Lei Xu

Teaching Strengths

Banking & Financial Institutions
International Finance
Corporate Finance
Managerial Finance
Teaching Excellence/Innovation Awards

APrf Lei Xu

Senior Lecturer

School of Accounting and Finance

College of Business and Law

Available For Media Comment.

Dr Lei Xu is an Associate Professor in Finance at the University of South Australia. Dr Xu holds a PhD in Finance from the University of South Australia, while also bringing to his teaching and research practical experience in banking, including roles at the Bank of China and China Merchants Bank. He is an accomplished academic who has made significant contributions through his innovative teaching, expertise in and application of a wide set of research methodologies, and advancement of the field of finance research. Dr Xu is widely recognised for his expertise in the discipline and is in high demand as a PhD supervisor and examiner. The combination of academic and practical experience enables Dr. Xu to bring unique and practical perspectives to his teaching and research, as he can draw on his wealth of experience to provide valuable insights into the field of finance. His ability to bridge the gap between academic theory and practical application has made him an exceptional teacher and a valuable resource for students. Dr Xu has been a visiting academic teaching into graduate programs in China, Europe, the UK, and Australia.
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Dr. Xu’s research interests are diverse and encompass a range of topics in finance, including banking, corporate governance, financial markets, financial systems, and FinTech. Dr. Xu has published extensively on topics within these areas in both prestigious international and national journals and with quality book publishers. As testament to his research skills and expertise, Dr. Xu has over 70 high-quality authored and co-authored publications. His reputation as an active researcher in the field is further cemented by his role as Editor-in-Chief of Economics & Politics, an ABDC A-ranked journal. Dr. Xu is frequently invited to present at international conferences and seminars, to review for quality peer reviewed journals publishing in the areas of accounting, corporate governance, economics, finance, and management, and to undertake contract research.
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In addition to his academic activities, Dr Xu is an active member of various boards and committees at the University of South Australia, including the Research Integrity Committee, UniSA Business Academic Unit Board, and UniSA Business Safety and Wellness. He is also a member of the Expert Consulting Committee of Federation of Shandong Chinese Association in Australia, an Executive of the Association of Overseas Chinese Professionals in South Australia and a Justice of Peace for South Australia. His involvement in these organizations is a testament to his commitment to community service and his desire to provide meaningful contributions to society beyond his academic activities.
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Continuing Research Projects

- Banking and Shadow Banking

- Financial System and Reforms

- State-owned Enterprise Performance and Reforms

Refereed Journal Publications (in 2025)

Guo, F., Xu, L., Li, B., Sun, J., Dai, Z., 2026, Action beyond the sky high: Capital structure adjustment speed of Chinese space firms, China Economic Review, vol. 95, 102634.

Li, B., Sun, J., Xu, L., Guo, F., 2026, Fintech engagement by non-financial firms and the speed of capital structure adjustment, Pacific-Basin Finance Journal, vol. 95, 103011. 

Shi, C., Xu, L., Li, B., Cao, R., 2026, Fintech business and shadow banking practices, Pacific-Basin Finance Journal, vol. 95, 102999.

Aljbour, A., Xu, L., Wallace, D., Yuan, G., 2025, Corporate social responsibility disclosure and financial stability of Islamic banks: Evidence from GCC countries, International Journal of Emerging Markets, online, 1-20.

Dai, Z, Xu, L., Krishnamurti, C., Lu, Z., 2025, Negative interest rates and shadow banking. British Accounting Review, online, 101681.

Li, T., Lu, C., Xu, L., 2025, Access to finance and cost stickiness: Evidence from anti-recharacterization laws, Advances in Accounting, vol. 68, 100816.

Wan, X., Guo, M., Jiang, P., Xu, L., 2025, Government accounting reform, fiscal transparency, and local government debt: Evidence from China, Pacific-Basin Finance Journal, vol. 91, 102763.

Ding, N., Xu, L., Wu, X., Dai, Z., 2025, Deposit insurance, risk appetite and bank efficiency in China, International Review of Financial Analysis, vol. 102, 104139.

