When trust breaks: Academic misconduct, innovation networks, and capital discrimination
利用中国2015-2021年学术不端案例，研究发现学术不端导致校企合作减少、企业转向企业间研发联盟，并引发风投对相关企业的投资歧视，揭示了信任在创新治理中的不可替代作用。
We investigate how trust shocks affect innovation networks through an incomplete contracting framework. Using academic misconduct cases in China (2015–2021) as an identification strategy, we construct a comprehensive dataset combining patent activities and venture capital investments. We document three key findings. First, academic misconduct triggers persistent declines in university–industry collaboration, reducing both joint patents and citations to university research. Second, affected firms strategically shift toward inter-firm R&D alliances. Third, trust shocks propagate to capital markets, with venture capitalists reducing investments in firms previously linked to universities involved in misconduct. Our findings highlight trust as an irreplaceable mechanism in innovation governance and demonstrate how trust breakdowns reconfigure contractual relationships and resource allocation in innovation networks.