Purifying political ecology: How anti-corruption campaign affects capital structure decisions?

Allen, 2005, Law, finance, and economic growth in China, J. Financ. Econ., 77, 57, 10.1016/j.jfineco.2004.06.010 An, 2015, Firm crash risk, information environment, and speed of leverage adjustment, J. Corp. Fin., 31, 132, 10.1016/j.jcorpfin.2015.01.015 Ang, A., Bai, J., Zhou, H., 2015. The Great Wall of Debt: Corruption, Real Estate, and Chinese Local Government Credit Spreads. Georgetown McDonough School of Business Research Paper No. 2603022; Columbia Business School Research Paper No. 15-57; PBCSF-NIFR Research Paper No. 15, 2. Ang, 2000, Agency costs and ownership structure, J. Finance, 55, 81, 10.1111/0022-1082.00201 Anokhin, 2009, Entrepreneurship, innovation, and corruption, J. Bus. Vent., 24, 465, 10.1016/j.jbusvent.2008.06.001 Bologna, 2015, Corruption and entrepreneurship: Evidence from Brazilian municipalities, Public Choice, 165, 59, 10.1007/s11127-015-0292-5 Byoun, 2008, How and when do firms adjust their capital structures toward targets?, J. Finance, 63, 3069, 10.1111/j.1540-6261.2008.01421.x Cai, 2021, Anti-corruption campaign and corporate cash holdings: Evidence from China, Emerg. Mark. Rev Cao, 2018, Anti-corruption campaigns and corporate information release in China, J. Corpo. Finance, 49, 186, 10.1016/j.jcorpfin.2018.01.008 Chang, 2014, Corporate governance and the dynamics of capital structure: New evidence, J. Bank. Financ., 48, 374, 10.1016/j.jbankfin.2014.04.026 Çolak, 2018, Global leverage adjustments, uncertainty, and country institutional strength, J. Financial Intermediation, 35, 41, 10.1016/j.jfi.2018.01.010 Cordis, 2014, Sunshine as disinfectant: The effect of state freedom of information act laws on public corruption, J. Public Econ., 115, 18, 10.1016/j.jpubeco.2014.03.010 Dang, 2019, News media coverage and corporate leverage adjustments, J. Bank. Financ., 109, 10.1016/j.jbankfin.2019.105666 Dang, 2012, Asymmetric capital structure adjustments: New evidence from dynamic panel threshold models, J. Empir. Financ., 19, 465, 10.1016/j.jempfin.2012.04.004 Devos, 2017, Debt covenants and the speed of capital structure adjustment, J. Corp. Fin., 45, 1, 10.1016/j.jcorpfin.2017.04.008 Drobetz, 2006, What determines the speed of adjustment to the target capital structure?, Appl. Financial Econ., 16, 941, 10.1080/09603100500426358 Ebrahim, 2014, Dynamic capital structure and political patronage: The case of Malaysia, Int. Rev. Financ. Anal., 31, 117, 10.1016/j.irfa.2013.11.004 Fama, 2002, Testing trade-off and pecking order predictions about dividends and debt, Rev. Financ. Stud., 15, 1, 10.1093/rfs/15.1.1 Fan, 2008, Public governance and corporate finance: Evidence from corruption cases, J. Comp. Econ., 36, 343, 10.1016/j.jce.2008.05.001 Faulkender, 2012, Cash flows and leverage adjustments, J. Financ. Econ., 103, 632, 10.1016/j.jfineco.2011.10.013 Fischer, 1989, Dynamic capital structure choice: Theory and tests, J. Finance, 44, 19, 10.1111/j.1540-6261.1989.tb02402.x Flannery, 2006, Partial adjustment toward target capital structures, J. Financ. Econ., 79, 469, 10.1016/j.jfineco.2005.03.004 Frank, 2009, Capital structure decisions: Which factors are reliably important?, Financ. Manage., 38, 1, 10.1111/j.1755-053X.2009.01026.x Giannetti, 2021, The externalities of corruption: Evidence from entrepreneurial firms in China, Rev. Finance, 25, 629, 10.1093/rof/rfaa038 Griffin, 2021, Is the Chinese anticorruption campaign authentic? Evidence from corporate investigations, Manage. Sci. Gu, 2019, Political influence and financial flexibility: Evidence from China, J. Bank. Financ., 99, 142, 10.1016/j.jbankfin.2018.12.002 Guo, 2009, China’s local political budget cycles, Am. J. Political Sci., 53, 621, 10.1111/j.1540-5907.2009.00390.x Haselmann, 2010, How law affects lending, Rev. Financ. Stud., 23, 549, 10.1093/rfs/hhp073 Hovakimian, 2004, The role of target leverage in security issues and repurchases, J. Bus., 77, 1041, 10.1086/422442 Hovakimian, 2004, Determinants of target capital structure: The case of dual debt and equity issues, J. Financ. Econ., 71, 517, 10.1016/S0304-405X(03)00181-8 Hovakimian, 2001, The debt-equity choice, J. Financ. Quant. Anal., 36, 1, 10.2307/2676195 Hu, 2019, China’s anti-corruption campaign, political connections and private firms’ debt financing, China Finance Rev. Int., 9, 521, 10.1108/CFRI-09-2018-0132 Hu, 2021, Xi’s anti-corruption campaign and the speed of capital structure adjustment, Pac.