Kiyoung Chang

Campus: Sarasota-Manatee
Room: C221
Phone: 941-359-4359

Kiyoung Chang is a professor in the Kate Tiedemann School of Business and Finance in Sarasota-Manatee, where he teaches corporate finance, financial management, international finance and financial institution.

His research interests include institutional investors, corporate social responsibility, international corporate finance, corporate governance, cash management, mergers and acquisitions and security offerings. He has published in premier journals such as Journal of International Business Studies, Financial Management, Journal of Financial Research, Journal of Business Ethics, Pacific-Basin Finance Journal, International Review of Finance and many more. He has served as an executive board member of the Korea America Finance Association and is a member of Financial Management Association and Korea America Finance Association. Prior to joining USF, he taught at Indiana University, the University of Wisconsin-Milwaukee and Slippery Rock University.

He earned a PhD and a master's degree with concentrations in finance from the University of Wisconsin-Milwaukee and a bachelor's degree in public administration from Yonsei University in Seoul.


  • Chang, K., Li, Y., & Yi, H. (2020) "Informed Equity Ownership and Bank Loan Contracting" Journal of Business Finance and Accounting, forthcoming.
  • Chang, Kiyoung, Hoje Jo, and Ying Li, 2016, “Is there Informational Value in Corporate Giving?”, Journal of Business Ethics, forthcoming, DOI 10.1007/s10551-016-3230-7
  • Chang, Kiyoung, Eun Kang, and Ying Li, 2016, “Effect of Institutional Ownership on Dividends: An Agency-theory-based Analysis”, Journal of Business Research 69, 2551-2559,
  • Bae, Sung, Kiyoung Chang, and Ha-Chin Yi, 2016, The impact of corporate social responsibility activities on corporate financing: a case of bank loan covenants, Applied Economics Letters, forthcoming, DOI:10.1080/13504851.2016.1148247
  • Byoun, Soku, Kiyoung Chang, and Young Sang Kim, 2016, “Does Corporate Board Diversity Affect Corporate Payout Policy?”, Asia-Pacific Journal of Financial Studies 45, 48-101

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  • Borghesi, Richard, Kiyoung Chang, and Jamshid Mehran, 2016, “Simultaneous Board and CEO Diversity: Does it Increase Firm Value?”, Applied Economics Letters 23, Vol 1, 23-26
  • Borghesi, Richard and Kiyoung Chang, 2014, "The Determinants of Effective Corporate Lobbying", Journal of Economics and Finance, forthcoming, DOI: 10.1007/s12197-014-9287-1
  • Chang, Kiyoung, Eun Kang , and Ying Li, 2014, “Local Long-term Institutions, Growth, and Cash Holdings”, Applied Economics Letters 21, No. 6, 387-390
  • Jiraporn, Pornsit, Napatsorn Jiraporn, Ardisak Boeprasert, and Kiyoung Chang, 2013, “Does Corporate Social Responsibility (CSR) Improve Credit Ratings? Evidence from Geographic Identification”, Financial Management, forthcoming, DOI: 10.1111/fima.12044
  • Chang, Kiyoung, Incheol Kim, and Ying Li, 2013, “The Heterogeneous Impact of Corporate Social Responsibility Activities That Target Different Stakeholders”, Journal of Business Ethics, forthcoming, DOI10.1007/s10551-013-1895-8
  • Bae, Sung, Kiyoung Chang, and Doseong Kim, 2013, "Determinants of Target Selection and Acquirer Returns: Evidence from Cross-Border Acquisitions", International Review of Economics and Finance 27, 552-565
  • Chang, Kiyoung, Yong-Cheol Kim, and Hyeongsop Shim, 2013, “Weak firms follow strong firms in hot IPO markets”, Asia-Pacific Journal of Financial Studies 42, 76-108
  • Bae, Sung, Kiyoung Chang, Hoje Jo, 2013, “Long-Run Stock and Operating Performance of Underwriter Warrants: Evidence from Seasoned Equity Offerings”, International Review of Finance 13, 473-501
  • Kabongo, Jean D., Kiyoung Chang, and Ying Li, 2013, “The Impact of Operational Diversity on Corporate Philanthropy: An Empirical Study of U.S. Companies”, Journal of Business Ethics 116, 49-65
  • Chang, Kiyoung, Dong-Kyoon Kim, and Haiyan Yin, 2013, " Does globalization increase bank efficiency as measured by net interest margin?", Journal of International Finance and Economics 13, 154-158
  • Sung C. Bae, Kiyoung Chang, and Eun Kang, 2012, “Dividend Policy, Corporate Governance, and Culture”, Journal of Financial Research 35, 289-316
  • Chang, Kiyoung, Yong-Cheol Kim, Young Sang Kim, and John H. Thornton Jr., 2012, “Unintended Regulatory Consequences: Evidence from the Korean IPOs”, Pacific-Basin Finance Journal 20, 292-309
  • Chang, Kiyoung, Jung-Bum Wee, and Ha-Chin Yi, 2012, “Does National Culture Influence the Firm’s Choice of Debt Maturity?”, Asia-Pacific Journal of Financial Studies 41, Issue 4, 424-457
  • Chang, Kiyoung, Ha-Chin Yi, and Yewmun Yip, 2012, “Effects of Cultural Difference on Cross Country Mergers and Acquisitions”, forthcoming, Global Business and Finance Review 17, Issue 2, 121-136
  • Chari, Murali D.R. and Kiyoung Chang, 2009, “Determinants of the Share of the Equity Sought in Cross-Border Acquisitions”, Journal of International Business Studies 40, 1277-1297
  • Chang, Kiyoung and Abbas Noorbakhsh, 2009, “Does National Culture Affect International Corporate Cash Holdings?” Journal of Multinational Financial Management 19, 323-342 (leading article in the issue)
  • Chang, Kiyoung, Yong-Cheol Kim and Yewmun Yip, 2009, “Size Effect and Corporate Governance in Cross-Border M&As”, Global Business and Finance review 14, Spring, 23-35