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Gary Tian

Gary Tian
  • Title: Professor
  • Position: Professor -

Contact Details

Areas of Expertise

  • Political connections, uncertainty and corruption
  • CEO compensation/turnover
  • State ownership and family control
  • Audit opinions and auditor choice
  • Bank loans and Trade credit
  • Investment efficiency and Mergers and Acquisitions
  • Chinese capital markets


Gary is Professor of Finance in the School of Business and Economics, Macquarie University. He was a former Professor and Directors of HDR and Research in the Department of Finance and founding Director of the Centre of Business Research in China at Deakin Business School. He was also former Professor of Finance and Director of Chinese Commerce Research Centre at Wollongong University. He has held various visiting professorships in universities in China such as Shanghai University of Finance and Economics, Southwestern University of Finance and Economics, and Jinan University.

Professor Tian has supervised more than dozen PhD students. His research interests focus on corporate finance including political connections, CEO compensation, bank lending and informal finance, investment efficiency and mergers and acquisitions and audit opinions and auditor choice. Gary has published in leading finance journals such as the Journal of Corporate Finance (2011, 2012, 2013, 2015) and Journal of Banking and Finance (2015 and two papers in press). Last year, as one of CIs, he secured the only ARC Discovery Grant in the field of finance (2015-2017). He won a Best Paper Awards from the Financial Management Association in 2011 and Pacific Basin Finance Journal in 2015 and Emerald Citations of Excellence Award for 2015 for his authored paper published in Journal of Corporate Finance in 2012.

Research awards

2015, Emerald Citations of Excellence 2015 awards this year out of a total of around 130 across all business management, finance, accounting, economics and marketing disciplines. These citations are given to the authors of the most highly cited and influential papers out of over 20,000 from the top 300 journals on the ABDC list published in 2012, not simply Emerald journals. 

The wining paper entitled "Controlling shareholder, expropriations and firm's leverage decision: Evidence from Chinese Non-tradable share reform", published in Journal of Corporate Finance in 2012 with Qigui Liu.          

2015, Best Paper Award of the Pacific-Basin Finance Journal at the Asian Finance Association annual conference in Changsha in 2015, for paper with Qigui Liu and Tianpei Luo "Political Connections and M&A Decisions: A Natural Experiment from the Anti-Corruption Cases in China".

2013, Runner up Award for paper entitled "Board Structure and Survival of New Economy IPO Firms", co-authored with Nongit Chancharat and Chandra Krishnamurti, Corporate Governance: An International Review (2012) 20 (2), 144-163.

2010, ŒBest Paper Award in Corporate Finance at the 2010 FMA Asian Conference in Singapore,  for paper entitled "Political Promotion, CEO Compensation, and Their Effect on Firm Performance", co-authored with Mike Lemmon, Jerry Cao, and Xiaofei Pan


journal toggle icon open Refereed Journal Articles

Gary Tian's most recent publications


Xiaping Cao, Xiaofei Pan, Meijun Qian, Gary Gang Tian, “Political capital and CEO entrenchment: Evidence from CEO turnover in Chinese non-SOEs”, Journal of Corporate Finance, (in press)

Qigui Liu, Jinbo Luo, Gary Tian*, “Managerial professional connections versus political connections: Evidence from firms’ access to informal financing resources”, Journal of Corporate Finance (2016) 41, 179-2000

Qigui Liu, Xiaofei Pan, Gary Tian*, “To what extent did the economic stimulus package influence bank lending and corporate investment decisions? Evidence from China”, Journal of Banking and Finance, (in press) 

Xiaofei Pan, Gary Tian*, “Family control and loan collateral: Evidence from China”, Journal of Banking and Finance (2016) 67, 53-68

Jack Ma, Shiguang Ma*, Gary Tian, “Corporate Opacity and Cost of Debt for Family Firms”, European Accounting Review, (in press)

He Ku, Xiaofei Pan, Gary Tian*, “Legal liability, government intervention, and auditor behaviour: Evidence from structural reform of audit firms in China”, European Accounting Review, (in press) 

