Does legal protection affect firm value? Evidence from China's stock market

被引：1
|
作者：
Xu, Rong [1 ,2 ]
Xu, Xingmei [3 ]
Zhang, Junyan [1 ,2 ]
Li, Conggang [3 ]
机构：
[1] Renmin Univ China, Sch Finance, Beijing, Peoples R China
[2] Renmin Univ China, Financial Policy Res Ctr, Beijing, Peoples R China
[3] Renmin Univ China, Int Coll, Suzhou, Peoples R China
来源：
ACCOUNTING AND FINANCE | 2021年 / 61卷 / 01期
关键词：
Misrepresentation; Administrative penalty; Administrative supervision; Civil litigation;
D O I：
10.1111/acfi.12555
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the question of whether firms derive value in areas with higher legal protection by studying how the difference among regional legal protection levels affects capital market reactions to firms receiving administrative penalty in China. The results show that the level of legal protection has a positive effect on the market reaction to administrative penalty announcements, and the effect is attenuated by non-state ownership. Furthermore, we find evidence of higher efficiency of law enforcement in regions with higher level of legal protection.
引用
收藏
页码：51 / 70
页数：20
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