Punish One, Teach a Hundred: The Sobering Effect of Peer Punishment on the Unpunished

• 成果类型: Article
• 署名作者: D'acunto, Francesco; Weber, Michael; Xie, Tin
• 署名单位: Georgetown University; Purdue University System; Purdue University; National Bureau of Economic Research; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2023.03309
• 发表日期: 2026
• 关键词: cultural finance; information transmission; peer effects; reputational sanctions; corporate governance

摘要

Direct experience of a peer's punishment might have a sobering effect above and beyond deterrence (information about punishments). We test this mechanism in China, studying the reactions to listed state-owned enterprises' (SOEs) punishments for fraudulent loan guarantees by firms in the same location (peers) and nonpeer firms across SOEs and non-SOEs. After experiencing SOEs' punishments, peer SOEs cut their loan guarantees by more than nonpeer SOEs and peer non-SOEs even if information and local economic shocks are common to all firms. The reaction is stronger for peer SOEs whose CEOs have higher career concerns and/or face lower costs of reducing loan guarantees.