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How does corporate unethical behavior affect corporate performance?

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  • Xu, Ying
  • Zhang, Mengliu
  • Zhang, Huansen
  • Liu, Lili

Abstract

This paper uses data from Chinese listed companies from 2007 to 2022 as an empirical sample to conduct an in-depth and systematic investigation of the relationship between corporate unethical behavior, media sentiment, and corporate performance. Through rigorous empirical analysis, the study finds a significant negative correlation between corporate unethical behavior and corporate performance; media sentiment plays a mediating role in the relationship between corporate unethical behavior and corporate performance, with this mediating effect exhibiting notable heterogeneity between high-tech and non-high-tech enterprises. The quality of corporate information plays a crucial moderating role in the relationship between corporate unethical behavior and corporate performance. The negative correlation between corporate unethical behavior and corporate performance shows significant heterogeneity between loss-making and profit-making enterprises.

Suggested Citation

  • Xu, Ying & Zhang, Mengliu & Zhang, Huansen & Liu, Lili, 2025. "How does corporate unethical behavior affect corporate performance?," International Review of Economics & Finance, Elsevier, vol. 103(C).
    • Handle: RePEc:eee:reveco:v:103:y:2025:i:c:s1059056025005398
    DOI: 10.1016/j.iref.2025.104376
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