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Corporate fraud, risk avoidance, and housing investment in China

Author

Listed:
  • Niu, Geng
  • Yu, Li
  • Fan, Gang-Zhi
  • Zhang, Donghao

Abstract

This study investigates the impact of corporate fraud on household investment choices. We conjecture that by undermining trust in the financial and insurance market, corporate fraud behaviour would decrease households' investment in risky financial assets and increase investment in non-financial assets. Combining data on households' investment behaviour with information on fraudulent activities of listed companies in China, we find that households with more lifetime experience of corporate fraud invest less in stocks and are less likely to purchase private insurance. By contrast, fraud experience increases households' intention to invest in residential real estate. In addition, the impact of corporate fraud is stronger among individuals who pay more attention to economic information, among individuals who have more social interaction, and among individuals in better regulated regions. Furthermore, we find that different types of fraud have differentiated effects on household investment decisions. Our findings indicate that corporate misconduct could generate profound negative externalities on the whole financial system.

Suggested Citation

  • Niu, Geng & Yu, Li & Fan, Gang-Zhi & Zhang, Donghao, 2019. "Corporate fraud, risk avoidance, and housing investment in China," Emerging Markets Review, Elsevier, vol. 39(C), pages 18-33.
    • Handle: RePEc:eee:ememar:v:39:y:2019:i:c:p:18-33
    DOI: 10.1016/j.ememar.2019.03.003
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    More about this item

    Keywords

    Corporate fraud; Negative externality; Household finance; Housing investment; China;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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