Jack Ma, Shiguang Ma*, Gary Tian, “Family control, accounting misstatements, and market reactions to restatements: Evidence from China”, Emerging Markets Review, (in press) 

Qigui Liu, Tianpei Luo, Gary Gang Tian*, “Political connections with corrupt government bureaucrats and corporate M&A decisions: A natural experiment from the anti-corruption cases in China”, Pacific Basin Finance Journal, (2016) 37, 52-80

Can An, Xiaofei Pan, Gary Tian*, “How does corporate governance affect loan collateral? Evidence from Chinese SOEs and non-SOEs”, International Review of Finance, (in press)

Shiguang Ma, Gary Gang Tian, Brian Andrew, “Sustainable development of the Chinese economy and capital market”, Journal of the Asia Pacific Economy (2016) 21(3):321-324 .


QiguiLiu, Tianpei Luo, Gary Gang Tian*, "Family control and corporate cash holdings:Evidence from China", Journal of Corporate Finance (2015) 31, 220-245 (*corresponding author)

Xiaofei Pan, Gary Tian*, "Does banks' dual holding affect bank lending and firms' investment decisions?Evidence from China", Journal of Banking and Finance (2015) 55, 406-424 (*corresponding author)

Dionigi Gerace, Qigui Liu, Gary Gang Tian*, Willa Zheng, "Call auction transparency and market liquidity:Evidence from China",  International Review of Finance (2015) 15 (2), 223- 255(*corresponding author)

Xiaomin Wang, Jerry Cao, QiguiLiu, Qinghua Tang, Gary Tian *, "Disproportionate Ownership Structure and IPO Long-run Performance of non-SOEs in China", China Economic Review, (2015) 32, 27-42. (*corresponding author)

Xiaojun Chu, Qigui Liu, GaryTian*, "Does control-ownership divergence impair market liquidity in an emerging market? Evidence from China",  Accounting and Finance (2015) 55, 881-910,(*corresponding author)


Jerry Cao, Qigui Liu, GaryTian*, "Do Venture Capitalists play a monitoring role in an emerging market:Evidence from the pay-performance relationship of Chinese entrepreneurial firms?", Pacific Basin Finance Journal.(2014) 29C, 121-145. (*corresponding author)

Can An, Xiaofei Pan, Gary Tian*, "Ownership structure and collateral requirements Evidence from China's listed firms", International Review of Financial Analysis (2014)

36,168-178 (*corresponding author)


Qigui Liu, Jinghua Tang, Gary Tian*, "Does political capital create value in the IPO market? evidence from China", Journalof Corporate Finance (2013) 23, 395-413. (*corresponding author)

FangHu, Xiaofei Pan, Gary Tian*, "Does CEO pay dispersion matter in an emerging market? Evidence from China's listed firms", Pacific Basin Finance Journal(2013) 24, 235-255. (*corresponding author)

LiangboMa, Shiguang Ma*, Gary Tian, "Political connections, founder-managers, and their impacts on tunneling in China's listed firms", Pacific-Basin Finance Journal(2013) 24, 312-339. (*corresponding author)

Chandrasekhar Krishnamurti, Gary Tian*, Min Xu, Guangchuan Li, "No news good news evidence of intraday returns and volatility relationship from the Shanghai Stock Exchange", Journal of the Asia Pacific Economy (2013)18 (1), 149-167. (*corresponding author)


Qigui Liu, Gary Tian*, "Controlling shareholders expropriation and firms' leverage decision evidence from Chinese non-tradable share reform", Journal of Corporate Finance (2012) 18 (4), pp. 782-803. (*corresponding author)

Chancharat, N.,Krishnamurti C.*, Tian, G., "Board Structure and Survival of New Economy IPO Firms", Corporate Governance: An International Review (2012) 20 (2),144-163. (*corresponding author)

Al Mutairi M.*, Hasan H., Tan A., Tian, G., "Corporate Governance and Corporate Finance Practices in a Kuwait Stock Exchange Market Listed Firm:A Survey to Confront Theory with Practice", Corporate Governance, International Journal of Corporate Finance in Business Society, (2012) 12(5), 595-615. (*corresponding author)


