FLORIDA ATLANTIC UNIVERSITY®
Sofia Johan

Sofia Johan

Associate Professor
Finance Department

Areas of Expertise: Entrepreneurial Finance, Alternative Investment (VC, PE, REITS, Hedge Funds), Alternative Finance (Crowdfunding, Peer to Peer Lending, Marketplace Lending, ICOs), and Law and Economics

Office: Barry Kaye Hall - Room 145 (Boca Raton)

Biography

Sofia Johan, Ph.D., earned her first degree in Law from the University of Liverpool and her LLM in International Economic Law from the University of Warwick, both in England. After working for several years in the financial markets, she returned to academia and earned her Ph.D. in Law and Economics from Tilburg University in The Netherlands.

Her areas of expertise and research interest include legal and ethical issues in financial markets, entrepreneurial finance, and regulation of financial markets around the world.

Dr. Johan is the author of three books and more than 72 articles in refereed journals. Her research has appeared in such leading journals as Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Journal of Business Ethics, Journal of International Business Studies, Journal of Financial Economics, Journal of Banking and Finance and Oxford Review of Economics.

She is a co-editor of Venture Capital: An International Journal of Entrepreneurial Finance and an associate editor of the British Journal of Management. She is also Chair in Entrepreneurial Finance at University of Aberdeen and has been a visiting fellow at the University of New South Wales and the University of Cambridge. She is also a PADI licensed scuba diver.

Education

  • PhD (2007) Law & Economics, University of Tilburg Centre for Business Law
  • LLM (1996) International Economic Law, University of Warwick
  • LLM (1995) University of Liverpool

