Does anti-corruption campaign promote corporate R&D investment? Evidence from China

被引：63
|
作者：
Gan Weiyu [1 ]
Xu Xixiong [2 ]
机构：
[1] Southwest Univ Polit Sci & Law, Sch Business, Chongqing 401120, Peoples R China
[2] Chongqing Univ, Sch Econ & Business Adm, Chongqing 400030, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2019年 / 30卷
关键词：
Anti-corruption; Corporate innovation; Relation-orientated strategy; R&D investment;
D O I：
10.1016/j.frl.2018.10.012
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigate the impact of China's anti-corruption campaign on corporate innovation. Our. empirical results corroborate a significant positive association between anti-corruption intensity and firm's R&D expenditures, which indicate that firms headquartered in provinces with stronger anti-corruption efforts, are less likely to choose relation-orientated strategy, and thus invest more in R&D activities. In addition, compared with SOEs, the positive effect of anti-corruption on R&D spending is more pronounced for Non-SOEs. This paper provides insights for understanding the impact of corrupt environment on firm performance and its underlying path.
引用
收藏
页码：292 / 296
页数：5
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