of Finance at NEOMA Business School in France. He graduated from Arizona State University with a PhD in Finance in 2017. He teaches Capital Budgeting and Financing, Corporate Governance, and Sustainable Finance. Hong's research interests fall under the broad label of empirical corporate finance, with a focus on corporate governance and corporate social responsibilities. His current papers investigate how managerial incentives and board structures affect firm performance. He also has worked on the inter-firm spread of corporate social responsibility and the role of corporate social responsibility in supply-chain management. He has published on these topics in Corporate Governance: An International Review, International Business Review, Journal of Business Ethics, and Journal of Corporate Finance. ### Areas of research - Corporate Finance - Corporate Governance - Managerial incentives - Corporate Social Responsibility ## Recent academic contributions TAO, R., H. ZHAO, "“May the road ahead be smooth”: Cultural continuity and CEO succession", *Journal of Corporate Finance*, February 2026, vol. 97, no. 102940 DOI : [ 10.1016/j.jcorpfin.2025.102940 ](https://dx.doi.org/10.1016/j.jcorpfin.2025.102940) ZHAO, H., R. TAO, "Environmental and social incidents and firm responses: Evidence from a multinational study", *International Review of Financial Analysis*, July 2026, vol. 115, no. 105196 DOI : [ 10.1016/j.irfa.2026.105196 ](https://dx.doi.org/10.1016/j.irfa.2026.105196) TAO, R., J. WU, H. ZHAO, "Interfirm spread of corporate social responsibility: the role of overlapping directors", *Corporate Governance: The International Journal of Business in Society*, March 2025, vol. 25, no. 7, pp. 1755-1784 DOI : [ http://dx.doi.org/10.1108/CG-05-2024-0310 ](https://dx.doi.org/http://dx.doi.org/10.1108/CG-05-2024-0310) ## Publications TAO, R., H. ZHAO, "“May the road ahead be smooth”: Cultural continuity and CEO succession", *Journal of Corporate Finance*, February 2026, vol. 97, no. 102940 DOI : [ 10.1016/j.jcorpfin.2025.102940 ](https://dx.doi.org/10.1016/j.jcorpfin.2025.102940) ZHAO, H., R. TAO, "Environmental and social incidents and firm responses: Evidence from a multinational study", *International Review of Financial Analysis*, July 2026, vol. 115, no. 105196 DOI : [ 10.1016/j.irfa.2026.105196 ](https://dx.doi.org/10.1016/j.irfa.2026.105196) TAO, R., J. WU, H. ZHAO, "Interfirm spread of corporate social responsibility: the role of overlapping directors", *Corporate Governance: The International Journal of Business in Society*, March 2025, vol. 25, no. 7, pp. 1755-1784 DOI : [ http://dx.doi.org/10.1108/CG-05-2024-0310 ](https://dx.doi.org/http://dx.doi.org/10.1108/CG-05-2024-0310) BELAOUNIA, S., R. TAO, H. ZHAO, "Director foreign experience: Geographic specificity and value implication", *International Review of Financial Analysis*, October 2024, vol. 91, no. 102998 DOI : [ 10.1016/j.irfa.2023.102998 ](https://dx.doi.org/10.1016/j.irfa.2023.102998) TRINH, T., H. ZHAO, "The effect of supplier CSR on customer–supplier relationship", *Journal of Business Research*, December 2024, vol. 185 DOI : [ 10.1016/j.jbusres.2024.114909 ](https://dx.doi.org/10.1016/j.jbusres.2024.114909) TAO, R., H. ZHAO, J. WU, "Do Corporate Customers Prefer Socially Responsible Suppliers? An Instrumental Stakeholder Theory Perspective", *Journal of Business Ethics*, July 2023, vol. 185, no. 3, pp. 689 - 712 DOI : [ 10.1007/s10551-022-05171-5 ](https://dx.doi.org/10.1007/s10551-022-05171-5) ZHAO, H., "Management team cultural alignment and mergers and acquisitions", *Finance Research Letters*, May 2022, vol. 46, no. Part B DOI : [ 10.1016/j.frl.2021.102448 ](https://dx.doi.org/10.1016/j.frl.2021.102448) ZHAO, H., "Network Connections within Committees and Board Governance Effectiveness", *Corporate Governance: An International Review*, July 2022, vol. 30, no. 4, pp. 421-441 DOI : [ 10.1111/corg.12409 ](https://dx.doi.org/10.1111/corg.12409) BELAOUNIA, S., R. TAO, H. ZHAO, "Gender equality's