Intellectual Contributions

  • Cumming, Douglas; Johan, Sofia; Reardon, Robert. Regulation and performance in U.S. securities crowdfunding (forthcoming), Colorado Technology Law Journal
  • Xu, Pan; He, Jun; Wang, Daojuan; Johan, Sofia; Lin, Siwei. Could the simultaneous persistence of greater cash holdings and interest‐bearing debts affect stock price crash risk? (forthcoming), International Journal of Finance and Economics
  • Johan, Sofia; Chircop, J.; Tarsalewska, M.. Does Religiosity Influence Venture Capital Investment Decisions? (forthcoming), Journal of Corporate Finance
  • Cumming, Douglas; Farag, Hisham; Johan, Sofia. (2024). Sustainability, Climate Change and Financial Innovation: Future Research Directions, European Financial Management, 30(2), 675-679
  • Zhang, Ye; Johan, Sofia; Fu, Kun; Hughes, Mathew; Scholes, Louise; Liu, Jiajia. (2024). The effect of lead investor’s human capital on funding performance: the moderating role of investment ambition, Journal of International Financial Markets, Institutions and Money, 90, Article: 101891
  • Johan, Sofia; Sakariyahu, Rilwan; Lawal, Rodiat; Paterson, Audrey; Ajide, Folorunsho. (2023). Does energy poverty moderate the impact of economic freedom on the quality of life in Africa? A panel quantile via moment approach, Finance Research Letters, 58(Part C), Article: 104530
  • Sakariyahu, Rilwan; Johan, Sofia; Lawal, Rodiat; Paterson, Audrey; Chatzivgeri, Eleni. (2023). Dynamic connectedness between investors’ sentiment and asset prices: A comparison between major markets in Europe and USA, Journal of International Financial Markets, Institutions and Money, 89, Article: 101866
  • Ajide, Folorunsho; Sakariyahu, Rilwan; Lawal, Rodiat; Etudaiye-Muhtar, Oyebola; Johan, Sofia. (2023). Mobile money innovation and global value chain participation: Evidence from developing countries, Finance Research Letters, 58(Part D), Article: 104694
  • Cumming, Douglas; Johan, Sofia; Reardon, Robert. (2023). Global fintech trends and their impact on international business: a review, Multinational Business Review, 31(3), 413-436
  • Acevedo, Juan; Diaz-Molina, Ivan; Johan, Sofia; Valenzuela, Patricia. (2023). Business advisory services and innovation during crises: Evidence from small businesses in Chile, Journal of Business Research, 168, Article: 114202
  • Amini, S.; Johan, Sofia; Kashefi Pour, E.; Mohamed, A.. (2023). Employee welfare, social capital, and IPO survival, Entrepreneurship Theory and Practice, 47(6), 2174-2204
  • Adhami, S.; Gianfrate, G.; Johan, Sofia. (2023). Risks and Returns in Crowdlending, Eurasian Business Review, 13(2), 309-340
  • Cumming, Douglas; Johan, Sofia; Khan, Z.; Meyer, M.. (2023). E-commerce policy and international business, Management International Review, 63(1), 3-25
  • Johan, Sofia; Zhang, Yelin. (2022). Investors' Industry Preference in Equity Crowdfunding, Journal of Technology Transfer, 47(6), 1737-1765
  • Levasseur, L.; Johan, Sofia; Eckhardt, J.. (2022). Mixed Methods in Venture Capital Research: An Illustrative Study and Directions for Future Work, British Journal of Management, 33, 26-45
  • Cumming, Douglas; Farag, H.; Johan, Sofia; McGowan, D.. (2022). The Digital Credit Divide: Marketplace Lending and Entrepreneurship, Journal of Financial and Quantitative Analysis, 57(7), 2659-2692
  • Rama, Ali; Jiang, Chunxia; Johan, Sofia; Liu, Hong; Mai, Yong. (2022). Religious and social narratives and crowdfunding success, Journal of International Financial Markets, Institutions and Money, 80, Article: 101595
  • Guedhami, Omrane; Johan, Sofia; Lopez-de-Silanes, Florencio; Terjesen, Siri. (2022). Challenges for corporate governance at the national and firm levels, Corporate Governance: An International Review, 30(1 (special issue: 21st century challenges for corporate governance)), 2-9
