文献类型：期刊文献

英文题名：Do site visits mitigate corporate fraudulence? Evidence from China

作者：Su, Fei[1];Feng, Xu[2];Tang, Songlian[3]

机构：[1]Nanjing Univ Aeronaut & Astronaut, Coll Econ & Management, Nanjing 211106, Jiangsu, Peoples R China;[2]Tianjin Univ, Coll Management & Econ, Tianjin 300072, Peoples R China;[3]East China Univ Sci & Technol, Business Coll, Shanghai 200237, Peoples R China

年份：2021

卷号：78

外文期刊名：INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS

收录：;WOS:【SSCI(收录号:WOS:000750723700014)】；

基金：Fei Su acknowledges financial support from the National Natural Science Fund of China (Grant No. 71901087) and the Fundamental Research Funds for the Central Universities, China (No. NR2020009). Songlian Tang acknowledges financial support from the National Natural Science Fund of China (Grant No. 71672059) and the Fundamental Research Funds for the Central Universities.

语种：英文

外文关键词：Security analysts; Institutional investors; Site visits; Corporate fraud; Information acquisition

摘要：Corporate site visits emerge as an increasingly important means of information acquisition process for analysts and institutional investors. In this study, we test whether and how site visits mitigate corporate fraud risk using a unique dataset of site visits to Chinese listed firms. We find that corporate site visits can substantially reduce the incidence of corporate fraud, which is robust to adding a series of control variables, alternative model specifications and alternative measures of corporate fraud, as well as accounting for endogeneity issue and controlling for firm and time fixed effects. This negative effect is more pronounced for firms with poorer information environment and for firms with weaker corporate governance. Furthermore, we examine the mechanisms underlying the negative association between site visits and corporate fraud. Overall, this paper contributes to the literature by providing complementary evidence that site visits are important venues for analysts and institutional investors to collect firm-specific information and monitor the management of firms in China. Our findings also provide significant practical and policy implications for investors and regulators who seek to promote corporate information disclosure and mitigate the risk of corporate fraud.