Zhang, H., Huang, Y., Xu, L., Cui, X., Hu, Z., 2025, University shareholding and corporate innovation: Evidence from China, International Review of Financial Analysis, vol. 101, 104017.

Aljbour, A., Xu, L., Wallace, D., Yuan, G., 2025, Corporate social responsibility disclosure and dividend policy of Islamic banks: Evidence from GCC countries, International Journal of Islamic and Middle Eastern Finance and Management, vol.18, issue 5, 1219-1237.

Dai, Z., Xu, L., 2025, Negative interest rate, bank capital, and lending behaviours, Accounting & Finance, vol. 65, issue 5, 2487-2516.

Year Citation
2026 Li, B., Sun, J., Xu, L., & Guo, F. (2026). Fintech engagement by non-financial firms and the speed of capital structure adjustment. PACIFIC-BASIN FINANCE JOURNAL, 95, 14 pages.
DOI
2026 Guo, F., Xu, L., Li, B., Sun, J., & Dai, Z. (2026). Action beyond the sky high: Capital structure adjustment speed of Chinese space firms. China Economic Review, 95, 102634.
DOI
2025 Wan, X., Guo, M., Jiang, P., & Xu, L. (2025). Government accounting reform, fiscal transparency, and local government debts: evidence from China. Pacific-Basin Finance Journal, 91(102763), 1-15.
DOI WoS1
2025 Shi, C., Xu, L., Li, B., & Cao, R. (2025). Fintech business and shadow banking practices. Pacific-Basin Finance Journal, 95(102999), 1-15.
DOI
2025 Aljbour, A. M., Xu, L., Wallace, D., & Yuan, G. (2025). Corporate social responsibility disclosure and financial stability of Islamic banks: evidence from GCC countries. International Journal of Emerging Markets, online, 1-20.
DOI
2025 Li, T., Lu, C., & Xu, L. (2025). Access to finance and cost stickiness: evidence from anti-recharacterization laws. Advances in Accounting, 68(100816), 1-19.
DOI
2025 Ding, N., Xu, L., Wu, X., & Dai, Z. (2025). Explicit deposit insurance, active risk taking, and bank efficiency in China. International Review of Financial Analysis, 102(104139), 1-13.
DOI Scopus2 WoS3
2025 Aljbour, A. M., Xu, L., Wallace, D., & Yuan, G. (2025). Corporate social responsibility disclosure and dividend policy of Islamic banks: evidence from GCC countries. International Journal of Islamic and Middle Eastern Finance and Management, online(5), 1-19.
DOI Scopus1
2025 Zhang, H., Huang, Y., Xu, L., Cui, X., & Hu, Z. (2025). University shareholding and corporate innovation: evidence from China. International Review of Financial Analysis, 101(104017), 13 pages.
DOI Scopus6 WoS4
2025 Dai, Z., & Xu, L. (2025). Negative interest rates, bank capital and lending behaviours. Accounting & Finance, online(3), 1-30.
DOI Scopus1 WoS1
2025 Dai, Z., Xu, L., Krishnamurti, C., & Lu, Z. (2025). Negative interest rates and shadow banking. The British Accounting Review, online, 101681.
DOI
2024 Yao, Y., Guo, M., Jiang, P., & Xu, L. (2024). China's local government debt and firm tax burden. Pacific-Basin Finance Journal, 87(102469), 1-18.
DOI Scopus3 WoS5
2024 Li, T., Lu, C., & Xu, L. (2024). The impact of organisation capital on inventory efficiency. Accounting & Finance, 64(4), 3751-3779.
DOI Scopus2 WoS1
2024 Li, B., Guo, F., Xu, L., McIver, R., & Cao, R. (2024). China's space sector, firm CSR and patent quality. Accounting, Auditing & Accountability Journal, 37(5), 1376-1402.
DOI Scopus5 WoS2
2024 Zhang, H., Cui, X., Xu, L., & Wang, K. (2024). Non-executive employee stock ownership plans and corporate innovation efficiency: evidence from China. North American Journal of Economics and Finance, 72(102125), 1-13.
DOI Scopus4 WoS3
2024 Pan, A., Wang, H., & Xu, L. (2024). Confucian culture and cost stickiness. Accounting and Finance, 64(3), 3029-3064.
