My research journey spans more than two decades of academic inquiry, traversing complex intersections of economics, corporate finance, sustainability, and development policy. From the early 2000s to the present, my scholarly work has evolved across three distinct yet interconnected phases. Each phase responds to both empirical realities and the theoretical demands of a changing world, anchored in my commitment to evidence-based policy and socially responsive scholarship.
Phase One: Labor Mobility and ASEAN Human Capital
My earliest academic work focuses on labor mobility within the ASEAN region. During this period, I explore the movement of skilled professionals, the implications of cross-border employment, and the challenges associated with mutual recognition arrangements. These studies respond to the growing need for regional integration in Southeast Asia and contribute to foundational debates on human capital development and labor market policy.
Phase Two: Corporate Sustainability and Financial Performance
The 2010s mark a decisive shift in my research focus. I begin to examine the relationship between sustainability practices, particularly environmental, social, and governance factors, and corporate financial performance. My 2012 paper titled “The determinants of corporate capital structure: Evidence from Japanese manufacturing companies” becomes one of my most cited works and continues to influence empirical research across Asia.
This phase includes multiple studies that link ESG disclosure with profitability, liquidity, solvency, and market valuation. I place emphasis on high-performing sectors such as automotive and electronics, recognizing their dual role as leading corporations and sustainability frontrunners. My work integrates theoretical frameworks including stakeholder theory, pecking order theory, and agency cost theory to explain emerging capital structure dynamics.
Phase Three: Intangibles, Innovation, and Capital Structure
In the 2020s, my research enters a more forward-looking and strategic phase. I conceptualize the Intangible Leverage Theory, a new theoretical framework that incorporates intangible asset intensity and research and development investment into capital structure decision-making. This framework moves beyond traditional determinants by introducing moderating variables such as industry dynamism, economic cycles, and the weighted average cost of capital.
Methodologically, I adopt latent dynamic panel modeling and structural equation modeling to better capture reciprocal relationships and the inherent time lag between ESG strategies and financial outcomes. These tools allow me to model causal interactions while maintaining the philosophical rigor and empirical robustness that guide my work.
Looking Forward: Human Accountability in a Technologically Enhanced Research Landscape
As I look ahead, my ongoing projects aim to bridge financial theory, sustainability metrics, and policy relevance. I continue to examine how governance quality, disclosure regimes, and ownership structures influence the interaction between ESG performance and corporate outcomes. I also support the responsible use of publicly available data, including ESG scores from Bloomberg and corporate governance recognitions, to strengthen regulatory insight and capital market development in Asia.
In this evolving research landscape, I also engage with emerging technologies such as artificial intelligence, using them cautiously and selectively. I treat AI as a companion in managing routine tasks and organizing outputs, but never as a surrogate for human thought. The responsibility for research design, theoretical framing, and interpretive clarity lies solely with the human author. It is the scholar who must define the research question, construct the logic of inquiry, and justify the methodology.
While AI may assist in improving efficiency, it cannot replace judgment, insight, or philosophical coherence. Overdependence on such tools invites conceptual shortcuts and intellectual shallowness. The task of scholarship demands more. I remain accountable for every argument, every model, and every conclusion that bears my name.
As I prepare for my upcoming sabbatical leave, I am committed to refining and consolidating this body of work into a cohesive research agenda. My goal is to contribute meaningfully to both academic knowledge and institutional reform. With discipline, reflection, and ethical engagement, I continue the journey with conviction—believing that scholarship must not only describe the world, but also help improve it.