  • Allen, Matthew; Allen, Maria; Cumming, Douglas; Johan, Sofia. (2021). Comparative Capitalisms and Energy Transitions: Renewable Energy in the European Union, British Journal of Management, 32(3), 611-629
  • Johan, Sofia; Cumming, Douglas. (2021). Entrepreneurial Finance and Productivity in Different Institutional Contexts: Lessons from Equity Crowdfunding, Fraser Institute, Vancouver, Canada, Chapter 8, pp. 55-64
  • Farag, H.; Johan, Sofia. (2021). How Alternative Finance Informs Central Themes in Corporate Finance, Journal of Corporate Finance, 67, 101879
  • Levasseur, L.; Johan, Sofia; Eckhardt, J.. (2021). Mixed Methods in Venture Capital Research: An Illustrative Study and Directions for Future Work (forthcoming), British Journal of Management
  • Capizzi, Vincenzo; Bellavitis, Christiano; Johan, Sofia. (2021). The Evolution of Venture Capital: From the Early Days to Recent Successes, Venture Capital: An International Journal of Entrepreneurial Finance, 23(1), 1-3
  • Johan, Sofia; Wood, Geoffrey; Cumming, Douglas. (2021). The Oxford Handbook of Hedge Funds, Oxford University Press, 773 pages
  • Johan, Sofia; Zhang, M.. (2021). Information Asymmetries in Private Equity: Reporting Frequency, Endowments, and Governance, Journal of Business Ethics, 174(1), 199-220
  • Johan, Sofia; Valenzuela, Patricio. (2021). Business Advisory Services and Female Employment in an Extreme Institutional Context, British Journal of Management, 32(4), 1082-1096
  • Chakravarty, S.; Cumming, Douglas; Murtinu, S.; Scalera, V.G.; Schwens, C.. (2021). Exploring the Next Generation of International Entrepreneurship, Journal of World Business, 56(5)
  • Cole, Rebel; Johan, Sofia; Schweizer, Denis. (2021). Corporate failures: declines, collapses, and scandals, Journal of Corporate Finance, 67, 101872
  • Nigam, N.; Benetti, C.; Johan, Sofia. (2020). Digital Start-up Access to Venture Capital Financing: What Signals Quality?, Emerging Markets Review, 45, 100743
  • Johan, Sofia; Zhang, Yelin. (2020). Quality Revealing Versus Overstating in Equity Crowdfunding, Journal of Corporate Finance, 65, 16 pages, 101741
  • Cumming, Douglas; Johan, Sofia; Uzuegbunam, I.. (2020). An Anatomy of Entrepreneurial Pursuits in Relation to Poverty, Entrepreneurship and Regional Development, 32(1-2), 21-40
  • Johan, Sofia; Mohammadi, A.; Shafi, K.. (2020). Investment Ties Gone Awry, Academy of Management Journal, 63(1), 295-327
  • Johan, Sofia; Cumming, Douglas. (2020). Law, Culture and Innovation, Wiley
  • Wood, G.; Finnegan, J.J.; Allen, Matthew; Allen, Maria; Cumming, Douglas; Johan, Sofia; al, et. (2020). The Comparative Institutional Analysis of Energy Transitions, Socio-Economic Review, 18(1), 257-294
  • Cumming, Douglas; Johan, Sofia; Oberst, C.; Uzuegbunam, I.. (2020). The Unintended Consequences of Biotechnology Innovation Adoption, Industry and Innovation, 27(10), 1089-1109
  • Cumming, Douglas; Johan, Sofia; Dai, N.. (2020). Dodd-Franking the Hedge Funds, Journal of Banking and Finance, 119, doi.org/10.1016/j.jbankfin.2017.09.012
  • Chircop, J.; Johan, Sofia; Tarsalewska, M.. (2020). Does Religiosity Influence Venture Capital Investment Decisions?, Journal of Corporate Finance, 62, 101589
  • Shafi, Kourosh; Mohammadi, Ali; Johan, Sofia. (2020). Investment Ties Gone Awry, Academy of Management Journal, 63(1), 295-327
  • Cumming, Douglas; Ji, S.; Johan, Sofia; Tarsalewska, M.. (2020). End-of-Day Price Manipulation and M&As, British Journal of Management, 31(1), 184-205
  • Wood, G.; Finnegan, J.J.; Allen, M.L.; Allen, M.M.C.; Cumming, Douglas; Johan, Sofia; Nicklich, M.; Endo, T.; Lim, S.; Tanaka, S.. (2020). The Comparative Institutional Analysis of Energy Transitions, Socio-Economic Review, 18(1), 257-294
  • Cumming, Douglas; Johan, Sofia. (2019). Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement Revisited, Finance Research Letters, 31, 425-435
