Corruption and Firm Value: Evidence from Emerging Market Economies

被引：12
|
作者：
Thakur, Bhanu Pratap Singh [1 ]
Kannadhasan, M. [2 ]
Charan, Parikshit [2 ]
Gupta, C. P. [3 ]
机构：
[1] NMIMS, Sch Business Management, Navi Mumbai, India
[2] Indian Inst Management Raipur, Raipur, Madhya Pradesh, India
[3] Univ Delhi, Dept Financial Studies, South Campus, Delhi, India
来源：
EMERGING MARKETS FINANCE AND TRADE | 2021年 / 57卷 / 04期
关键词：
corruption; emerging markets; firm value; panel data; POLITICAL CONNECTIONS; CORPORATE GOVERNANCE; CAPITAL STRUCTURE; INVESTMENT; BRIBES;
D O I：
10.1080/1540496X.2019.1613643
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We examine the effect of corruption on firm value using a comprehensive panel data set of 4236 firms with 38,763 firm-year observations from 16 emerging market economies during 2002-2015. By using fixed-effects panel data regression models, we find a significant negative relationship between firm value and corruption. The results are also robust to subsample analyses and to the alternate measure of firm value and corruption. Overall, our study provides evidence that corruption in emerging market economies has a negative impact on firm value. Furthermore, our study contributes to the existing literature on the drivers of firm value.
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页码：1182 / 1197
页数：16
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