Fiscal monitoring and corporate investment

Knust, Lucas; Oesch, David

doi:10.1111/jbfa.12714

Please use this identifier to cite or link to this item: https://doi.org/10.21256/zhaw-29754

Publication type:	Article in scientific journal
Type of review:	Peer review (publication)
Title:	Fiscal monitoring and corporate investment
Authors:	Knust, Lucas Oesch, David
et. al:	No
DOI:	10.1111/jbfa.12714 10.21256/zhaw-29754
Published in:	Journal of Business Finance and Accounting
Issue Date:	11-Sep-2023
Publisher / Ed. Institution:	Wiley
ISSN:	0306-686X 1468-5957
Language:	English
Subjects:	Corporate investment; Fiscal monitoring; Institution; Local government
Subject (DDC):	658.1: Organization and finance
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.
URI:	https://digitalcollection.zhaw.ch/handle/11475/29754
Fulltext version:	Published version
License (according to publishing contract):	CC BY-NC-ND 4.0: Attribution - Non commercial - No derivatives 4.0 International
Departement:	School of Management and Law
Organisational Unit:	Institute for Financial Management (IFI)
Appears in collections:	Publikationen School of Management and Law

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Knust, L., & Oesch, D. (2023). Fiscal monitoring and corporate investment. Journal of Business Finance and Accounting. https://doi.org/10.1111/jbfa.12714

Knust, L. and Oesch, D. (2023) ‘Fiscal monitoring and corporate investment’, Journal of Business Finance and Accounting [Preprint]. Available at: https://doi.org/10.1111/jbfa.12714.

L. Knust and D. Oesch, “Fiscal monitoring and corporate investment,” Journal of Business Finance and Accounting, Sep. 2023, doi: 10.1111/jbfa.12714.

KNUST, Lucas und David OESCH, 2023. Fiscal monitoring and corporate investment. Journal of Business Finance and Accounting. 11 September 2023. DOI 10.1111/jbfa.12714

Knust, Lucas, and David Oesch. 2023. “Fiscal Monitoring and Corporate Investment.” Journal of Business Finance and Accounting, September. https://doi.org/10.1111/jbfa.12714.

Knust, Lucas, and David Oesch. “Fiscal Monitoring and Corporate Investment.” Journal of Business Finance and Accounting, Sept. 2023, https://doi.org/10.1111/jbfa.12714.