DOI Scopus7 WoS5
2024 Li, B., Guo, F., Xu, L., & Meng, S. (2024). Fintech business and corporate social responsibility practices. Emerging Markets Review, 59(101105), 1-34.
DOI Scopus15 WoS9
2024 Ling, R., Pan, A., & Xu, L. (2024). Mixed ownership reform and non-state-owned enterprise innovation: evidence from China. China Accounting and Finance Review, 26(2), 170-195.
DOI
2023 Wu, L., Zhang, J., & Xu, L. (2023). Compensating balance and loan bargaining power in China. Accounting & Finance, 64(2), 1-25.
DOI Scopus2 WoS4
2023 Xu, L., Ma, C., Li, B., & Guo, F. (2023). Green loans and the transformation of heavy polluters: evidence from China. Journal of Economics and Finance, 47(4), 884-911.
DOI Scopus9 WoS8
2023 Ma, Q., Xu, L., Anwar, S., & Lu, Z. (2023). Banking competition and the use of shadow credit: Evidence from lending marketplaces. Global Finance Journal, 58(100884), 1-24.
DOI Scopus7 WoS6
2023 Wu, L., Xu, L., & Jiang, P. (2023). State-owned venture capitals and bank loans in China. Pacific-Basin Finance Journal, 77(101923), 1-18.
DOI Scopus14 WoS13
2023 Dong, S., Xu, L., & McIver, R. P. (2023). Sustainability reporting quality and the financial sector: evidence from China. Meditari Accountancy Research, 31(5), 1190-1214.
DOI Scopus22 WoS16
2023 Pan, A., Xu, L., Li, B., Ling, R., & Zheng, L. (2023). The impact of supply chain finance on firm capital structure adjustment: evidence from China. Australian Journal of Management, 48(2), 436-462.
DOI Scopus12 WoS11
2023 Xu, L., Li, B., Ma, C., & Liu, J. (2023). Supply chain finance and firm diversification: evidence from China. Australian Journal of Management, 48(2), 408-435.
DOI Scopus20 WoS19
2022 Gao, Y., Van Dijk, M., Xu, L., Yang, W., Nepal, S., & Ranasinghe, D. C. (2022). TREVERSE: trial-and-error lightweight secure ReVERSE authentication with simulatable PUFs. IEEE Transactions on Dependable and Secure Computing, 19(1), 419-437.
DOI Scopus8 WoS7
2022 Xu, L., Liu, Q., Li, B., & Ma, C. (2022). Fintech business and firm access to bank loans. Accounting & Finance, 62(4), 4381-4421.
DOI Scopus21 WoS22
2022 Wu, L., & Xu, L. (2022). Bank loans and firm environmental-information disclosure: evidence from China's heavy polluters. Australian Economic Papers, 61(1), 42-71.
DOI Scopus16 WoS16
2022 Li, B., Xu, L., McIver, R. P., Liu, X., & Pan, A. (2022). Mixed-ownership reform and private firms' corporate social responsibility practices: evidence from China. Business & Society, 61(2), 389-418.
DOI Scopus75 WoS70
2021 He, Y., Xu, L., & Yang, M. (2021). The impact of tunnelling on financial distress and resolution: evidence from listed firms in China. International Journal of Finance & Economics, 26(2), 1773-1792.
DOI Scopus11 WoS10
2021 Dong, S., Xu, L., & McIver, R. (2021). China's financial sector sustainability and 'green finance' disclosures. Sustainability Accounting, Management and Policy Journal, 12(2), 353-384.
DOI Scopus48 WoS42
2021 Cui, X., Xu, L., Zhang, H., & Zhang, Y. (2021). Executive compensation and firm performance: evidence from cross-listed AH-share firms. International journal of finance & economics, 26(1), 88-102.
DOI Scopus19 WoS14
2021 Choi, K. H., McIver, R., Ferraro, S., Xu, L., & Kang, S. H. (2021). Dynamic volatility spillover and network connectedness across ASX sector markets. Journal of Economics and Finance, 45(4), 677-691.
DOI Scopus31 WoS28
2020 Ullah, F., Jiang, P., Shahab, Y., Li, H. X., & Xu, L. (2020). Block ownership and CEO compensation: does board gender diversity matter?. Applied economics, 52(6), 583-597.
