Does stock market liberalization restrain corporate misconduct: Evidence from research and development manipulation

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-08-28 DOI:10.1016/j.irfa.2025.104595

Zhida Zhang, Peiheng Ruan, Yuetang Wang

引用次数: 0

Abstract

This paper investigates the impact of stock market liberalization on corporate research and development (R&D) manipulation, using data from China's A-share listed firms between 2009 and 2023 and leveraging the Mainland–Hong Kong Stock Connect Program as a quasi-natural experiment. The results show that stock market liberalization significantly reduces firms' engagement in R&D manipulation. This mitigating effect appears to stem from reduced agency costs, improved information transparency, and heightened external monitoring. Cross-sectional analyses further reveal that the effect of liberalization varies depending on investor sentiment, analyst coverage, and industry characteristics. Overall, the study provides new insights into how stock market liberalization can help emerging markets address corporate misconduct.

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股票市场自由化是否能抑制企业不当行为：来自研发操纵的证据

本文利用2009年至2023年中国a股上市公司的数据，利用内地-香港股票通计划作为准自然实验，研究了股票市场自由化对企业研发操纵的影响。结果表明，股票市场自由化显著降低了企业参与研发操纵的程度。这种缓解效果似乎源于代理成本的降低、信息透明度的提高和外部监测的加强。横断面分析进一步揭示，自由化的影响取决于投资者情绪、分析师覆盖面和行业特征。总体而言，该研究为股票市场自由化如何帮助新兴市场解决企业不当行为提供了新的见解。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.