Management Science · 2026 · F. Christopher Eaglin
中文摘要
已有文献表明,企业会在财务压力下实施不当行为。然而,由于缺乏细粒度数据,不当行为的范围和严重程度一直难以确定。这一局限在新兴市场的小企业中尤为突出,因为这些企业的盈利与生存依赖于不当行为。本研究利用来自南非小巴出租车行业的高频全球定位系统(GPS)数据与融资数据,分析缓解资本约束对不当行为的影响。我发现,更低的利率——作为资本约束缓解的代理变量——减少了以超速与碰撞倾向衡量的最严重形式的不当行为,而较轻形式的不当行为保持不变。定性访谈和调查数据表明,这些结果可归因于企业为避免违约所做的努力。这些发现有助于将不当行为理解为企业面临财务压力时的一种策略,并表明资本约束的缓解可能改善企业生存与公共安全。
Abstract
Existing literature suggests that firms engage in misconduct in response to financial pressure. However, the extent and severity of misconduct have been challenging to determine given the lack of granular data. This limitation is particularly true for smaller firms in emerging markets whose profitability and survival depend on misconduct. This study analyzes the impact of reducing capital constraints on misconduct using high-frequency global positioning system and financing data from the minibus taxi industry in South Africa. I find that lower interest rates, a proxy for lower capital constraints, decrease the most severe forms of misconduct measured by the propensity to speed and crash yet leave more modest forms of misconduct unchanged. Qualitative interviews and survey data suggest that these results are attributable to firms’ efforts to avoid default. These findings contribute to understanding misconduct as a firm strategy when facing financial pressure and suggest that lower capital constraints might improve firm survival and public safety.