德勤－复旦会计论坛系列256期讲座信息

时间：2025年 9月10日（周三）下午13:30

地点：史带楼603教室

主持人: 朱振梅副教授

报告人: Edward Lee（The University of Manchester）

题目: Cross-border institutional spillover through intra-industry information spillover: The impact of US FCPA in China

摘要: We examine whether and how enforcing the US Foreign Corruption Practices Act (FCPA) drives intra-industry information spillovers that propagate cross-border institutional spillovers in China. We hypothesize that FCPA-related regulatory disclosures in the US can influence Chinese firms through two channels, namely (i) contagion risk arising from increased anti-corruption scrutiny in China, or (ii) competitive advantages due to decreased competition from the US. Based on 300,647 event-firm-year observations, we analyze the valuation impact among non-violating focal firms in China of the US Securities and Exchange Commission’s disclosures of enforcements against violations of the FCPA by US industry peer firms. Consistent with the contagion risk (competitive advantage) effect, we observe that the disclosures of China- (non-China-) related FCPA enforcements generate a valuation discount (premium) among Chinese firms, especially those more likely to be suspected of corruption. Further analyses reveal a subsequent decrease (increase) in profitability and suspected corruption spending among Chinese firms. Despite controversy with respect to the FCPA, we reveal that its regulatory disclosures can play an information subsidy role in corporate corruptions given the lack of transparency regarding such activities, and can serve as a form of institutional subsidy to facilitate monitoring against such practices in weaker regulatory environments.