Jerry Cao, Xiaofei Pan, Gary Tian*, "Disproportional ownership structure and pay-performance relationship: evidence from China's listed firms", Journal of Corporate Finance,(2011) 17 (3), 541–554. (*corresponding author)

Qigui Liu, XiaomingWang, Gary Tian*, "The Effect of Ownership Structure on Leverage Decision: New Evidence from Chinese Listed Firms", Journal of the Asia Pacific Economy, (2011) 16 (2), 254–276.(*corresponding author)

Ma,S., Ruan, R., Tian, G.*, "Managerial ownership, capital structure and firm value: Evidence from China's civilian-runfirms", Australasian Accounting Business and Finance journal, (2011), 5 (3), 73-92. (*corresponding author)


Ma, S., Naughton, T.*, Tian, G., "Ownership and Ownership Concentration: Which is Important in Determining the Performance of China's Listed Firms?",  Accounting and Finance, (2010) 50 (4), 871-897. (*corresponding author)

Ma, S., Tian, G.*, "The Relationship between Stoc kReturns and the Foreign Exchange Rate: the ARDL Approach", Journal of the Asia Pacific Economy, (2010) 15 (4), 490-508.(*corresponding author)

Chancharat, N.,Tian, G.*, Pam,D., McGrae,M., Lodh, S., "Multiple States of Financially Distressed Australian Companies: A Competing Risks Model" Australasian Accounting Business and Finance journal, (2010), 4 (4), 27-44. (*corresponding author)

Flint, A., Tan, A., Tian, G.*, "Predicting Future Earnings Growth: A Test of the Dividend Payout Ratio in the Australian Market",The International Journal of Business and Finance Research. (2010) 4 (2), 43-58. (*corresponding author)


Ma, S.*, Tian, G., "Board Composition, Board Activity and Ownership Concentration, the Impact on Firm Performance", Problems and Perspectives in Management, (2009) 7 (3), 31-50. (*corresponding author)


Gary Tian, "Equity market price interactions between China and the other markets within the Chinese states equity markets" Multinational Finance Journal, (2008) 12 (1-2), 105-126.


Tian,G.*, Guo,M. Y., "Interday and Intraday Volatility: additional evidence from the Shanghai Stock Exchange",  Review of Quantitative Finance and Accounting, (2007) 28 (3), 287-306.(*corresponding author)

Zeitun, R., Tian, G.*, "Capital Structure and Corporate Performance: Evidence from Jordan",  Australasian Accounting Business& Finance Journal,(2007) 1 (4), 40-61. (*corresponding author)

Tian, G., "Are Chinese stock markets becoming increasingly integrated with other markets in the greater China region and other major markets?" Australian Economics Papers, (2007) 46 (3), 240-53.

Zeitun,R., Tian, G.*, "Does ownership affect a firm's performance and default risk in Jordan?", Corporate Governance,International Journal of Corporate Finance in Business Society, (2007). 7(1), 66-82.

Zeitun,R, Tian, G.*, Keen, S., "Default probability for the Jordanian companies: a test of cash flow theory," International Research Journal of Finance and Economics, (2007). 8, 147-162. (*corresponding author)


Tian, G.*, Wan,G. H., "Interactions among China-Related Stocks: Evidence from a Causality Test with a New Procedure", Applied Financial Economics, (2004). 14 (1), 67-72. (*corresponding author)


Tian,G.*, Wan, G. H.,Guo, M. Y., "Market Efficiency and Returns to Simple Technical Trading Rules:New Evidence from U.S. Equity Market and Chinese Equity Markets",  Asia-Pacific Financial Markets, (2002).9 (3-4), 241-258. (*corresponding author)


Tian, G.*, Shan, J., "Do Migrants Rob Jobs? New Evidence from Australia",  Australian Economic History Review, (1999). 39 (2), 133-142. (*corresponding author)


Tian, G.*, Shan, J., "Causality between Exports and Economic Growth: the Empirical Evidence from Shanghai", Australian Economic Papers, (1998). 37(2), 195-202.


Tian, G., "China's Post-1979 Uneven Regional Policy: Shanghai and Guangdong", The Journal of Contemporary China,  (1997). 6 (14), 61-78.


