Management Science · 2026 · Lauren H. Cohen、Bo Li
中文摘要
利用美国国会选举时间和地理区位的外生变异，我们发现，针对外国公司的《反海外腐败法》(Foreign Corrupt Practices Act, FCPA)执法行动的概率在参议员选举前显著上升，激增超过21%，而这些参议员所在州总部设于美国国内的全球经营企业并未出现相应增加。利用从美国证券交易委员会(Securities and Exchange Commission, SEC)和美国司法部(U.S. Department of Justice, DOJ)手工收集的案例层面数据，我们观察到，这些选前案件整体上往往较弱，且明显更频繁地针对在参议员所在州经营于次要行业、且在美国整体业务规模较小的外国公司提起。针对外国公司案件的激增伴随着传统媒体和社交媒体报道的显著激增，以及急剧负面的舆论情绪。此外，这些执法行动和媒体报道的激增与选举后果相关联，具体表现为执法所在州参议员获得更高的得票份额和更好的民调结果。《反海外腐败法》执法行动对企业具有实际影响，包括针对外国公司的执法行动之后市值下降10%以及信用评级显著下降。本文由 Will Cong（金融方向）接受发表。补充材料：在线附录与数据文件可从 https://doi.org/10.1287/mnsc.2023.00476 获取。
Abstract
Using exogenous variation in the timing and geographic location of U.S. Congressional elections, we find that the probability of Foreign Corrupt Practices Act (FCPA) enforcement actions against foreign firms increases significantly preceding senatorial elections, spiking more than 21%, with no commensurate increase for globally operating domestically headquartered firms in these same senators’ states. Using hand-collected case-level data from the Securities and Exchange Commission (SEC) and U.S. Department of Justice (DOJ), we observe that these pre-election cases tend to be weaker overall and that they are brought significantly more often against foreign firms that operate in less-important industries in the senator’s state and when they have a smaller overall U.S. presence. This spike in foreign firm targeting is accompanied by a significant spike in traditional and social media coverage coupled with sharply negative sentiment. Furthermore, these enforcement actions and media spikes are associated with electoral consequences, specifically greater vote shares and better poll results for enforcement-state senators. The FCPA enforcement actions have real impacts on firms. These include a 10% reduction in market value after enforcement actions against foreign firms and a significant decrease in credit ratings. This paper was accepted by Will Cong, finance. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2023.00476 .