We provide a novel empirical finding that the recent anti-corruption investigations in China are associated with credit … political connection channel, through which the anti-corruption campaign leads to improved credit reallocation …

This paper examines how political corruption affects M&A activities. By exploiting the public enforcement of the anti-corruption … campaign across different regions in China, we find in a difference-in-difference (DID) setting that the reduction in … corruption increases cross-region takeover activities by 40% and deal volume more than doubles. Further analysis reveals that the …

This paper investigates the impacts of board's corruption culture on the financing costs of firms. Evidence shows that … corruption culture in their boards. The results are robust to controlling for the endogenous matching between firms and boards … using a variety of econometric techniques. We further document that the effect of the board's corruption becomes stronger …

officials' corruption investigations, we find that, on average, investors do not realize that officials under investigation are …

Purpose The paper investigates the effect of corruption on corporate investment efficiency around the world. Design …/methodology/approach The sample includes 218,350 observations from 30,074 firms across 42 countries. The authors measure corruption based on … the Corruption Perception Index (CPI) from Transparency International, Corruption Control Index (CCI) from the World Bank …

Using political corruption conviction data from the U.S. Department of Justice, we examine the impact of local … corruption on firms’ debt maturity structure while exploring both demand-side and supply-side explanations. Our results support … the demand-side story and indicate that firms located in high corruption areas utilize less short-term debt to mitigate …

corporate positions. Exploiting China’s anti-corruption campaign launched in 2012 as an exogenous shock and adopting a novel … more pronounced in cities with a higher intensity of anti-corruption investigations and cities with less severe gender …

This paper investigates the intra-industry spillover effects of corporate scandals in China. Using corporate scandal …