Dr Frank Obenpong Kwabi

Dr Frank Kwabi is an Associate Professor in Accounting and Finance at De Montfort University. He holds a PhD in Finance from the University of Strathclyde, an MSc in Finance from Heriot-Watt University, and a BA (Hons) in Accounting and Finance from Edinburgh Napier University.

His research focuses on Sustainable finance, international finance, corporate governance, and financial innovation, examining how regulatory frameworks, corporate governance structures, and ownership patterns influence corporate behaviour, capital market development, and financial stability in both developed and emerging economies. He has a strong publication record in top-ranked peer-reviewed journals, and his work integrates empirical rigor with policy-relevant insights to advance understanding of sustainable, responsible, and inclusive financial systems.

Dr Kwabi joined De Montfort University in 2016 as a VC2020 Lecturer in Accounting and Finance and was promoted to Senior Lecturer in 2018 and Associate Professor in 2019. He has held several leadership roles, including Deputy Director of the Finance and Banking Research Centre (FiBRe), Institute Head of Research Students, and Postgraduate Research Coordinator for the Department of Accounting and Finance. Prior to joining De Montfort University, he worked as a part-time Lecturer in Finance at the University of Strathclyde while completing his PhD. He is a Senior Fellow of the Higher Education Academy (SFHEA) through Advance HE.

His research spans several interrelated themes. In sustainable and green finance, his evolving research agenda explores climate risk, decarbonisation, and sustainable capital allocation. In international finance, he investigates capital market development, equity portfolio diversification, and the effects of regulatory frameworks on financial market performance. In corporate governance, he examines the impact of board and CEO characteristics, ownership structures, and institutional investors on firm risk, corporate decisions, financial reporting quality, and stock price informativeness. His contributions include studies on ownership type and government-directed investment policies in strategic sectors, published in the British Journal of Management (ABS 4). He increasingly integrates digital finance themes, including artificial intelligence, blockchain technologies, and machine learning, to enhance transparency, accountability, and governance in financial markets.

Dr Kwabi’s research has been published in internationally recognized journals such as British Journal of Management, Journal of Business Ethics, Business Strategy and the Environment, Accounting Forum, The International Journal of Accounting, Journal of International Financial Markets, Institutions and Money, International Review of Financial Analysis, Journal of International Accounting, Auditing and Taxation, Review of Quantitative Finance and Accounting, Economics Letters, Financial Research Letters, International Journal of Finance and Economics, Journal of Banking Regulations, Empirical Economics, and Journal of Multinational Financial Management. He also serves as a reviewer for leading international journals, supporting the broader academic community through peer review and editorial engagement.

Dr Kwabi has supervised over 11 PhD students to completion, currently supervises nine doctoral researchers, and has examined six PhD theses. His supervision covers research in Firm-level climate risk, sustainable finance, international finance, corporate governance, capital markets, and digital financial technologies. He has also supervised more than 80 MSc dissertations and teaches a wide range of modules at undergraduate and postgraduate levels, including: Contemporary Issues in Finance and Investment, Risk Management and Financial Institutions, International Financial Markets and Institutions, Entrepreneurial Finance and Financial Management, Corporate Finance, Business Finance, Financial Derivatives, Introduction to Accounting and Finance, and Professional Communication.

His excellence in research and supervision has been recognised through multiple awards, including the BAL of the Ball Award for Excellence in Research & Innovation (2024), the Faculty of Business and Law Award for Postgraduate Research Supervisor of the Year (2020), and the Research OSCARS – Outstanding Contribution to Research Supervision (2020). He was also shortlisted for the Contribution to Research and Research Mentor awards within the Faculty of Business and Law.

 Research Keywords and Expertise

Sustainable Finance • Green Finance • Climate Risk • International Finance • Corporate Governance • Stock Price Informativeness • Greenhouse Carbon Emissions • Capital Allocation Efficiency• Capital Market Development • Investor Protection • Financial Regulation • Corporate Social Responsibility • Cost of Capital • Insider Trading Regulations • Digital Finance • Artificial Intelligence in Finance • Blockchain in Finance • Financial Market Efficiency • Emerging Financial Markets.

