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Relational Capital, Institutional Frictions, and Corporate Finance in Emerging Markets

This PhD topic examines how firms operate and make financial and operational decisions in environments characterised by institutional frictions, weak formal institutions, and regulatory uncertainty.

The research focuses particularly on emerging markets, where firms frequently rely on informal relationships, political connections, and relational capital to access resources, overcome financing constraints, and navigate bureaucratic processes.

The project will explore how relational capital affects firms’ behaviour in areas such as investment, financing, resource allocation, operational flexibility, and corporate adjustment decisions. Particular attention will be given to how firms respond to adverse shocks, financial constraints, and changing institutional environments. The research also considers broader issues surrounding informal institutions, political turnover, anti-corruption regulation, and corporate governance.

Potential research areas include:

  • Corporate finance and resource adjustment under institutional frictions
  • Relational capital, political connections, and informal institutions
  • Corporate governance and asymmetric cost behaviour
  • Political turnover, regulation, and anti-corruption enforcement

Applicants with an interest and experience with econometric methods and large-scale firm-level datasets would be beneficial. The project is particularly suitable for candidates interested in applied quantitative research using panel data methods and causal inference techniques.

How to apply

If you are interested in applying for the above PhD topic please follow the steps below:

  1. Contact the supervisor by email or phone to discuss your interest and find out if you would be suitable. Supervisor details can be found on this topic page. The supervisor will guide you in developing the topic-specific research proposal, which will form part of your application.
  2. Click on the "Apply here" button on this page and you will be taken to the relevant PhD course page, where you can apply using an online application.
  3. Complete the online application indicating your selected supervisor and include the research proposal for the topic you have selected.

Good luck!

This is a self-funded topic

Brunel offers a number of funding options to research students that help cover the cost of their tuition fees, contribute to living expenses or both. The UK Government is also offering Doctoral Student Loans for eligible students, and there is some funding available through the Research Councils. Many of our international students benefit from funding provided by their governments or employers. Brunel alumni enjoy tuition fee discounts of 15%.

Meet the Supervisors

Kyriacos Kyriacou

I have been working at Brunel since 1995 and have taught on various under-graduate and post-graduate Finance modules. During this time I completed my PhD on a part-time basis in 2002. Qualifications: BSc (Hons) Economics MSc Finance PhD Derivatives and Spot Markets

Bryan Mase

I have been at Brunel University since completing my PhD at Warwick University. Qualifications: PhD Warwick

Siming Liu

I joined Brunel University in 2013 as a Lecturer in Finance and Accounting and was promoted to Senior Lecturer in 2019. My primary research interests lie in accounting, finance, and health economics. I have published in leading 4* journals in the field of health economics. The core impact of my accounting research is its potential to shape accounting policies for SMEs. This work has gained recognition, with citations in esteemed 3* journals, public policy papers, and presentations at practitioners’ conferences, highlighting its relevance and influence in both academic and practical contexts. My research also focuses on market-based accounting, particularly examining how financial markets respond to accounting information. Over the years, I have developed and delivered a variety of undergraduate and postgraduate modules and led in designing the BSc Accountancy programme. Before joining academia, I qualified as an ACCA-certified accountant and gained valuable industry experience as an auditor at KPMG. My professional background and experiences allow me to bridge the gap between theory and practice.