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Public Governance and Corporate Fraud: Evidence from the Recent Anti-corruption Campaign in China

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  • Jian Zhang

    (Southwestern University of Finance and Economics)

Abstract

Taking advantage of the China’s recent anti-corruption campaign, we attempt to examine the effect of public governance on a firm’s incentive to commit fraud. Using enforcement actions data from the Chinese Securities Regulatory Commission (CSRC) from 2004 to 2014, we find that, due to enhanced public governance, firms are less likely to commit fraud in the post-campaign period than in the pre-campaign period. We further show that the effect of public governance is more evident in privately held listed firms, in firms with weak legal environment, and in firms in areas with poor local economies. In addition, we find that older CEOs respond less actively to the public governance caused by anti-corruption regulations. This paper offers clear policy implications for business ethics by indicating that public governance provides external monitoring of corporate decisions.

Suggested Citation

  • Jian Zhang, 2018. "Public Governance and Corporate Fraud: Evidence from the Recent Anti-corruption Campaign in China," Journal of Business Ethics, Springer, vol. 148(2), pages 375-396, March.
    • Handle: RePEc:kap:jbuset:v:148:y:2018:i:2:d:10.1007_s10551-016-3025-x
    DOI: 10.1007/s10551-016-3025-x
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    More about this item

    Keywords

    Corporate fraud; Anti-corruption; Chinese government; Public governance;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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