 He welcomes PhD proposals in the following areas:

1. Sustainable and green finance
2. Climate risk and financial markets
3. Blockchain and machine learning
4. Digital finance and financial technologies
5. International finance and capital markets
6. Corporate governance and ownership structures

• Corporate Finance
• International portfolio diversification
• Cost of capital
• Stock market development
• Investor protection standards
• Insider trading
• Equity home and foreign bias

• Corporate Finance
• Portfolio Management
• Introduction to Finance and Accounting
• Derivatives

PhD University of Strathclyde

MSc Heriot Watt University

PG Cert University of Strathclyde

BA (Hons) First Class Edinburgh Napier University

Current teaching:

• Performance Measurement in Organisations (Year 2)
• Professional Communication (Year 1)
• International Financial Markets and Institutions (Postgraduate)

Previous taught:

• ACFI 3203 Business Finance (Year 3)
• ACFI 1203 Financial Decision Making (Year 1)
• CORP 2165 Contemporary Management (Year 2)
• LCBS5000 Entrepreneurial Finance and Financial Management (Postgraduate – Module Leader)

Previous admin role:

• Doctoral Research Coordinator - Department of Accounting and Finance

Current admin roles:

• Institute Head of Research Students
• Module Leader: Performance Measurement in Organisations
• Module Leader: International Financial Markets and Institutions

1. Winner: BAL of the Ball Award: Excellence in Research & Innovation Award (2024).

2. Winner: Faculty of Business and Law Awards for Postgraduate Research Supervisor of the Year (2020).

3. Winner: Research OSCARS for Outstanding Contribution to Research Supervision (2020).

4. Nominated: Faculty of Business and Law Awards for Contribution to Research (2020).

5. Nominated: Faculty of Business Awards for Research Mentor (2020).

6. Supervised Dr Samuel Fulgence who won the best thesis award for the faculty of Business and Law (2020).

European Finance Association

Royal Economic Society

American Finance Association

Senior Fellow of Higher Education Academy (SFHEA)

Kwabi, F.O., Hu, W., Fulgence, S., Boateng, A (2024) The impact of social media activities on stock price informativeness: Future Finance and Economics Association. Reading, UK.

Kwabi, F.O., Boateng, A., Wonu, C., Guney, Y (2023) Political uncertainty and portfolio investment allocation: international evidence, International Finance and Banking Society (IFABS) Conference, Said Business School, University of Oxford, 24-26 July 2023.

Kwabi, F.O., Neupane, S., Paudyal, K., and Thapa, C (2014) International portfolio investment and stock market development: British Accounting and Finance Association, London School of Economics, London. 

Kwabi, F.O., Neupane, S., Paudyal, K., and Thapa, C (2014) Foreign portfolio investor’s influence and investor protection standards: Scottish DTC Business and Management Pathway PhD Colloquium at Stirling Management Centre. University of Stirling.

Kwabi, F.O., Faff, R., Marshall., and Thapa, C (2013) Sub-optimal portfolio allocation and cost of capital: 7th International Accounting and Finance Doctoral Symposium. Bologna, Italy.

 2026

41. Adamolekun, B.,  Kwabi, F. O.,  Seetaram, N.  (2026). Do the generational cohorts of CEEs influence corporate travel emissions? Business Strategy and the Environment. DOI: https://doi.org/10.1002/bse.70608

40. Owusu, A., Hu, W.,  Kwabi, F. O.,  Omoteso, K. (2026). Do monitoring or advisory lead independent directors with financial expertise matter to managerial opportunism? Journal of International Accounting, Auditing and Taxation, 100752. DOI: https://doi.org/10.1016/j.intaccaudtax.2026.100752

2025

39. Kwabi, F. O., Adamolekun, B., Kyiu, A.(2025). CEO power and firm decarbonisation efforts. International Review of Financial Analysis. 104044. DOI: https://doi.org/10.1016/j.irfa.2025.104044

38. Mishra, R. K., Kwabi, F. O., Chandra, A. (2025). Corporate social responsibility, related party transactions, and earnings management: Evidence from India. Journal of Business Ethics 1-39. DOI: https://doi.org/10.1007/s10551-025-05932-y

37. Hu, W., Kwabi, F. O., Fulgence, S., Boateng, A., Iyiola, B. (2025). The impact of social media activities on stock price informativeness. International Journal of Finance & Economics – In press. DOI: http://doi.org/10.1002/ijfe.3155

