Political connections, corruption, and investment decisions of Chinese mutual funds

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review Pub Date : 2024-09-01 DOI:10.1016/j.bar.2023.101300

Chao He , Lawrence Kryzanowski

引用次数: 0

Abstract

We examine the impact of political connections on the investment decisions of Chinese mutual funds. We identify a direct link between mutual funds' political connections and stocks held from the same political network using hand-collected information on the professional backgrounds of Chinese mutual fund managers and fund management company (FMC) shareholders. While mutual funds tend to allocate more investments to stocks based on their political connections, this effect alleviates somewhat after the 2012 anti-corruption campaign. Our findings suggest that anti-corruption campaigns can help reduce the political effects of government-related agencies on fund holdings and contribute to better market fairness.

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政治关系、腐败与中国共同基金的投资决策

我们研究了政治关系对中国共同基金投资决策的影响。我们利用手工收集的中国共同基金经理和基金管理公司（FMC）股东的职业背景信息，发现共同基金的政治关系与持有来自同一政治网络的股票之间存在直接联系。尽管共同基金倾向于将更多投资分配到基于其政治关系的股票上，但这一效应在 2012 年反腐运动之后有所缓解。我们的研究结果表明，反腐运动有助于减少政府相关机构对基金持股的政治影响，并有助于提高市场公平性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

British Accounting Review BUSINESS, FINANCE-

CiteScore

8.60

自引率

3.90%

发文量

审稿时长

76 days

期刊介绍： The British Accounting Review*is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomed across a wide range of research methodologies (e.g. analytical, archival, experimental, survey and qualitative case methods) and topics (e.g. financial accounting, management accounting, finance and financial management, auditing, public sector accounting, social and environmental accounting; accounting education and accounting history), evidence from UK and non-UK sources are equally acceptable.