|
|
|
| Anti-corruption and Chinese Corporate Governance: A Quasi-Natural Experiment |
| WANG Maobin, KONG Dongmin
|
University of International Business and Economics;
Zhongnan University of Economics and Law |
|
|
|
|
Abstract Using China's 18th Party Congress as an exogenous policy impact event, we study the effects of anti-corruption on firm behaviors. We find that after China's 18th Party Congress, compared with listed firms in China's cities with lower corruption incidence, those firms in cities with higher corruption incidence have a significantly increased executive pay-performance and meanwhile the value of their cash holdings increases significantly. We also find that listed firms in China's cities with higher corruption incidence see their financial statement regularities make better and decrease earnings management after China's 18th Party Congress. The further analysis shows that accounting quality improvement effects of the anti-corruption movement mainly occur in non-state firms, but improvement in executive pay-performance sensitivity mainly comes from state owned firms. Our study provides evidence for the negative effect of corruption on corporate governance, executive incentive and shareholder value.
|
|
Received: 20 March 2016
Published: 01 January 1900
|
|
|
|
|
| [1] |
陈冬华、陈信元和万华林,2005,《国有企业中的薪酬管制与在职消费》,《经济研究》第2期,第92~101页。
|
| [2] |
陈胜蓝和卢锐,2012,《股权分置改革、盈余管理与高管薪酬业绩敏感性》,《金融研究》第10期,第180~192页。
|
| [3] |
陆正飞和韩非池, 2013,《宏观经济政策如何影响公司现金持有的经济效应—基于产品市场和资本市场两重角度的研究》,《管理世界》第6期,第43~60页。
|
| [4] |
习近平, 2015,《习近平关于党风廉政建设和反腐败斗争论述摘编》,中央文献出版社和中国方正出版社。
|
| [5] |
杨兴全和张照南,2008,《制度背景,股权性质与公司持有现金价值》,《经济研究》第12期,第111~123页。
|
| [6] |
Ahern, K.R., and A., Dittmar, 2012. “The Changing of the Boards: The Impact on Firm Valuation of Mandated Female Board Representation,” Quarterly Journal of Economics, 127(1), 137~197.
|
| [7] |
Amiram, D., Z., Bozanic and E., Rouen, 2015. “Financial Statement Errors: Evidence from the Distributional Properties of Financial Statement Numbers,” Review of Accounting Studies, 20(4), 1540~1593.
|
| [8] |
Cai, H., H., Fang and L.C., Xu, 2011. “Eat, Drink, Firms and Government: An Investigation of Corruption from the Entertainment and Travel Costs of Chinese Firms,” Journal of Law and Economics, 54(1), 55~78.
|
| [9] |
Dittmara, A., and J., Mahrt-Smith, 2007. “Corporate Governance and the Value of Cash Holdings,” Journal of Financial Economics, 83, 599~634.
|
| [10] |
Economist, 2014, “No ordinary Zhou,” The Economist, 8.
|
| [11] |
Gompers, P., J. Ishii, and A. Metrick, 2003. “Corporate Governance and Equity Prices,” Quarterly Journal of Economics, 118, 107~155.
|
| [12] |
Kothari, S., A., Leone and C., Wasley, 2005. “Performance Matched Discretionary Accrual Measures,” Journal of Accounting and Economics, 39, 163~197.
|
| [13] |
La Porta, R., F., Lopez de Silanes, A., Shleifer and R., Vishny, 1998. “Law and Finance”, Journal of Political Economy, 6, 1113~1155.
|
| [14] |
La Porta, R. F., Lopez de Silanes, A., Shleifer and R., Vishny, 2000. “Investor Protection and Corporate Governance,” Journal of Financial Economics, 58, 3~27.
|
| [15] |
Lui, F.T., 1985. “An Equilibrium Queuing Model of Bribery”, Journal of Political Economy, 93, 760~781.
|
| [16] |
Mironov, M., 2015. “Should One Hire A Corrupt CEO in A Corrupt Country?” Journal of Financial Economics, 117(1), 29~42.
|
| [17] |
Oster, S., 2014. “President Xi’s Anti-Corruption Campaign Biggest Since Mao.” Bloomberg, 3 2014.
|
| [18] |
World Bank, 2000. “The Anti-corruption in Transition: A Contribution to the Policy Debate,” Washington, DC.
|
| [19] |
World Bank, 2006. “China Governance, Investment Climate, and Harmonious Society: Competitiveness Enhancements for 120 Cities in China,” Report No. 37759~CN.
|
| [20] |
Wu, X., 2005. “Corporate Governance and Corruption: A Cross-Country Analysis,” Governance: An International Journal of Policy, Administration and Institutions, 18, 151~170.
|
|
|
|