DOI Scopus33 WoS32
2020 Pan, A., Xu, L., Li, B., & Ling, R. (2020). The impact of supply chain finance on firm cash holdings: evidence from China. Pacific-Basin Finance Journal, 63(101402), 1-19.
DOI Scopus57 WoS50
2020 Li, B., Pan, A., Xu, L., Liu, X., & Qin, S. (2020). Imprinting and peer effects in acquiring state ownership: evidence from private firms in China. Pacific Basin Finance Journal, 61(101337), 1-15.
DOI Scopus31 WoS29
2020 Wu, L., & Xu, L. (2020). Venture capital certification of small and medium-sized enterprises towards banks: evidence from China. Accounting & finance, 60(2), 1601-1633.
DOI Scopus32 WoS28
2020 Li, B., Xu, L., McIver, R., Wu, Q., & Pan, A. (2020). Green M&A, legitimacy, and risk-taking: evidence from China's heavy polluters. Accounting and Finance, 60(1), 97-127.
DOI Scopus90 WoS89
2020 Wu, L., & Xu, L. (2020). The role of venture capital in China's SME loans. Research in international business and finance, 51(101081), 1-16.
DOI Scopus27 WoS23
2019 He, Y., Xu, L., & McIver, R. P. (2019). How does political connection affect firm financial distress and resolution in China?. Applied economics, 51(26), 2770-2792.
DOI Scopus54 WoS49
2018 Wu, L., & Xu, L. (2018). Grandstanding and new stock speculation: evidence from private venture capitals in China. Australian economic papers, 57(3), 363-375.
DOI Scopus5 WoS5
2016 Xu, L., McIver, R. P., Shan, Y. G., & Wang, X. (2016). Governance and performance in China's real estate sector. Managerial finance, 42(6), 585-603.
DOI Scopus26 WoS24
2016 Dong, S., & Xu, L. (2016). The impact of explicit CSR regulation: evidence from China's mining firms. Journal of applied accounting research, 17(2), 237-258.
DOI Scopus64 WoS60
2015 Xu, L., Lee, S. C., & Fu, Y. (2015). Impacts of capital regulation and market discipline on capital ratio selection: evidence from China. International journal of managerial finance, 11(3), 270-284.
DOI Scopus18 WoS18
2015 Fu, Y., Lee, S., Xu, L., & Zurbruegg, R. (2015). The effectiveness of capital regulation on bank behavior in China. International Review of Finance, 15(3), 321-345.
DOI Scopus26 WoS21
2014 Lee, S. -C., Chen, J. -L., Lu, S. -C., & Xu, L. (2014). Rethinking the Lintnerian Linear Valuation Model. Australasian Accounting, Business and Finance Journal, 8(3), 69-84.
DOI Scopus1 WoS1
2012 Kao, M., Lin, C., & Xu, L. (2012). Do financial reforms improve the performance of financial holding companies?: the case of Taiwan. International Review of Finance, 12(4), 491-509.
DOI Scopus9 WoS9
2012 Shan, Y., & Xu, L. (2012). Bad debt provisions of financial institutions: dilemma of China's corporate governance regime. International Journal of Managerial Finance, 8(4), 344-364.
DOI Scopus30 WoS22
2012 Shan, Y., & Xu, L. (2012). Do internal governance mechanisms impact on firm performance?: empirical evidence from the financial sector in China. Jouurnal of Asia-Pacific Business, 13(2), 114-142.
DOI Scopus21
2011 Shan, Y., & Xu, L. (2011). Analysis of firm efficiency and performance in the Chinese finance industry from ownership perspective. Corporate Ownership and Control, 8(4), 140-149.
DOI
2011 Shan, Y. G., & Xu, L. (2011). Analysis of firm efficiency and performance in the Chinese finance industry from ownership perspective. Corporate ownership and control, 8(4), 140-149.
2010 Liao, C., Lin, C. T., & Xu, L. (2010). Firm characteristics and information risk. JASSA, 2(2), 41-47.
WoS1
2007 Xu, L., & Lin, C. (2007). Can Chinese banks compete after accession to WTO?. Journal of Asian Economics, 18(6), 883-903.
DOI Scopus36

