Employee Profile

Zhenyang Shi

Assistant Professor - Department of Accounting and Operations Management


Zhenyang Shi is an Assistant Professor of Accounting at the Department of Accounting and Operations Management at BI Norwegian Business School. He holds a Ph.D. in Accounting from The Chinese University of Hong Kong (CUHK). He has been a visiting student at the University of Iceland and the National Taiwan University.
Zhenyang's research interests focus on various aspects of accounting, including firm disclosures, corporate governance, accounting regulation and policy change, corporate taxation, and audit-related studies. He is currently teaching Research Methods for the Master of Accounting and Auditing program and Data-Driven Management Accounting.

For more information, see Zhenyang's CV.


Ge, Wenxia; Ouyang, Caiyue, Shi, Zhenyang & Chen, Zhanliao (2022)

Can a not-for-profit minority institutional shareholder make a big difference in corporate governance? A quasi-natural experiment

Journal of Corporate Finance, 72 Doi: 10.1016/j.jcorpfin.2021.102125

In this study, we examine the effectiveness of the China Securities Investor Services Center (CSISC), a new minority shareholder protection mechanism promoted by the China Securities Regulatory Commission, in constraining earnings management. Employing a difference-in-differences analysis for a sample of Chinese listed companies during 2015–2017, we find that CSISC shareholding reduces earnings management. We also find that this effect exists in firms with weaker internal or external corporate governance mechanisms and in firms without political connections. The additional analyses show that the difference in earnings management between the treatment firms (i.e., CSISC-holding firms) and control firms is diminishing after the CSISC shareholding pilot program was promoted nationwide, and that CSISC shareholding also constrains controlling shareholders' tunneling. Our findings have important policy implications for emerging markets that attempt to improve minority shareholder protection.

Academic Degrees
Year Academic Department Degree
2022 The Chinese University of Hong Kong PhD
2017 Zhongnan University of Economics and Law MSc in Business
2014 Wuhan University of Technology Bachelor of Management
Work Experience
Year Employer Job Title
2022 - Present BI Norwegian Business School Assistant professor
2016 - 2017 Hong Kong Baptist University Research assistant