LEUNG_Winnie_web (2)
Dr. Winnie S.C. LEUNG
Accounting and Law
Assistant Dean (Undergraduate)
Principal Lecturer

3917 1123

KK 1221

Academic & Professional Qualification

  • PhD in Accountancy, CUHK
  • CPA, Hong Kong
  • FCCA
  • CMA, Australia


Dr. Winnie Leung joined HKU in 2010. She is a CPA in Hong Kong with practical experience in banking and accounting. Dr. Leung is passionate towards teaching and learning. She has taken several initiatives in eLearning and experiential learning. She launched an online course of “Introduction to Financial Accounting” on Moodle in early 2013. She has been the Programme Coordinator of “Business Consulting Practicum” (for 3 years from 2011 to 2013) which provides real-life consulting experience to undergraduate students. Beyond the classroom, Dr. Leung has been the mentor of different student knowledge exchange projects. One of the pioneered projects is “Business Ethics – Pathway to Future Leaders” which aims to promote business ethics to local secondary school students, with the support of HKU Student Knowledge Exchange Project Grant Scheme for two consecutive years in 2012-13. Dr. Leung’s enthusiasm and devotion in teaching and learning has earned her high recognition for teaching excellence. She was given the Outstanding Teacher Award (Undergraduate Teaching) by the Faculty of Business and Economics (HKU Business School) in 2012 and 2018. Dr. Leung’s research interests include Financial Accounting, Corporate Governance and Family Firms.


Undergraduate Course:

  • Advanced Financial Accounting (ACCT4104)

Postgraduate Courses:

  • Financial Accounting Foundation (MACC7001)
  • Advanced Financial Accounting (MACC7003)

Research Interest

  • Financial Reporting
  • Corporate Governance
  • Family Firms

Selected Publications

  • Fan, J. P. & W. S. C. Leung, 2020. The impact of ownership transferability on family firm governance and performance: The case of family trusts, Journal of Corporate Finance, 61: 101409.
  • Chyz, J., W. S. C. Leung, O. Z. Li, & O. M. Rui, 2013. Labor unions and tax aggressiveness, Journal of Financial Economics, 108: 675-698.

Awards and Honours

  • Faculty Outstanding Teacher Award (Undergraduate Teaching) 2011 – 2012, 2017 – 2018 

Service to the University/Community

  • Committee Member, ACCA Student Affairs Sub-Committee (2010 – Present)
  • Member of Academic Advisory Panel of QP Case Analysis Competition, HKICPA (2013 – Present)
  • Academic Adviser, HKU Business School, HKU (2012 – Present)
  • Honorary Treasurer, HKUSU (Jan 2012 – Dec 2015, Jan 2019 – Present)

Recent Publications

The Impact of Ownership Transferability on Family Firm Governance and Performance: The Case of Family Trusts

Ownership structure plays a critical role in the incentives and behaviors of business organizations. The literature has focused on the effects of firm ownership dispersion across managers and investors. We extend the literature by examining the roles of ownership structure within a controlling family. Specifically, we focus on the family trust structure, which is a popular vehicle for holding family ownership around the world. The trust structure typically locks controlling ownership within a family for a very long period. Although it ensures family control, the share transfer restriction may induce family shirking problems, make family conflicts difficult to resolve, and distort firm decisions. Based on a sample of publicly traded family firms in Hong Kong, we report that trust-controlled firms that are more susceptible to these problems tend to pay higher dividends, invest less in the long term, and experience worse performance. The costs of using a trust structure are more significant when the family stakes have been locked inside the trust for a longer period and when a larger amount of family ownership is held by the trust.