Year Citation
2024 Yuan, G., McIver, R., & Xu, L. (2024). Over-investment, internal control, and government intervention: evidence from China's state-owned enterprises. In K. Wendt, & B. Villhauer (Eds.), Source details - Title: Sustainable Wealth Management: Directing Capital Towards Sustainability (Vol. Part F4261, pp. 247-260). Switzerland: Springer.
DOI
2024 Yuan, G., McIver, R., & Xu, L. (2024). Corporate tax reform and firm share price: evidence from China. In K. Wendt, & B. Villhauer (Eds.), Source details - Title: Sustainable Wealth Management: Directing Capital Towards Sustainability (Vol. Part F4261, pp. 227-245). Switzerland: Springer.
DOI
2024 Dong, S., Xu, L., McIver, R., & Huang, N. (2024). Environmental information disclosure quality, institutional pressure, and the cost of debt: evidence from China's heavy polluters. In K. Wendt, & B. Villhauer (Eds.), Source details - Title: Sustainable Wealth Management: Directing Capital Towards Sustainability (Vol. Part F4261, pp. 45-68). Switzerland: Springer.
DOI
2024 Dong, S., McIver, R., & Xu, L. (2024). Exploring financial institution environmental disclosures: evidence from China. In K. Wendt, & B. Villhauer (Eds.), Source details - Title: Sustainable Wealth Management: Directing Capital Towards Sustainability (Vol. Part F4261, pp. 261-281). Switzerland: Springer.
DOI
2024 Shen, N., & Xu, L. (2024). Internet finance, private firm financing, and investment: evidence from China. In K. Wendt, & B. Villhauer (Eds.), Source details - Title: Sustainable Wealth Management: Directing Capital Towards Sustainability (Vol. Part F4261, pp. 207-226). Switzerland: Springer.
DOI
2024 Xu, L. (2024). Towards its digital and sustainable economy: a review of recent fintech policies and developments in China. In K. Wendt, & B. Villhauer (Eds.), Source details - Title: Sustainable Wealth Management: Directing Capital Towards Sustainability (Vol. Part F4261, pp. 285-298). Switzerland: Springer.
DOI
2022 Al Jbour, A. M. H., Xu, L., Wallace, D., & Yuan, G. (2022). Corporate social responsibility disclosure and cost efficiency of Islamic banks: evidence from GCC countries. In D. Nguyen (Ed.), Source details - Title: Handbook of Banking and Finance in Emerging Markets (pp. 345-365). UK: Edward Elgar.
DOI Scopus1
2022 Dong, S., Xu, L., & McIver, R. (2022). Enhancing sustainability reporting and greening the finance system: institutionalization and practices in China's banking sector. In D. Nguyen (Ed.), Source details - Title: Handbook of Banking and Finance in Emerging Markets (pp. 553-572). UK: Edward Elgar.
DOI Scopus1
2022 McIver, R., Xu, L., & Chou, S. L. (2022). Booms, bubbles, blow-outs: exploring patterns in China's credit expansion. In D. Nguyen (Ed.), Source details - Title: Handbook of Banking and Finance in Emerging Markets (pp. 2-31). US: Edward Elgar.
DOI Scopus2
2021 Xu, L., Wu, L., & Dong, S. (2021). Internal mechanism and quality of CSR disclosure: evidence from China. In K. Wendt (Ed.), Source details - Title: Green and Social Economy Finance: A Review (pp. 49-70). US: CRC Press.
DOI
2021 Yuan, G., McIver, R., & Xu, L. (2021). Tax reform, tax aggressiveness and corporate value: evidence from China's enterprise income tax law reform. In K. Wendt (Ed.), Source details - Title: Green and Social Economy Finance: A Review (pp. 171-191). US: CRC Press.