  • Johan, Sofia; Cumming, Douglas; Zhang, Yelin. (2019). Collaboration in Entrepreneurial Finance
  • Cumming, Douglas; Johan, Sofia. (2019). Crowdfunding: Fundamental Cases, Facts, and Insights, Elsevier Science Academic Press, 506 pages
  • Cumming, Douglas; Johan, Sofia. (2019). Government Venture Capital Research: Separating Important Lessons from Fake Science and Bad Public Policy, Venture Capital: An International Journal of Entrepreneurial Finance, 29(1), 121-131
  • Cumming, Douglas; Johan, Sofia; Uzuegbunam, I.. (2019). Inequality, Entrepreneurial Activity, and Poverty Alleviation, Entrepreneurship and Regional Development, 32, 21-40
  • Cumming, Douglas; Johan, Sofia; Zhang, F.; Zhang, M.. (2019). Law, Culture, and Finance, International Journal of Managerial Finance, 15(3), 274-284
  • Johan, Sofia; Cumming, Douglas; Zhang, Yelin. (2019). Public Policy Towards Entrepreneurial Finance: Spillovers and the Scale-Up Gap, Oxford Review of Economic Policy, 34, 652-675
  • Cumming, Douglas; Johan, Sofia; Pant, A.. (2019). Regulation of the Crypto-Economy: Managing Risks, Challenges, and Regulatory Uncertainty, Journal of Risk and Financial Management, 12(3), 126; https://doi.org/10.3390/jrfm12030126
  • Johan, Sofia; Liu, B.; Cao, J.; Leng, T.. (2019). The real effect of liquidity provision on entrepreneurial financing: evidence from a natural experiment in China, The European Journal of Finance, 25(6), 568-593; DOI: 10.1080/1351847X.2017.1307771
  • Cumming, Douglas; Johan, Sofia; Zhang, Y.. (2019). The Role of Due Diligence in Crowdfunding Platforms, Journal of Banking and Finance, 108, doi.org/10.1016/j.jbankfin.2019.105661
  • Cumming, Douglas; Johan, Sofia; Zhang, Y.. (2019). What is Mutual Fund Flow?, Journal of International Financial Markets, Institutions, and Money, 62, 222-251
  • Cumming, Douglas; Johan, Sofia; Zhang, Y.. (2018). Collaboration in Entrepreneurial Finance, Oxford Handbook of Collaboration in Entrepreneurship
  • Cumming, Douglas; Johan, Sofia; Peter, R.. (2018). Developments in Financial Institutions, Governance, Agency Costs, and Misconduct, Journal of International Financial Markets, Institutions and Money, 54, 1-24
  • Johan, Sofia; Guenther, Christina; Schwiezer, Denis. (2018). Is the Crowd Sensitive to Distance? Differences in Investment Decisions by Investor Types, Small Business Economics, 50(20), 289-305
  • Johan, Sofia; Cumming, Douglas. (2018). Law, Culture and Innovation, Asian Development Bank Institute
  • Cumming, Douglas; Johan, Sofia; Zhang, Y.. (2018). Public Policy Towards Entrepreneurial Finance: Spillovers and the Scale-up Gap, Oxford Review of Economic Policy, 34, 652-675
  • Cumming, Douglas; Johan, Sofia. (2018). The Oxford Handbook of IPOs, Oxford University Press, 773 pages
  • Chircop, J.; Johan, Sofia; Tarsalewska, M.. (2018). Common auditors and Cross Country Mergers, Journal of International Financial Markets, Institutions and Money, 54, 43-58
  • Cumming, Douglas; Johan, Sofia; Groh, A.. (2018). Same Rules, Different Enforcement: Market Abuse in Europe, Journal of International Financial Markets, Institutions & Money, 54, 130-151
  • Cumming, Douglas; Johan, Sofia; MacIntosh, J.. (2017). A Drop in an Empty Pond? Canadian Public Policy towards Venture Capital, Journal of Industrial and Business Economics, 44, 103-117
  • Cumming, Douglas; Johan, Sofia; Schwiezer, D.. (2017). Information Systems, Agency Problems, and Fraud, Information Systems Frontiers, 19, 421-424
  • Cumming, Douglas; Dai, N.; Johan, Sofia. (2017). The Structure of Hedge Funds, Oxford University Press(Chapter 5)
  • Cumming, Douglas; Johan, Sofia. (2017). The Problems with and Promise of Entrepreneurial Finance, Strategic Entrepreneurship Journal, 11(3), 350-370
  • Guenther, C.; Johan, Sofia; Schwiezer, D.. (2017). Is the Crowd Sensitive to Distance? Differences in Investment Decisions by Investor Types, Small Business Economics, 50(1), 1-17
