世界各地的腐败和企业投资效率

IF 4.2 Q2 BUSINESS

European Journal of Management and Business Economics Pub Date : 2022-04-13 DOI:10.1108/ejmbe-11-2020-0321

Xuan Minh Nguyen, Quoc Trung Tran

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引用次数: 1

摘要

目的研究腐败对全球企业投资效率的影响。设计/方法/方法该样本包括来自42个国家的30074家公司的218350份观察结果。作者根据透明国际的腐败感知指数（CPI）、世界银行的腐败控制指数（CCI）和国际国家风险指南的腐败指数来衡量腐败。用不同的企业投资指标和替代回归方法进行的稳健性检验显示出一致的结果。此外，作者还发现，在股东保护强（弱）的国家，腐败的影响更强（弱）。这篇论文对文学有两个重要贡献。首先，它表明腐败环境也是企业投资效率的决定因素。其次，对股东的法律保护可以减轻腐败对公司投资效率的负面影响。

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Corruption and corporate investment efficiency around the world

PurposeThe paper investigates the effect of corruption on corporate investment efficiency around the world.Design/methodology/approachThe sample includes 218,350 observations from 30,074 firms across 42 countries. The authors measure corruption based on the Corruption Perception Index (CPI) from Transparency International, Corruption Control Index (CCI) from the World Bank and Corruption Index from the International Country Risk Guide.FindingsThe authors find that corruption is negatively related to investment efficiency. The robustness checks with different measures of corporate investment and alternative regression approaches show consistent findings. Moreover, the authors also find that the effect of corruption is stronger (weaker) in strong (weak) shareholder protection countries.Originality/valueThe paper has two important contributions to the literature. First, it shows that corruption environment is also a determinant of corporate investment efficiency. Second, legal protection of shareholders can mitigate the negative effect of corruption on corporate investment efficiency.

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来源期刊

European Journal of Management and Business Economics BUSINESS-

CiteScore

6.90

自引率

0.00%

发文量

审稿时长

24 weeks

期刊介绍： European Journal of Management and Business Economics is interested in the publication and diffusion of articles of rigorous theoretical, methodological or empirical research associated with the areas of business economics, including strategy, finance, management, marketing, organisation, human resources, operations, and corporate governance, and tourism. The journal aims to attract original knowledge based on academic rigour and of relevance for academics, researchers, professionals, and/or public decision-makers.