impact on female directors’ efficacy: A multi-country study", *International Business Review*, October 2020, vol. 29, no. 5, pp. 101737 DOI : [ 10.1016/j.ibusrev.2020.101737 ](https://dx.doi.org/10.1016/j.ibusrev.2020.101737) BELAOUNIA, S., H. ZHAO, R. TAO, "Femmes dans les conseils d’administration : le contexte socio-culturel compte plus que les quotas", *The Conversation*, November 2020 BELAOUNIA, S., R.TAO, H.ZHAO, "Women Improve Boards", *BizEd*, December 2020 TAO, R., H.ZHAO, "“Passing the Baton”: The Effects of CEO Succession Planning on Firm Performance and Volatility", *Corporate Governance: An International Review*, January 2019, no. 27, pp. 61-78 DOI : [ 10.1111/corg.12251 ](https://dx.doi.org/10.1111/corg.12251) STEIN, L., H.ZHAO, "Independent Executive Directors: How Distraction Affects Their Advisory and Monitoring Roles", *Journal of Corporate Finance*, May 2019, no. 56, pp. 199-223 DOI : [ 10.1016/j.jcorpfin.2019.02.003 ](https://dx.doi.org/10.1016/j.jcorpfin.2019.02.003) TAO, R., H.ZHAO, "Crime Rate, Housing Price, and Value of A Statistical Case of Homicide", *Economics Bulletin*, September 2019, vol. 39, no. 3, pp. 1727-1739 ZHAO, H., "Executive Labor Market Segmentation: How Local Market Density Affects Incentives and Performance", *Journal of Corporate Finance*, June 2018, vol. 50, pp. 1-28 DOI : [ 10.1016/j.jcorpfin.2018.03.001 ](https://dx.doi.org/10.1016/j.jcorpfin.2018.03.001) ## Conference invitations ZHAO, H., S. BELAOUNIA, R. TAO - "Director Foreign Experience: Geographic Specicity and Value Implication" - 2022, Limassol, Cyprus ZHAO, H., R. TAO, S. BELAOUNIA - "Director Foreign Experience: Geographic Specificity and Value Implication" - 2022, Turin, Italy ZHAO, H., R. TAO, J. WU - "CSR of Multinational Enterprises: The Inuence of Host Country's Sustainability Development Consciousness" - 2022, Miami, United States ZHAO, H., J. WU, R. TAO - "Do Corporate Customers Prefer Socially Responsible Suppliers?" - 2021, Budapest, Hungary ZHAO, H., R. TAO, J. WU - "Inter-firm Spread of Corporate Social Responsibility" - 2021, Online, France ZHAO, H., M. HERTZEL - "Why Do Boards Let Their CEOs Take Outside Directorships" - 2020, Online, United States ZHAO, H., M. HERTZEL - "Why Do Boards Let Their CEOs Take Outside Directorships" - 2019, United States ZHAO, H., M. HERTZEL - "Why Do Boards Let Their CEOs Take Outside Directorships" - 2019, Limassol, Cyprus ZHAO, H., M. HERTZEL - "Why Do Boards Let Their CEOs Take Outside Directorships" - 2019, Guangzhou, China ZHAO, H. - "Why Do Boards Let Their CEOs Take Outside Directorships" - 2019, Paris, France ZHAO, H., M. HERTZEL - "Why Do Boards Let Their CEOs Take Outside Directorships" - 2019, Paris, France ZHAO, H., L.STEIN - "Distracted Directors: Evidence From Directors’ Outside Employment" - 2018, Paris, France ZHAO, H. - "Distracted Directors: Evidence From Directors’ Outside Employment" - 2018, Tianjin, China ZHAO, H. - "Distracted Directors" - 2016, Arizona, United States ZHAO, H. - "Executive Labor Market Segmentation: How Local Market Density Affects Incentives and Performance" - 2015, Shenzhen, China ZHAO, H. - "Executive Labor Market Segmentation: How Local Market Density Affects Incentives and Performance" - 2015, Florida, United States ZHAO, H. - "Passing the Baton”: The Effects of CEO Succession Planning on Firm Performance and Volatility" - 2015, Chicago, United States ZHAO, H. - "Passing the Baton”: The Effects of CEO Succession Planning on Firm Performance and Volatility" - 2015, Orlando, United States ## Research seminars ZHAO, H., L.STEIN, "Distracted Directors" *University of Texas Austin*. 2016, Arizona, United States ZHAO, H., "Executive Labor Market Segmentation: How Local Market Density Affects Incentives and Performance" *Arizona State University (2015) - Job Market Paper*. 2015, Arizona, United States ZHAO, H., "Passing the Baton”: The Effects of CEO Succession Planning on Firm Performance and Volatility" *Arizona State University*. 2014, Arizona, United States