Tian, G., "The Emergence of Shanghai's Role as Entrepôt Centre since the Mid-1980s", The Journal of Contemporary China, (1994), 3 (7), 3-27.

Publications in Chinese


Tian, G., “The non-discriminative principle of the GATT and world trade environment” International Trade Journal, (1988), 12, 44-46, Beijing.

Tian, G., Li, X., “The Flexible Exchange Rate - A Debate over How to Formulate China’s Foreign Exchange Rate”, with Xiang Li, International Trade, (1988), 2, 20-22, Beijing.

Tian, G., “Manufactured Export Markets: A Comparative Study on Asia and South America”, World Economy Forum, (1988), 1, Shanghai.

Tian, G., “International Trade Theories in China during the 1980s”, International Trade Tribune, (1988), 1.

Tian, G., “International Cultural Exchange and China’s Textile Export Promotion”, The Research Data for Textile Industry Economy, (1988), 2, 26-29, Jiangsu.


Tian, G., “The Overseas Marketing Research by Japanese Trade Promotion Society”, International Economy, Trade and Law, (1987), 11, 19-20, Shanghai.

Tian, G., “East Asia’s Manufactured Export Expansion: Mechanism and Implication”, World Economy Study, (1987), 4, Shanghai.


Tian, G., “China’s Foreign Trade Law: Establishment and Implication”, Politics and Law (bi-monthly), (1986), 4, 10-12, Shanghai.

Tian, G., “China’s export expansion and import protection in other countries during 1980s” International Trade, (1986), 3, 20-23, Beijing.

Tian, G., “China’s Industry-trade Integrated FTCs: An International Marketing Perspective”, The Study of Finance and Economics, (1986), No.9, Shanghai.

Tian, G., “Trade protectionism in developed countries and our measures”, The Study of Finance and Economics, (1986), No.2, Shanghai.

Tian, G., “China’s commodity exports: The classification and measurement of dynamic comparative advantage”, in Journal of Guangzhou Institute of Foreign Trade, (1986), 4, 46-49, Guangdong.

phd supervision toggle icon open PhD Student Supervision

Tianpei LUO,  (awarded in 2016, as principal supervisor) "The implications of family control and political connections"

Liangbo MA, (awarded in November 2015, as cosupervisor) "The Corporate Bond Underwriting Markets in China"

Jinghua (Vincent) TANG, (awarded in December 2014, as principal supervisor) "Empirical studies of political connections, private equity and disproportionate ownership: evidence from Chinese markets"

Can (Tina) AN, (awarded in July 2014, as principal supervisor). "Determinants of collateral: evidence from China's listed firms"

Ching (Jane) Chou (awarded in December 2013 as principal supervisor), "Market Microstructure Studies: Liquidity, Price Discovery and Liquidation"

Qigui LIU (awarded in July 2013 as principal supervisor), "The implication of Disproportional Ownership in emerging market: evidence from Chinese listed firms"

Steve TULIG (awarded at UOW in 2011 as principal supervisor), "A comparative assessment of quantitative stock selection methodologies"

Xiaofei Pan (awarded at UOW in 2011 as principal supervisor), "Corporate CEO pay and firm performance and corporate governance in China"

Yuqing Zhu (awarded at UOW in 2010 as principal supervisor), "Ownership Structure, Board Composition, and CEO Pay-performance relationship: evidence from China"

Nongnit CHANCHARAT (awarded at UOW in 2009 as principal supervisor), "Examination Financial distressed company in Australia: the application of survival analysis"

Rami Zeitun (awarded at UWS in 2007 as principal supervisor): "Ownerships structure, capital structure, firm performance and default risk in Emerging market. A case study of Jordan"

Mingyuan Guo (awarded at UWS in 2006 as principal supervisor): "Chinese Stock Market Intraday Return and Volatility: Microstructure Approach".

Abu-Sharia (awarded at UWS in 2005 as cosupervisor): "The Theory and Empirical Study of Stock Market Development, Economic Reform and Economic Growth In The Case of Arab Stock Markets"