2021 Mackay, W., & Xu, L. (2021). Environmental social and governance, executive remuneration, and firm performance. In K. Wendt (Ed.), Source details - Title: Green and Social Economy Finance: A Review (pp. 10-33). US: CRC Press.
DOI
2021 Li, Y., & Xu, L. (2021). Does long-term investment really pay off? Evidence from listed mining firms in Canada. In K. Wendt (Ed.), Source details - Title: Green and Social Economy Finance: A Review (pp. 155-170). US: CRC Press.
DOI
2021 Mackay, W., Xu, L., & Meredith, G. (2021). Sustainable energy investment in Australia. In K. Wendt (Ed.), Source details - Title: Theories of Change: Change Leadership Tools, Models and Applications for Investing in Sustainable Development (Vol. Part F4248, pp. 453-472). Switzerland: Springer.
DOI
2021 Xu, X., Xu, L., & Li, L. (2021). Domestic heating and China's sustainable energy goals. In K. Wendt (Ed.), Source details - Title: Theories of Change: Change Leadership Tools, Models and Applications for Investing in Sustainable Development (Vol. Part F4248, pp. 437-451). Switzerland: Springer.
DOI Scopus1
2019 Yuan, G., McIver, R. P., Xu, L., & Kang, S. H. (2019). Corporate income tax avoidance in China: using regulatory change to encourage corporate tax sustainability. In K. Wendt (Ed.), Source details - Title: Sustainable Financial Innovations (pp. 284-306). US: CRC Press.
DOI Scopus2
2018 Yuan, G., McIver, R. P., Xu, S., & Kang, S. H. (2018). Corporate Income Tax Avoidance in China. In Sustainable Financial Innovations (pp. 284-306). CRC Press.
DOI
2018 Dong, S., Xu, L., & McIver, R. P. (2018). Regulating CSR disclosure: quantity or quality in practice?. In K. Wendt (Ed.), Source details - Title: Sustainable financial innovations (pp. 239-265). US: CRC Press.
DOI Scopus1
2018 Xu, L., McIver, R. P., Chou, S. L., & Bassan, H. (2018). Political connections, ownership structure and performance in China's mining sector. In K. Wendt (Ed.), Source details - Title: Sustainable financial innovations (pp. 266-283). US: CRC Press.
DOI
2017 Bradrania, R., Li, X., & Xu, L. (2017). Bank failures and management inefficiency during the global financial crisis. In F. Economou (Ed.), Source details - Title: Handbook of investors' behaviour during financial crises (pp. 191-201). UK: Academic Press.
DOI Scopus1
2016 Yu, P. S., Xu, L., & Lewis, M. K. (2016). Why Beijing rules the property market: rethinking the role of 'five new measures' in regulating the property market under a new era of China's leadership transition. In C. Andressen (Ed.), Source details - Title: China's changing economy: trends, impacts and the future (pp. 209-228). UK: Routledge.
2007 Xu, L., & Lin, C. (2007). On the safety and soundness of Chinese banks in the post-WTO era. In S. Kim, & M. McKenzie (Eds.), Asia-Pacific Financial Markets: Integration, Innovation and Challenges (Vol. 7, pp. 447-470). United Kingdom: Emerald Group Publishing Ltd.
DOI Scopus2

  • TiME 2.7.3: Mining Sector Natural Capital Accounting System: BHP Olympic Dam Case Study, CRC for Transformations in Mining Economies, 31/10/2022 - 29/02/2024

Courses I teach

  • BANK 5028 International Finance (2025)
  • BANK 5031 Global Banking and Financial Management (2025)
  • BANK 5028 International Finance (2024)
  • BANK 5031 Global Banking and Financial Management (2024)

Programs I'm associated with

  • DPBU - Doctor of Philosophy
  • DMFC - Master of Finance
  • DMIN - International Master of Business Administration

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