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.
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Collaborations and top research areas from the last five years
Projects
- 2 Finished
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Understanding how constraints on access to finance and under-investment impact on productivity growth in smaller firms
Liu, W. (PI)
4/07/22 → 3/10/25
Project: Research council
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Entrepreneurial overconfidence and SME financing decisions
Cole, R. A., Cowling, M. & Liu, W., 28 Jan 2026, (E-pub ahead of print) In: Journal of Small Business Management.Research output: Contribution to journal › Article › peer-review
Open Access -
The Innovation Impacts of R&D Tax Credits in the UK
Liu, W., Cowling, M. & Zhang, N., 31 Jan 2026, In: R and D Management. 56, 1, p. 55-70 16 p.Research output: Contribution to journal › Article › peer-review
Open Access -
Are product and process innovations supermodular? Complementary returns to product and process innovations
Cowling, M., Vorley, T., Liu, W. & Abdul Rahman, S., 31 Dec 2025, In: Economics of Innovation and New Technology. 34, 8, p. 1247-1273 27 p.Research output: Contribution to journal › Article › peer-review
Open Access4 Link opens in a new tab Citations (SciVal) -
Getting money in the country: Is there a liability of rurality facing SMEs?
Cowling, M., Brown, R., Liu, W. & Yang, H., 31 Dec 2025, In: Journal of Rural Studies. 120, 12 p., 103886.Research output: Contribution to journal › Article › peer-review
Open Access1 Link opens in a new tab Citation (SciVal) -
Growth, working capital and refinancing: The geography of post-pandemic regional financial resilience in UK SMEs
Cowling, M., Brown, R., Liu, W. & Yang, H., 31 Aug 2025, In: Papers in Regional Science. 104, 4, 100101.Research output: Contribution to journal › Article › peer-review
Open Access1 Link opens in a new tab Citation (SciVal)