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

被引：3
|
作者：
He, Chao [1 ]
Kryzanowski, Lawrence [2 ]
机构：
[1] Concordia Univ, John Molson Sch Business, Dept Finance, Montreal, PQ H3G 1M8, Canada
[2] Concordia Univ, John Molson Sch Business, Montreal, PQ H3G 1M8, Canada
来源：
BRITISH ACCOUNTING REVIEW | 2024年 / 56卷 / 05期
关键词：
Politically connected funds and holdings; Fund management company ownership; Work experience in political entities; Anti-corruption campaign; Market fairness; ANTI-CORRUPTION; INNOVATION EVIDENCE; GOVERNANCE; PERFORMANCE; OWNERSHIP; COMPANIES; MATTER; BIAS;
D O I：
10.1016/j.bar.2023.101300
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
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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页数：21
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