  • Johan, Sofia; Zhang, M.. (2016). Private Equity Exits in Emerging Markets, Emerging Markets Review, 29, 133-153
  • Cumming, Douglas; Johan, Sofia. (2016). Crowdfunding and Entrepreneurial Internationalization, The World Scientific Publishers(Chapter 5)
  • Bao, X.; Johan, Sofia; Kutsuna, K.. (2016). Do Political Connections Matter in Accessing Capital Markets? Evidence from China, Emerging Markets Review, 29, 24-41
  • Hain, D.; Johan, Sofia; Wang, D.. (2016). Determinants of Cross-Border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust, Journal of Business Ethics, 138(4), 743-764
  • Chen, J.; Ding, R.; Johan, Sofia; Hou, W.. (2016). Do Financial Analysts Perform a Monitoring Role in China? Evidence from Modified Audit Opinions, Abacus, 52(3), 473-500
  • Wu, W.; Johan, Sofia; Rui, Oliver. (2016). Institutional Investors, Political Connections, and the Incidence of Regulatory Enforcement Against Corporate Fraud, Journal of Business Ethics, 134(4), 709-726
  • Helge Hab, Lars; Johan, Sofia; Schweizer, Denis. (2016). Is Corporate Governance in China Related to Performance Persistence?, Journal of Business Ethics, 134(4), 575-592
  • Helge Hab, L.; Johan, Sofia; Muller, M.. (2016). The Effectiveness of Public Enforcement: Evidence from the Resolution of Tunnelling in China, Journal of Business Ethics, 134(4), 649-668
  • Jacob, M.; Johan, Sofia; Schweizer, D.; Zhan, F.. (2016). Corporate Finance and the Governance Implications of Removing Government Support Programs, Journal of Banking and Finance, 63, 35-47
  • Cumming, Douglas; Johan, Sofia. (2016). Venture’s Economic Impact in Australia, Journal of Technology Transfer, 41(1), 25-59
  • Cumming, Douglas; Dai, N.; Johan, Sofia. (2015). Are hedge funds registered in Delaware different?, Journal of Corporate Finance, 35, 232-246
  • Cumming, Douglas; Johan, Sofia. (2015). Cameras Tracking Shoppers: The Economics of Retail Video Surveillance, Eurasian Business Review, 5(2), 235-257
  • Cumming, Douglas; Johan, Sofia. (2015). Crowdfunding and Entrepreneurial Internationalization, Palgrave MacMillan
  • Cumming, Douglas; Dannhauser, R.; Johan, Sofia. (2015). Financial market misconduct and agency conflicts: A synthesis and future directions, Journal of Corporate Finance, 34(C), 150-168
  • Cumming, Douglas; Dai, N.; Johan, Sofia. (2015). Hedge Fund Regulation and Governance, Oxford University Press, 549-581
  • Johan, Sofia; Wu, Z.. (2014). Does Quality of Lender-Borrower Relationship Affect Small Business’ Access to Debt? Evidence of Quality from Canada and Implications in China, International Review of Financial Analysis, 36, 206-211
  • Johan, Sofia; Schweizer, D.; Zhan, F.. (2014). The Changing Latitude: Labor‐Sponsored Venture Capital Corporations in Canada, Corporate Governance: An International Review, 22(2 (special issue)), 145-161
  • Cumming, Douglas; Johan, Sofia; Zhang, M.. (2014). The Economic Impact of Entrepreneurship: Comparing International Datasets, Corporate Governance: An International Review, 22(2 (special issue)), 162-178
  • Cumming, Douglas; Johan, Sofia. (2013). Demand Driven Securities Regulation: Evidence from Crowdfunding, Venture Capital: An International Journal of Entrepreneurial Finance, 15(4), 361-379
  • Cumming, Douglas; Dai, N.; Johan, Sofia. (2013). Hedge Fund Structure, Regulation and Performance around the World, Oxford University Press, 300 pages
  • Cumming, Douglas; Johan, Sofia. (2013). Listing Standards and Fraud, Managerial and Decision Economics, 34(7-8), 451-470
  • Cumming, Douglas; Johan, Sofia. (2013). Technology Parks and Entrepreneurial Outcomes around the World, International Journal of Managerial Finance, 9(4), 279-293
  • Cumming, Douglas; Johan, Sofia; Dai, N.. (2013). The Impact of Hedge Fund Regulation: An International Perspective, World Financial Review, May-June, 17-20