36. Kaur, R.,  Kwabi, F. O.,  Hu, W., Fulgence, S., Lancastle, N.  (2025). Disentangling the effects of firm-level climate risk and capital market signalling: Evidence from stock price informativeness. Business Strategy and the Environment. DOI: https://doi.org/10.1002/bse.70291

35. Adamolekun, G., Kwabi, F. O., Adekunle, I. A. (2025). Just the way I am wired: CEO generation and corporate carbon emissions. Finance Research Letters, 108474. DOI: https://doi.org/10.1016/j.frl.2025.108474

2024

34. Fulgence, S., Boateng, A., Kwabi, F. O. (2024). Ownership structure, corporate governance disclosure, and the moderating effcts of CEO power: Evidence from East Africa. Accounting Forum  1-30. DOI: https://doi.org/10.1080/01559982.2024.2426108

33. Ezeani, E., Fugence, S., Hu, W., Kwabi, F. O., Wonu, C. (2024), Corporate board reform and capital structure dynamics: Evidence from UK. Review of Quantitative Finance and Accounting  1-31. DOI: https://doi.org/10.1007/s11156-024-01365-2    

32. Kwabi, F. O., Fulgence, S., Adamolekun, B. (2024). CEO Hubris and Corporate Carbon Footprint: The Role of Gender Diversity. Business Strategy and the Environment 33(8), 8102-8125. DOI: https://doi.org/10.1002/bse.3909

31. Kwabi, F. O., Owusu, A., Ezeani, E., Boateng, A. (2024). The impact of political uncertainty on the cost of capital. Review of Quantitative Finance and Accounting 62 (4), 1397-1429. DOI: https://doi.org/10.1007/s11156-023-01236-2

30. Kwabi, F. O., Wonu, C., Ezeani, E., Owusu, A., Leone, V. (2024). Impacts of cross-border equity flow and central bank transparency on financial development: The role of economic freedom and international bonds. International Journal of Finance & Economics  – In press. DOI: https://doi.org/10.1002/ijfe.2947

29. Owusu, A., O’Sullivan, N., Kwabi, F. O., Holmes, M. D. (2024). Why do female lead auditors charge a fee premium? Evidence from the UK audit market. Journal of International Accounting, Auditing and Taxation  57, 100650. DOI: https://doi.org/10.1016/j.intaccaudtax.2024.100650

28. Mamoon, A., Kwabi, F. O., Ezeani, E., Hu, W. (2024). The Impact of Central Bank Independence and Transparency on Banks' Non-Performing Loans and Economic Stability. Journal of Banking Regulations 1-16. DOI: http://dx.doi.org/10.1057/s41261-024-00237-y

2023

 27. Fulgence, S., Kwabi, F. O., Boateng, A., Hu, W., Paudyal, K. (2023). Cross-country analysis of the effects of political uncertainty on stock price informativeness. Journal of International Financial Markets, Institutions & Money 88, 101829. DOI: https://doi.org/10.1016/j.intfin.2023.101829

26. Kwabi, F. O., Boateng, A., Wonu, C., Kariuki, C. W., Du, A. (2023). Political uncertainty and cross-border equity portfolio allocation decisions: international evidence. International Review of Financial Analysis 87, 102562. DOI: https://doi.org/10.1016/j.irfa.2023.102562

25. Kwabi, F. O., Ezeani, E., Owusu, A., Wonu, C., Hu, W. (2023). The impact of media on tourism development and income inequality. Journal of Sustainable Tourism 1-18. https://doi.org/10.1080/09669582.2023.2166516.

24. Kwabi, F. O., Adegbite, E., Ezeani, E., Wonu, C., Mumbi, H. (2023). Political uncertainty and stock market liquidity, size and transaction cost: The role of institutional quality. International Journal of Finance and Economics 29 (2), 2030-2048. DOI: https://doi.org/10.1002/ijfe.2760

23. Ezeani, E., Salem, R., Usman, M., Kwabi, F. O., Bilal, F. (2023). Board characteristics and corporate cash holding from the UK, France and Germany. International Journal of Accounting and Information Management 31 (3), 413-439. DOI: https://doi.org/10.1108/IJAIM-09-2022-0184

2022

22. Adamolekun, G., Kwansa, N. A., Kwabi, F. O. (2022). Corporate carbon emissions and market valuation of organic and inorganic investment. Economics Letters, Vol 221.DOI: https://doi.org/10.1016/j.econlet.2022.110887.

