财政监督和企业投资

IF 2.2 3区管理学 Q2 BUSINESS, FINANCE

Journal of Business Finance & Accounting Pub Date : 2023-09-11 DOI:10.1111/jbfa.12714

Lucas Knust, David Oesch

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引用次数: 0

摘要

国家对地方政府的财政监督对企业有影响吗？利用国家财政监督政策的交错采用，我们的结果表明，国家对地方政府的财政监督会增加企业投资。受影响的企业通过增加资本支出以及研发支出来增加投资。其他分析表明，企业通过减少股票回购和发行债务来为投资增长提供资金。我们还提供证据表明，企业投资的增加是由地方腐败的减少所驱动的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Fiscal monitoring and corporate investment

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Fiscal monitoring and corporate investment

Does state fiscal monitoring of local governments impact firms? Exploiting the staggered adoption of state fiscal monitoring policies, our results show that state fiscal monitoring of local governments increases corporate investment. Affected firms increase their investment by increasing capital expenditures as well as research and development expenditures. Additional analyses reveal that firms fund this increase in investment by decreasing share repurchases and issuing debt. We also provide evidence that the increase in corporate investment is driven by a reduction in local corruption.

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来源期刊

Journal of Business Finance & Accounting BUSINESS, FINANCE-

CiteScore

4.40

自引率

17.20%

发文量

期刊介绍： Journal of Business Finance and Accounting exists to publish high quality research papers in accounting, corporate finance, corporate governance and their interfaces. The interfaces are relevant in many areas such as financial reporting and communication, valuation, financial performance measurement and managerial reward and control structures. A feature of JBFA is that it recognises that informational problems are pervasive in financial markets and business organisations, and that accounting plays an important role in resolving such problems. JBFA welcomes both theoretical and empirical contributions. Nonetheless, theoretical papers should yield novel testable implications, and empirical papers should be theoretically well-motivated. The Editors view accounting and finance as being closely related to economics and, as a consequence, papers submitted will often have theoretical motivations that are grounded in economics. JBFA, however, also seeks papers that complement economics-based theorising with theoretical developments originating in other social science disciplines or traditions. While many papers in JBFA use econometric or related empirical methods, the Editors also welcome contributions that use other empirical research methods. Although the scope of JBFA is broad, it is not a suitable outlet for highly abstract mathematical papers, or empirical papers with inadequate theoretical motivation. Also, papers that study asset pricing, or the operations of financial markets, should have direct implications for one or more of preparers, regulators, users of financial statements, and corporate financial decision makers, or at least should have implications for the development of future research relevant to such users.