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| “The Name of the Law”:Judicial Independence Promote and Corporate Violations |
| CAO Chunfang, CHEN Lulan, ZHANG Tingting
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| School of Accounting, Southwestern University of Finance and Economics |
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Abstract The geographical rotation of chief justices of Higher People’s Court in 2008 as a natural experiment of judicial independence promote, this paper investigates the net effect of judicial independence on strength and the credibility of law enforcement in listed companies of China. We found that:(1) the judicial independence not only significantly increases the probability of identifying and prosecuting securities unlawful actions of companies, but also enhances the negative market reaction to companies when the violations are disclosed, (2)compared with private enterprises, these effects are more significant in state-controlled firms which are protected by local judicature; and (3) the effects are more significant in companies listed in a better legal environment than companies listed in a poor legal environment. (4) The effect of independence of judicial is reflected in strength and the credibility of law enforcement, and its deterrent effect reduces the firm's tunneling related party transactions. Finally, this paper shows that judicial independence promote the protection of investors by influencing regulators, investors and companies, enriching and developing the literature about economic consequences of judicial independence around the world.
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Received: 02 November 2014
Published: 18 January 2018
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