Anti-corruption effects on the credit risk of local financing vehicles and the pricing of Chengtou bonds: Evidence from a quasi-natural experiment in China

Qian, Ningyu

doi:10.1016/j.frl.2018.01.001

Cited by 19 publications

(9 citation statements)

References 21 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…There is a requirement for risk assessment, but the standard does not provide instructions on how to implement this request under the terms of a specific organization. Several authors (Qian, ; Artaza & Galleguillos, ; Chen et al, ; Krishnamurti et al, ; Pulay & Lucza, ; Hnylytska, Ortynska, Blikhar, & Andienko, ; Shi & Wang, ; Luque & Herrero‐García, ; Costa & Mainardes, ; van der Wal et al, van Der Wal, Graycar, & Kym, ; Kim & Metaksa, ; Hansen, ; Schwartz & Tilling, ; Loughman & Sibery, ) attempted to create a risk assessment for the organization's needs, but such evaluations either did not include bribery or could not be applied in all organizations regardless of size, type of business activity, and so forth. Based on this research, it is obvious that some management systems have weaknesses of solving the problems they are aiming to solve.…”

Section: Literature Reviewmentioning

confidence: 99%

Mitigating bribery risks to strengthen the corporate social responsibility in accordance with the ISO 37001

Veselovská

Závadský

Závadská

2020

Corp Soc Responsibility Env

View full text Add to dashboard Cite

The main aim of this research is to develop an innovative Bribery Risk Index (BRI) to measure organization's level of bribery risk in accordance with the ISO 37001 to strengthen the corporate social responsibility and to verify it under the conditions of selected enterprises. The value of this paper is mainly in providing a possible tool to handle the problem of bribery that has not been successfully solved. The ISO 37001 provides general areas where bribery risks could originate in organization, but it does not provide a specific list of risk factors. It is up to companies to create such risk factors, and this paper provides a possible solution to this challenge by creating a complex list of bribery risk factors and incorporating them into one indicator—the BRI. As such, the proposed BRI is an original approach to assessing an organization's level of bribery risk. The results were achieved through four case studies. The first step was risk management application for bribery risk analysis according to ISO 37001. Findings were used to create a list of criteria with specific importance and consequently the creation of a BRI. The proposed index can also serve to compare organizations' levels of bribery risk regardless of their size and serve in bribery prevention because it identifies the areas in the enterprise where the risk of bribery can be significant and can affect the ability of the organization to perform its functions for its stakeholders.

show abstract

Section: Literature Reviewmentioning

confidence: 99%

Mitigating bribery risks to strengthen the corporate social responsibility in accordance with the ISO 37001

Veselovská

Závadský

Závadská

2020

Corp Soc Responsibility Env

View full text Add to dashboard Cite

show abstract

“…Following Qian (2018) and Chen et al (2021) , the bond yield spread can be measured by the difference between the corporate bond yield and government bond yield, which is given as follow:…”

Section: Methodsmentioning

confidence: 99%

Research on Bond Participants’ Emotion Reactions Toward the Internet News in China’s Bond Market

Zhang

Wang

2022

Front. Psychol.

View full text Add to dashboard Cite

The literature has widely studied the market response to the financial news or events but mainly focused on the stock market. This article associates the concept of internet news with the bond market response and attempts to examine how credit rating agencies (CRAs) and bond investors, two important bond participants, react to financial news on the internet with a range of multiply regressions. Our empirical study leads to several findings. First, CRAs tend to ignore the warnings of financial news on the internet, whereas bond investors strongly react to such news. Second, there is an asymmetry in bond investors’ reactions to good news compared to bad news, with investors being more sensitive to bad news. Third, there is heterogeneity in the psychological reaction where bond investors do not react to the news about central state-owned enterprises (SOEs) but to the news about other enterprises. Finally, there is an asymmetric response driven by news timeliness that bond investors are more sensitive to the latest news articles than old ones. Overall, our study confirms the existence of psychological reactions to the financial news on the internet in China’s bond market, which has significance for keeping bond market participants from overreacting or underreacting to market news.

show abstract

“…Several papers have examined the impact of the anti‐corruption campaign on micro issues other than firms. The campaign has alleviated the supporting role of corruption in financing of local SOEs (Qian 2018), and reduced bank loan loss provisions (Tao 2020). Shu and Cai (2017) find that the consumption of alcohol has declined significantly due to the ‘alcohol ban’, which is part of the anti‐corruption campaign.…”

Section: Research On Current Anti‐corruption Policy In Chinamentioning

confidence: 99%

“…Impact of anti-corruption on other economic issues Shu and Cai (2017) Alcohol ban positively contributes to the anticorruption campaign effect. Qian (2018) Corruption exists in financing activity for LFV (Local Financing Vehicles) before the anticorruption campaign. Nitschka (2018) The Chinese anti-corruption campaigns negatively affect the cash-flow of global luxury goods firms with high exposure to China.…”

Section: Authors Main Findingsmentioning

confidence: 99%

Corruption and anti‐corruption in China: a review and future research agenda

Tong

2021

Asian-Pac Economic Lit

View full text Add to dashboard Cite

This paper systematically reviews the literature on corruption and anticorruption in China with a view to identifying opportunities for future research. We find that the research on corruption in China covered in existing literature is relatively narrow and theoretically insufficient. Specifically, studies mainly examine the corruption in firms, certain micro fields, and political fields; by contrast, studies on corruption in macro fields are scarce. In addition, extant studies on anti-corruption in China largely centre on examining the impact of the current anti-corruption campaign on firms, while analysis on the effects of anti-corruption policy actions by the Chinese government is inadequate.

show abstract

Anti-corruption effects on the credit risk of local financing vehicles and the pricing of Chengtou bonds: Evidence from a quasi-natural experiment in China

Cited by 19 publications

References 21 publications

Mitigating bribery risks to strengthen the corporate social responsibility in accordance with the ISO 37001

Mitigating bribery risks to strengthen the corporate social responsibility in accordance with the ISO 37001

Research on Bond Participants’ Emotion Reactions Toward the Internet News in China’s Bond Market

Corruption and anti‐corruption in China: a review and future research agenda

Contact Info

Product

Resources

About