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Anti-corruption campaign and capacity utilization of state-owned enterprises: Evidence from China’s central committee inspection

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  • Feng, Qianbin
  • Hu, Xiao
  • Deng, Xinyi
  • Lu, Jun

Abstract

Firms cannot utilize capacity probably rooted in factors beyond technical constraints, like corruption. This paper systematically investigates the causal effect of the anti-corruption campaign (ACUC) on corporate capacity utilization. Based on the financial data of China’s state-owned listed companies from 2007 to 2018, we calculate the firm-level capacity utilization rate and employ central committee inspection (CCI) as a quasi-natural experiment to come to the following findings. Firstly, we find that the anti-corruption campaign significantly increases the capacity utilization of SOEs by 10.4 percentage points, which remains robust across a set of robustness checks. Secondly, anti-corruption campaign affects corporate capacity utilization by diminishing agency cost, improving investment efficiency and promoting technological innovation. Thirdly, the positive policy effects are more pronounced for firms with a lower level of capacity utilization and weaker motivation for political promotion. Finally, we find the impact spillover through the supply chain, but only for suppliers to customers. And the multiple-treatment effects are insignificant. Our findings highlight the evidence of having an anti-corruption campaign for enhancing the operational efficiency and performance of SOEs and provide new views for emerging markets on how to supervise SOEs.

Suggested Citation

  • Feng, Qianbin & Hu, Xiao & Deng, Xinyi & Lu, Jun, 2023. "Anti-corruption campaign and capacity utilization of state-owned enterprises: Evidence from China’s central committee inspection," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 319-346.
    • Handle: RePEc:eee:ecanpo:v:80:y:2023:i:c:p:319-346
    DOI: 10.1016/j.eap.2023.08.010
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    Keywords

    Anti-corruption campaign; Corporate capacity utilization; Central committee inspection; Governance effect; Supply chain spillover;
    All these keywords.

    JEL classification:

    • D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production

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