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China's Anti‐Corruption Campaign and Financial Reporting Quality†

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  • Ole‐Kristian Hope
  • Heng Yue
  • Qinlin Zhong

Abstract

We examine the impact of China's anti‐corruption campaign on firm‐level financial reporting quality (FRQ). As an important component of the anti‐corruption campaign, in October 2013, “Rule 18” was issued to prohibit party and government officials from serving as directors for publicly listed firms. The regulation led to a large number of official directors resigning from their roles as directors involuntarily. As such, Rule 18 has effectively weakened, if not fully discontinued, the political connections of the firms that previously hired officials as directors. Our empirical analyses employ a difference‐in‐differences research design with firm fixed effects and propensity‐score matching to examine the pre‐ and post‐period FRQ around the enactment of Rule 18. We find that, compared to propensity‐score‐matched control firms, FRQ of firms with resigned official directors increases after Rule 18. Further evidence suggests that the impact is stronger when firms are located in regions with more developed financial markets and in regions with higher judiciary efficiency. We also find that the effect is more pronounced when firms are non‐state‐owned, received preferential credits, and face refinancing pressure. Campagne anti‐corruption de la Chine et qualité de l'information financière Les auteurs s'intéressent à l'incidence de la campagne anti‐corruption de la Chine sur la qualité de l'information financière (QIF) à l’échelon des entreprises. Le « règlement 18 » adopté en octobre 2013, élément important de cette campagne, a été instauré pour empêcher les représentants du parti et du gouvernement d'occuper les fonctions d'administrateurs au sein des sociétés cotées. L'application de ce règlement s'est soldée par la démission forcée d'un grand nombre d'administrateurs représentants, ce qui a bel et bien affaibli, voire totalement rompu, les liens politiques des sociétés qui affectaient auparavant des représentants aux postes d'administrateurs. Dans leurs analyses empiriques, les auteurs ont recours à un plan de recherche d’écart dans les différences, avec effets fixes d'entreprise et appariement des coefficients de propension, pour étudier la QIF des périodes antérieure et postérieure à l'adoption du règlement 18. Ils constatent que la QIF des sociétés dont les administrateurs représentants ont démissionné, par rapport à celle des sociétés de contrôle appariées en fonction du coefficient de propension, croît après l'adoption du règlement 18. L'analyse de données supplémentaires semble indiquer que l'incidence de la campagne à cet égard s'accentue dans le cas de sociétés établies dans des régions où les marchés financiers sont davantage développés et dans celles où l'efficience de l'appareil judiciaire est supérieure. Les auteurs observent également que l'incidence est plus marquée lorsque les sociétés n'appartiennent pas à l’État, qu'elles ont bénéficié de crédits préférentiels et qu'elles font l'objet de pressions visant leur refinancement.

Suggested Citation

  • Ole‐Kristian Hope & Heng Yue & Qinlin Zhong, 2020. "China's Anti‐Corruption Campaign and Financial Reporting Quality†," Contemporary Accounting Research, John Wiley & Sons, vol. 37(2), pages 1015-1043, June.
  • Handle: RePEc:wly:coacre:v:37:y:2020:i:2:p:1015-1043
    DOI: 10.1111/1911-3846.12557
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