厦门大学会计学科教师与研究生系列Seminar"之十

题     The Effectiveness of China’s Anti-Corruption Campaign: Firm-level  Evidence

报告人:罗进辉  副教授


主持人:张国清  教授  

    间:2017年5月23(星期二)15:00-17:30

    点:厦门大学嘉庚409

摘  要: Since 2012, China has launched an intensive and extensive  anti_corruption campaign to combat against the party and government officials’  corruption. In this study,  we investigate the  spillover effect of the campaign on curbing corporate corruption in China. Using  firm_level data from 4,899 observations of Chinese listed firms between  2011 and 2014, we find  that corporate corruption, as measured by entertainment and travel costs (ETC),  significantly reduces after the campaign, and this reduction effect is  more pronounced for  alleged firms experiencing more serious corruption, i.e., for state_owned  enterprises (SOEs), firms in monopoly industries, and firms in less developed  regions. In addition,  we further find that the anti_corruption campaign is disincentive for short_term  operation performance (ROA) but is beneficial to long_term market value  (Tobin’s Q),  indicating that the net economic effect of the anti_corruption campaign on firms is positive. Meanwhile, the  value relevance of corporate corruption is found to be  negative, which  justifies the necessity of the campaign. Our results are robust to the change  model and the Heckman selection model, and have meaningful implications  for policymakers and  firms in China in particular and in other economies in  general.