Projects per year
Personal profile
Research interests
I hold a PhD in Finance and MSc in Economics from University of Exeter Business School. My primary interests include corporate pension funds; the financing of early-stage, high-growth, high-tech entrepreneurial firms; and directors’ compensation. I am also actively involved in research on small business growth dynamics; and government policies on entrepreneurship and entrepreneurial finance. I have published extensively in leading academic journals, and has been commissioned by both national governments and international institutions to conduct policy-focused research on entrepreneurship policy and policy evaluation. Prior to joining University of Bath, I was Associate Professor at Shanghai University of Finance and Economics, and Renmin University of China. I have also held positions at Exeter Business School and UK Department for Business Innovation and Skills (BIS).
Willing to supervise doctoral students
Pension scheme and corporate investment, financing and/or payout decisions; Financing of SMEs and entrepreneurial businesses.
Expertise related to UN Sustainable Development Goals
In 2015, UN member states agreed to 17 global Sustainable Development Goals (SDGs) to end poverty, protect the planet and ensure prosperity for all. This person’s work contributes towards the following SDG(s):
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Collaborations and top research areas from the last five years
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Understanding how constraints on access to finance and under-investment impact on productivity growth in smaller firms
Liu, W. (PI)
Economic and Social Research Council
1/07/22 → 30/06/25
Project: Research council
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Are product and process innovations supermodular? Complementary returns to product and process innovations
Cowling, M., Vorley, T., Liu, W. & Abdul Rahman, S., 17 Dec 2024, (E-pub ahead of print) In: Economics of Innovation and New Technology.Research output: Contribution to journal › Article › peer-review
Open Access -
Conforming to Gender Stereotypes and Entrepreneurs’ Financing Outcomes
Liu, W. & Cowling, M., 1 Apr 2024, In: British Journal of Management. 35, 2, p. 1059-1075 17 p.Research output: Contribution to journal › Article › peer-review
Open Access -
Getting Left Behind? The Localised Consequences of Exclusion from the Credit Market for UK SMEs
Cowling, M., Brown, R., Liu, W. & Rocha, A., 1 Mar 2024, In: Cambridge Journal of Regions, Economy and Society. 17, 1, p. 181-200 20 p., rsad033.Research output: Contribution to journal › Article › peer-review
Open Access -
How does a small firm end up with a more expensive loan guarantee when a cheaper and safer one was on offer? The intriguing case of two UK Covid-19 guarantee schemes
Cowling, M., Wilson, N. & Liu, W., 1 Sept 2024, In: Finance Research Letters. 67, BResearch output: Contribution to journal › Article › peer-review
Open Access -
The effect of collateral on small business rationing of term loans and lines of credit
Cole, R. A., Cowling, M. & Liu, W., 31 Oct 2024, In: Journal of Financial Stability. 74, 101320.Research output: Contribution to journal › Article › peer-review