Is the Chinese Anticorruption Campaign Authentic? Evidence from Corporate Investigations

• 成果类型: Article
• 署名作者: Griffin, John M.; Liu, Clark; Shu, Tao
• 署名单位: University of Texas System; University of Texas Austin; Tsinghua University; The Chinese University of Hong Kong, Shenzhen
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2021.4181
• 发表日期: 2022
• 页码: 7248-7273
• 关键词: china; anticorruption campaign; corporate governance; political connections; corporate corruption

摘要

This paper examines whether the massive Chinese anticorruption campaign ensnares corrupt firms, contains a political component, and reduces corporate corruption. Consistent with the campaign's stated objectives, investigated executives are more likely to come from Chinese firms with characteristics commonly associated with measures of poor governance, self-dealing, and inefficiencies. However, affiliations with prominent investigated political leaders increase investigation likelihood, while university affiliations with current central leadership decrease investigation likelihood, possibly indicating political partiality. Except for reported entertainment expenditures and chief executive officer pay, there has been little evidence of a substantial overall decrease in measures of potential corporate corruption.