Anti-corruption and corporate investment: Evidence from financial disclosure laws

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2025-03-19 DOI:10.1016/j.jcorpfin.2025.102769

Wendi Huang , Ye Peng

引用次数: 0

Abstract

We investigate the impact of anti-corruption regulations on corporate investment by leveraging the implementation of global financial disclosure laws. Our findings reveal that, subsequent to the adoption of these laws, there is a reduction in the rate of corporate investment, alongside an enhancement in investment efficiency. This suggests that anti-corruption policies serve to curb firms’ excessive investment, which is often fueled by government subsidies in corrupt environments. Our analysis provides valuable insights into the advantages of anti-corruption laws and carries significant policy implications.

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反腐败与企业投资：来自财务披露法的证据

我们利用全球财务披露法的实施来考察反腐败法规对企业投资的影响。我们的研究结果表明，在采用这些法律之后，企业投资率有所下降，同时投资效率也有所提高。这表明，反腐败政策有助于抑制企业的过度投资，而企业的过度投资往往是由腐败环境中的政府补贴推动的。我们的分析为反腐败法律的优势提供了有价值的见解，并具有重要的政策含义。

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

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.