Competition policy and corporate governance: A quasi-natural experiment based on the implementation of the Anti-Monopoly Law

Shuo Wang and Deming Huang

Finance Research Letters, 2025, vol. 81, issue C

Abstract: This study utilizes the implementation of the Anti-Monopoly Law (AML) as a quasi-natural experiment and examines its impact on corporate governance using a sample of A-share listed companies from 2004 to 2022. Using a DID model, the analysis demonstrates that the implementation of the AML significantly improves corporate governance. Mechanism analysis indicates that this effect is primarily achieved through improving the business environment and enhancing audit quality. Further analysis demonstrates heterogeneity in the impact of the AML on corporate governance.

Keywords: Competition policy; Anti-Monopoly Law; Corporate governance; Business environment; Audit quality (search for similar items in EconPapers)
JEL-codes: G34 K21 L40 M42 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:81:y:2025:i:c:s154461232500786x

DOI: 10.1016/j.frl.2025.107527

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