21. Bushra, K., Ezeani, E., Muhammad, U., Kwabi, F. O. (2022). Do the educational profile, gender, and professional experience of audit committee financial experts improve financial reporting quality? Journal of International Accounting, Auditing and Taxation 53, 100580. DOI: https://doi.org/10.1016/j.intaccaudtax.2023.100580

20. Owusu, A, Kwabi, F. O., Owusu, R., Elamer, A. (2022). Lead Independent Director, Managerial Risk-Taking and Cost of Debt: Evidence from UK. Journal of International Accounting, Auditing and Taxation 53, 100576. DOI: https://doi.org/10.1016/j.intaccaudtax.2023.100576

19. Fulgence, S., Boateng, A., Wang, Y., Kwabi, F. O. (2022). Board Effect and the Moderating Role of CEO/CFO on Corporate Governance Disclosure: Evidence from East Africa, The International Journal of Accounting 58 (03), 2350008. DOI: https://doi.org/10.1142/S1094406023500087

18. Kwabi, F. O., Owusu-Manu, S., Boateng, A., Ezeani, E., Du, A. (2022). Economic Policy Uncertainty and Cost of Capital. Review of Quantitative Finance and Accounting 59 (2), 457-481. 

17. Ezeani, A., Kwabi, F. O., Salem, R. (2022). Corporate Board and Dynamics of Capital Structure: Evidence from UK, France, and Germany. International Journal of Finance and Economics. DOI: https://doi.org/10.1002/ijfe.2593.

16. Owusu, A., Kwabi, F. O., Owusu, R., Ezeani, E. (2022). CEO tenure and cost of debt? Review of Quantitative Finance and Accounting 59:507-544. DOI: https://doi.org/10.1007/s11156-022-01050-2

 2021

15. Boateng, A., Du, M., Bi, X., Kwabi, F. O., Glaister, K. W. (2021). Ownership type, home country government-directed investment policies, and firm value in strategic sectors: Evidence from Chinese acquiring firms. British Journal of Management 33:1412-1431. https://doi.org/10.1111/1467-8551.12538.

14. Ezeani, E., Salem, R., Kwabi, F. O., Boutaine, K., Komal, B. (2022). Board monitoring and capital structure dynamics: Evidence from bank-based economics. Review of Quantitative Finance and Accounting 58, 473-498. DOI: https://doi.org/10.1007/s11156-021-01000-4

13. Boateng, A., Thai, N., Du, M., Kwabi, F. O. (2022). The impact of CEO compensation and excess reserves on bank risk-taking: The moderating role of monetary policy. Empirical Economics 62:1575-1598. DOI: https://doi.org/10.1007/s00181-021-02086-4

12. Kwabi, F. O., Boateng, A. (2021). The effects of insider trading laws and enforcement on stock market transaction cost. Review of Quantitative Finance and Accounting, 56 (3), 939-964. DOI: https://doi.org/10.1007/s11156-020-00914-9

11. Du, M., Kwabi, F. O., Yang, T. L. (2021). State ownership, prior experience and performance: A comparative analysis of Chinese domestic and cross-border acquisitions. International Journal of Accounting and Information Management 29:472-491. DOI: https://doi.org/10.1108/IJAIM-01-2021-0027

 2020

10. Kwabi, F. O., Boateng, A., Fosu, S., Zhu, T., Chijoke-Mgbame, M. (2020). Foreign equity portfolio and corruption: A cross-country evidence. International Journal of Finance and Economics 27:68-87. https://doi.org/10.1002/ijfe.2138.

9. Kwabi, F. O., Boateng, A., Du, A. (2020). Impact of central bank independence, transparency and institutional quality on foreign equity portfolio flow: a cross-country analysis. International Review of Financial Analysis 69:101464. https://doi.org/10.1016/j.irfa.2020.101464.

