What Determines the Return to Bribery? Evidence From Corruption Cases Worldwide

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2020-06-27 DOI:10.1287/mnsc.2020.3763

Yan-leung Cheung, P. Rau, Aris Stouraitis

引用次数: 18

Abstract

We analyze a hand-collected sample of bribery cases from around the world to describe how the payment of bribes affects shareholder value. The net present value of a bribe conditional on getting caught is close to zero for the median firm in our sample. However, controlling for industry, country, and firm characteristics, a $1 increase in the size of the bribe is associated with an ex ante $6–$9 increase in the value of the firm, suggesting a correlation between the size of bribes and the size of available benefits. Proxies for information disclosure appear significant in explaining these benefits with more disclosure associated with lower benefits. However, this result is driven by democratic countries where bribe-paying firms receive smaller benefits relative to the bribes they pay. Information disclosure is not significant in autocratic countries. This paper was accepted by Gustavo Manso, finance.

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是什么决定了贿赂的回归?世界各地腐败案件的证据

我们分析了从世界各地收集的贿赂案例样本，以描述贿赂的支付如何影响股东价值。在我们的样本中，以被抓住为条件的贿赂的净现值接近于零。然而，在控制行业、国家和公司特征的情况下，贿赂金额每增加1美元，公司价值就会增加6 - 9美元，这表明贿赂金额与可获得利益之间存在相关性。信息披露的代理在解释这些好处时显得很重要，更多的披露与更低的好处相关。然而，这一结果是由民主国家推动的，在这些国家，贿赂公司获得的利益相对于他们支付的贿赂要小。信息披露在专制国家并不重要。这篇论文被金融学的Gustavo Manso接受。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.