  • Cumming, Douglas; Fleming, G.; Johan, Sofia; Najar, D.. (2013). The Impact of Law and Corruption on Venture Capital and Private Equity Fees and Returns, World Financial Review, Sept-Oct, 65-68
  • Cumming, Douglas; Johan, Sofia. (2013). Venture Capital and Private Equity Contracting: An International Perspective, Elsevier Science Academic Press(2nd edition), 756 pages
  • Johan, Sofia; Knill, A.; Mauck, N.. (2013). Determinants of Sovereign Wealth Fund Investment in Private Equity, Journal of International Business Studies, 44(2), 155-172
  • Cumming, Douglas; Johan, Sofia. (2012). Is Venture Capital in Crisis?, World Financial Review, 69-72
  • Cumming, Douglas; Johan, Sofia; Li, D.. (2011). Exchange Trading Rules and Stock Market Liquidity, Journal of Financial Economics, 99(3), 651-671
  • Cumming, Douglas; Fleming, G.; Johan, Sofia. (2011). Institutional Investment in Listed Private Equity, European Financial Management, 17(3), 594-618
  • Cumming, Douglas; Fleming, G.; Johan, Sofia; Takeuchi, M.. (2010). Legal Protection, Corruption, and Private Equity Returns in Asia, Journal of Business Ethics, 95(2), 173-193
  • Cumming, Douglas; Johan, Sofia. (2010). Phasing out an Inefficient Venture Capital Tax Credit, Journal of Industry, Competition and Trade, 10, 227-252
  • Cumming, Douglas; Johan, Sofia. (2010). The Differential Impact of the Internet on Regional Entrepreneurship?, Entrepreneurship Theory and Practice, 34, 857-883
  • Najar, D.; Johan, Sofia. (2010). The Role of Law, Corruption and Culture in Investment Fund Manager Fees, Journal of Business Ethics, 95(2), 147-172
  • Johan, Sofia. (2010). Listing Standards as a Signal of IPO Preparedness and Quality, Journal of Small Business Management, 30(2), 128-144
  • Cumming, Douglas; Johan, Sofia. (2010). Venture Capital Invesetment Duration, Journal of Small Business Management, 48(2), 228-257
  • Cumming, Douglas; Johan, Sofia. (2009). Venture Capital and Private Equity Contracting: An International Perspective, Elsevier Science Academic Press, 778 pages
  • Cumming, Douglas; Johan, Sofia. (2009). Legality and Fund Manager Compensation, Venture Capital: An International Journal of Entrepreneurial Finance, 1(1), 23-54
  • Cumming, Douglas; Johan, Sofia. (2009). Pre Seed Government Venture Capital Funds, Journal of International Entrepreneurship, 7, 26-56
  • Cumming, Douglas; Johan, Sofia. (2008). Global Market Surveillance, American Law and Economics Review, 10, 454-506
  • Cumming, Douglas; Johan, Sofia. (2008). Hedge Fund Forum Shopping, University of Pennsylvania Journal of Business Law, 10(4), 783-831
  • Cumming, Douglas; Johan, Sofia. (2008). Hedge Fund Strategies and Regulation, Banking and Financial Services Policy Report, 27(7), 1-15
  • Cumming, Douglas; Johan, Sofia. (2008). Information Asymmetries, Agency Costs and Venture Capital Exit Outcomes, Venture Capital: An International Journal of Entrepreneurial Finance, 10, 197-231
  • Cumming, Douglas; Johan, Sofia. (2008). Preplanned Exit Strategies in Venture Capital, European Economic Review, 52, 1209-1241
  • Cumming, Douglas; Johan, Sofia. (2007). Advice and Monitoring in Venture Capital Finance, Financial Markets and Portfolio Management, 21, 3-43
  • Cumming, Douglas; Johan, Sofia. (2007). Is it the Law or the Lawyers? Investment Convenants around the World, European Financial Management, 12, 535-574
  • Cumming, Douglas; Johan, Sofia. (2007). Regulatory Harmonization and the Development of Private Equity Markets, Journal of Banking and Finance, 31, 3218-3250
  • Cumming, Douglas; Johan, Sofia. (2007). Socially Responsible Institutional Investment in Private Equity, Journal of Business Ethics, 75, 395-416
  • Cumming, Douglas; Johan, Sofia. (2006). Provincial Preferences in Private Equity, Financial Markets and Portfolio Management, 20, 369-398
  • MoreLess
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