8. Kwabi, F. O., Thapa, C., Paudyal, K., Neupane, S. (2020). Sub-optimal international equity portfolio diversification and stock market development. Review of Quantitative Finance and Accounting, 54(1) pp.389-412. DOI: https://doi.org/10.1007/s11156-019-00793-9

2019

7. Leone, V., Kwabi, F. O. (2019). High frequency trading, price discovery and market efficiency in FTSE100. Economics Letters, Vol 181, pp.174. https://doi.org/10.1016/j.econlet.2019.05.022.

6. Adegbite, E., Guney, Y., Kwabi, F. O., Tahir, S. (2019). Finance and corporate social performance in the UK listed firms: The relevance of non-linearity and lag effects. Review of Quantitative Finance and Accounting, 52(1), pp. 105-158. DOI: https://doi.org/10.1007/s11156-018-0705-x

5. Kwabi, F. O., Boateng, A., Adegbite, E. (2019). International portfolio investment and enforcement of insider trading laws: A cross-country analysis. Review of Quantitative Finance and Accounting, 53(2) pp. 327-349. DOI: https://doi.org/10.1007/s11156-018-0751-4

2018

4. Ahiabor, F. S., James, G., Kwabi, F. O., Siems, M. M. (2018). Shareholder protection, stock markets and cross-border mergers. Economic Letters, Vol 171, 54-57. https://doi.org/10.1016/j.econlet.2018.07.013.

3. Kwabi, F. O., Boateng, A., Adegbite, E. (2018). The impact of stringent insider trading laws on cost of capital. International Review of Financial Analysis Vol 60, pp.127-137. https://doi.org/10.1016/j.irfa.2018.07.011.

2017

2. Kwabi, F. O., Thapa, C., Paudyal, K., Adegbite, E. (2017). Biases in international portfolio allocation and investor protection standards. International Review of Financial Analysis Vol 53, pp. 66-79. https://doi.org/10.1016/j.irfa.2017.08.005.

2016

1. Kwabi, F. O., Faff, R., Marshall., Thapa, C. (2016). Sub-optimal portfolio allocation and cost of capital. Journal of Multinational Financial Management Vol 35, (6), pp. 41-58. https://doi.org/10.1016/j.mulfin.2016.04.001.

                           

• Manoj Koppula
• Suvra Bank
• Nadina North
• Grace Nicholas
• Alexia Niang
• Olusegun Orija
• Oluwaseun Amupitan
• Liviu Campean
• Jiyu Zou

Completed PhDs

11. Dr Samuel Owusu-Manu (2023): The impact of economic policy uncertainty on cost of capital, stock market development, and debt home and foreign bias: cross country evidence" - First Supervisor

10. Dr Chizundu Wonu (2022). "The impact of international equity portfolio diversification on financial development, country-level institutional quality and cross-border mergers and acquisitions"  - First Supervisor.

9. Dr Abdullah Mamoon (2022): "The Impact of Central Bank Independence and Transparency on the Cost of Capital, Equity Home Bias and Foreign Bias, Debt Home and Foreign Bias"  - First Supervisor.

8. Dr Mathew Udenge (2022): "Consumer insurance fraud prevention initiatives in the UK insurance sector: A stakeholder perspective from Motor and Household insurance"  - First Supervisor.

7. Dr Katarzyna Jaskowiec (2021): "Does CEO compensation encourage risk-taking? Empirical evidence from FTSE350" - First Supervisor.

6. Dr Samuel Fulgence (2020): "The effects of board and ownership structure on corporate governance disclosure: Evidence from East African Countries" - Second Supervisor.

5. Dr Rawinder Kaur (2020): “Relationship between corporate social responsibility and bankruptcy: Evidence from U.K” - Second Supervisor.

4. Dr Nuha Alofi (2020): “The effect of corporate social responsibility disclosure on firms’ stock performance of the top 100 Tadawul Listed Companies” - First Supervisor.

3. Dr Dalia Sharaf (2019).

2. Dr Babatunde Adejumo (2019). "The internal audit function as a corporate governance mechanism in a developing economy: An empirical study of Nigerian Financial Sector" - Second Supervisor

1. Dr Wardah Abdulrahman Bindabel (2018): “The impact of Shariah (Islamic Principles) corporate governance on cross-border merger and acquisitions involving Islamic companies in the Gulf Countries” - Second Supervisor.