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| Anti-corruption,Firm Performance and Channel Effects:Based on Anti-corruption Campaign of 18th CPC National Congress |
| ZHONG Qinlin, LU Zhengfei, YUAN Chun
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Guanghua School of Management,Peking University;
School of Accountancy,Central University of Finance and Economics |
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Abstract Employing the convening of 18th CPC National Congress and business entertainment expenses, we can detect the corruption level based on the changes due to anti-corruption after controlling related factors. Considering the endogeneity, we utilize market reaction model and difference-in-differences model in order to systematically explore the effects of anti-corruption on microeconomic units. We find that Anti-corruption can win more positive market reaction for corruption firms; Then, Anti-corruption can promote firm performance, especially for firms located in region with severe government intervention; finally, we find some channels through which anti-corruption imposes influences on microeconomic firms: accelerate asset turnover, curtail business cycle, optimize investment efficiency and stimulate productivity. Our work provides micro-level evidence for the implementation effects of anti-corruption and systematically confirms the negative economic effects of corruption, which will provide solid theoretical basis for anti-corruption campaign.
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Received: 20 October 2015
Published: 11 April 2018
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