Corruption Culture and Accounting Quality
Corruption Culture and Accounting Quality
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DOI：
10.2139/ssrn.3490343
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发表时间：
2019-09
期刊：
影响因子：
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通讯作者：
Yunsen Chen;Limei Che;Dengjin Zheng;Hong You
中科院分区：
文献类型：
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作者：
Yunsen Chen;Limei Che;Dengjin Zheng;Hong You
摘要本文研究了腐败文化对中国市级上市公司会计质量的影响。我们认为，有（没有）腐败高层官员的城市腐败文化高（低）。为了隔离腐败文化的影响，我们使用逮捕腐败官员（事件）来捕捉当地腐败文化的变化，并应用差中差法来比较在腐败官员管辖范围内运营的公司在事件发生前后与控制公司的AQ。研究发现，腐败事件发生后，贪官关联企业的心理素质更高，对安慰剂检验、时间趋势分析和各种稳健性检验均具有稳健性。我们通过显示与更强大的官员有联系的公司以及与腐败官员有更强联系的公司来补充文献，从而表明AQ的增长更大。而且，2012年后对会计质量的正向影响更强。此外，我们的文件，企业改善AQ事件后发行更多的seo和更低的资本成本。最后，对公司用来改善AQ的渠道的分析表明，公司转向更高质量的审计师，有更好的内部控制，并发布更多的管理预测。这项研究对腐败国家的政策制定者具有启示意义。
Abstract This paper examines the impact of corruption culture on accounting quality (AQ) of listed firms at the municipal level in China. We consider municipalities with (without) corrupt top government officials as having high (low) corruption culture. To isolate the effect of corruption culture, we use the arrest of corrupt officials (the events) to capture the change in local corruption culture, and apply the difference-in-difference method to compare AQ of firms operating in the jurisdictions of corrupt officials pre and post the events, compared to control firms. We find that AQ of firms affiliated with corrupt officials is higher after the events, which is robust to the placebo test, time-trend analysis, and various robustness tests. We complement the literature by showing that the increase in AQ is greater for firms associated with more powerful officials and having stronger connections with corrupt officials. Moreover, the positive effect on accounting quality is stronger in the post-2012 period. Further, we document that firms improving AQ after the events issue more SEOs and have lower cost of capital. Finally, analyses on channels firms used to improve AQ show that firms switch to higher quality auditors, have better internal control, and issue more management forecasts. This study has implications for policymakers in countries that suffer from corruption.