Fiscal monitoring and corporate investment

IF 2.2 3区管理学 Q2 BUSINESS, FINANCE Journal of Business Finance & Accounting Pub Date : 2023-09-11 DOI:10.1111/jbfa.12714

Lucas Knust, David Oesch

引用次数: 0

Abstract

Does state fiscal monitoring of local governments impact firms? Exploiting the staggered adoption of state fiscal monitoring policies, our results show that state fiscal monitoring of local governments increases corporate investment. Affected firms increase their investment by increasing capital expenditures as well as research and development expenditures. Additional analyses reveal that firms fund this increase in investment by decreasing share repurchases and issuing debt. We also provide evidence that the increase in corporate investment is driven by a reduction in local corruption.

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财政监督和企业投资

国家对地方政府的财政监督对企业有影响吗？利用国家财政监督政策的交错采用，我们的结果表明，国家对地方政府的财政监督会增加企业投资。受影响的企业通过增加资本支出以及研发支出来增加投资。其他分析表明，企业通过减少股票回购和发行债务来为投资增长提供资金。我们还提供证据表明，企业投资的增加是由地方腐败的减少所驱动的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Finance & Accounting BUSINESS, FINANCE-

CiteScore

4.40

自引率

17.20%

发文量

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