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Value of corruption in China: Evidence from anti-corruption investigation
- Kim, Daniel S.;
- Li, Yun;
- Tarzia, Domenico
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Using recent anti-corruption investigation in China, we show that Chinese listed firms suffered an aggregate loss of USD 30 billion in firm value due to corruption. Furthermore, we show that anti-corruption investigation is more effective when top officials are targeted. (C) 2018 Elsevier B.V. All rights reserved.
키워드
Corruption; Anti-corruption investigation; Event study; POLITICALLY CONNECTED BOARDS; CAMPAIGN CONTRIBUTIONS; FIRM PERFORMANCE; FINANCE; GROWTH; MARKET
- 제목
- Value of corruption in China: Evidence from anti-corruption investigation
- 저자
- Kim, Daniel S.; Li, Yun; Tarzia, Domenico
- 발행일
- 2018-03
- 유형
- Article
- 권
- 164
- 페이지
- 112 ~ 116