subsidy awards and depressed the influence of their corruption-related expenditures. We also examine the impact of these … changes: subsidies became significantly positively associated with future innovation after the anti-corruption campaign and …

, we find that the anti-corruption campaign that began in 2012 and the departures of local government officials responsible … subsidy awards and depressed the influence of their corruption-related expenditures. We also examine the impact of these … changes: subsidies became significantly positively associated with future innovation after the anti-corruption campaign and …

A bulk of extant literature suggests that corruption impedes innovation. However, we document the opposite evidence in … China—corruption in the form of greasing money enhances corporate innovation outcomes. Our identification strategy exploits … China’s anti-corruption campaign as a shock to corruption. Using a difference-in-differences model, we find that corrupt …

subsidy awards and depressed the influence of their corruption-related expenditures. We also examine the impact of these … changes: subsidies became significantly positively associated with future innovation after the anti-corruption campaign and …