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

被引：77

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

页码：292 / 296

页数：5

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