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The impact of antitrust administrative penalties on innovation activities in FinTech firms: Suppressive or promotional?

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  • He, Sheng
  • Pei, Xianpeng

Abstract

Drawing on panel data of Chinese A-share FinTech firms from 2006 to 2023, this study arrives at the following key conclusions: antitrust administrative penalties exert a promotional effect on firms' innovation activities; market competition plays a mediating role between antitrust administrative penalties and firms' innovation activities; firm size moderates the relationship between antitrust administrative penalties and innovation activities; there is heterogeneity in the impact of antitrust penalties on innovation between firms receiving standard (unqualified) audit opinions and those that do not; there is also heterogeneity between firms with high levels of controlling shareholders' fund appropriation and those with low levels. The findings provide important theoretical support for policymakers.

Suggested Citation

  • He, Sheng & Pei, Xianpeng, 2026. "The impact of antitrust administrative penalties on innovation activities in FinTech firms: Suppressive or promotional?," Finance Research Letters, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:finlet:v:89:y:2026:i:c:s1544612325025188
    DOI: 10.1016/j.frl.2025.109269
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