-Basin Finance J., 65, 10.1016/j.pacfin.2020.101483 Jensen, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, J. Financ. Econ., 3, 305, 10.1016/0304-405X(76)90026-X Kaplan, 1997, Do investment-cash flow sensitivities provide useful measures of financing constraints?, Q. J. Econ., 112, 169, 10.1162/003355397555163 Ke, 2016, The effect of anti-corruption campaign on shareholder value in a weak institutional environment: Evidence from China Khwaja, 2005, Do lenders favor politically connected firms? Rent provision in an emerging financial market, Q. J. Econ., 120, 1371, 10.1162/003355305775097524 Kong, 2021, China’s anticorruption campaign and entrepreneurship, The J. Law and Econ., 64, 153, 10.1086/711313 Kong, 2020, China’s anti-corruption campaign and firm productivity: Evidence from a quasi-natural experiment, China Econ. Rev., 63, 10.1016/j.chieco.2020.101535 Kong, 2022, Anti-corruption and CEO compensation: Evidence from a natural experiment in China, Econ. Model., 106, 10.1016/j.econmod.2021.105697 Krueger, 1974, The political economy of the rent-seeking society, Amer. Econ. Rev., 64, 291 Leary, 2005, Do firms rebalance their capital structures?, J. Finance, 60, 2575, 10.1111/j.1540-6261.2005.00811.x Li, 2021, Anti-corruption intensity and loan contracting: Evidence from non-state owned firms in China, Emerg. Mark. Rev, 49, 10.1016/j.ememar.2021.100818 Li, 2019, Loan financing and investment in princeling-backed firms, Pac.-Basin Finance J., 56, 71, 10.1016/j.pacfin.2019.05.009 Li, 2006, Why do entrepreneurs enter politics? Evidence from China, Econ. Inq., 44, 559, 10.1093/ei/cbj031 Li, 2021 Li, 2017, Bank connections and the speed of leverage adjustment: Evidence from China’s listed firms, Account. Financ., 57, 1349, 10.1111/acfi.12332 Liao, 2015, Corporate governance and capital structure dynamics: An empirical study, J. Financial Res., 38, 169, 10.1111/jfir.12057 Lööf, 2004, Dynamic optimal capital structure and technical change, Struct. Change Econ. Dyn., 15, 449, 10.1016/j.strueco.2003.05.001 Luo, 2011, Bank ownership and executive perquisites: New evidence from an emerging market, J. Corp. Financ., 17, 352, 10.1016/j.jcorpfin.2010.09.010 Morellec, 2012, Corporate governance and capital structure dynamics, J. Finance, 67, 803, 10.1111/j.1540-6261.2012.01735.x Oxley, 1999, Institutional environment and the mechanisms of governance: The impact of intellectual property protection on the structure of inter-firm alliances, J. Econ. Behav. Organ., 38, 283, 10.1016/S0167-2681(99)00011-6 Öztekin, 2012, Institutional determinants of capital structure adjustment speeds, J. Financ. Econ., 103, 88, 10.1016/j.jfineco.2011.08.014 Pan, 2020, Political connections and corporate investments: Evidence from the recent anti-corruption campaign in China, J. Bank. Financ., 119, 10.1016/j.jbankfin.2017.03.005 Rajan, 1995, What do we know about capital structure? Some evidence from international data, J. Finance, 50, 1421, 10.1111/j.1540-6261.1995.tb05184.x Sapienza, 2004, The effects of government ownership on bank lending, J. Financ. Econ., 72, 357, 10.1016/j.jfineco.2002.10.002 Strebulaev, 2007, Do tests of capital structure theory mean what they say?, J. Finance, 62, 1747, 10.1111/j.1540-6261.2007.01256.x Thies, 1992, Determinants of capital structure, Rev. Financial Econ., 1, 40, 10.1002/j.1873-5924.1992.tb00548.x Titman, 1988, The determinants of capital structure choice, J. Finance, 43, 1, 10.1111/j.1540-6261.1988.tb02585.x Whited, 2006, Financial constraints risk, Rev. Financ. Stud., 19, 531, 10.1093/rfs/hhj012 Wu, 2021 Xu, 2017, How does anti-corruption affect corporate innovation? Evidence from recent anti-corruption efforts in China, J. Comp. Econ., 45, 498, 10.1016/j.jce.2016.10.001 Zheng, 2020, Corruption and investment: Theory and evidence from China, J. Econ. Behav. Organ., 175, 40, 10.1016/j.jebo.2020.03.018 Zhou, 2016, Deviation from target capital structure, cost of equity and speed of adjustment, J. Corp. Financ., 39, 99, 10.1016/j.jcorpfin.2016.06.002