评估反腐败法对企业融资的影响:来自拉丁美洲的证据

IF 1.2 Q3 BUSINESS, FINANCE

Journal of Emerging Market Finance Pub Date : 2020-07-09 DOI:10.1177/0972652720932783

Francesca Battaglia, Marika Carboni, A. Cicchiello, S. Monferrà

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引用次数: 4

摘要

腐败通常会引起投资者之间的不信任，并对投资产生负面影响。特别是在拉丁美洲，投资减少是最严重的问题之一。在这样的背景下，反腐败法律既可以打击腐败，又可以促进商业发展，恢复投资者的信任。在这篇文章中，我们提出了一个问题，即引入一个影响公共和私人领域的反腐败框架，是否能够增加投资者对一种新的投资形式，即股权众筹的信心。通过使用一个独特的数据库，结合来自巴西、智利和墨西哥不同平台的信息，我们研究了2013年至2017年间492个项目的人口。通过一组线性概率回归，我们发现，与巴西和智利的项目相比，新的墨西哥反腐败法增加了该国股权众筹项目成功的概率，这表明在一个高度腐败的环境中，反腐败规则与投资之间存在因果关系，进一步以低水平的投资者保护为特征。JEL分类:G23、G28、K22、L26

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Assessing the Effects of Anti-corruption Law on Entrepreneurial Finance: Evidence from Latin America

Corruption normally causes distrust among investors and can negatively affect investments. Particularly in Latin America, decline of investments is one of the most significant problems. In such a context, anti-corruption laws can both fight corruption and promote business, restoring investors’ trust. In this article, we ask whether the introduction of an anti-corruption framework affecting both the public and private spheres is able to increase investors’ confidence in a new form of investment, that is, equity crowdfunding. By using a unique database, with combined information from different platforms in Brazil, Chile and Mexico, we study the population of 492 projects between 2013 and 2017. Implementing a set of linear probability regressions, we find that the new Mexican anti-corruption law has increased the probability of success of equity crowdfunding projects in this country, compared to Brazilian and Chilean projects, suggesting the existence of a causal relation between anti-corruption rules and investments in a highly perceived corrupt environment further characterised by a low level of investor protection. JEL Classification: G23, G28, K22, L26

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来源期刊

Journal of Emerging Market Finance BUSINESS, FINANCE-

CiteScore

1.80

自引率

33.30%

发文量

期刊介绍： The Journal of Emerging Market Finance is a forum for debate and discussion on the theory and practice of finance in emerging markets. While the emphasis is on articles that are of practical significance, the journal also covers theoretical and conceptual aspects relating to emerging financial markets. Peer-reviewed, the journal is equally useful to practitioners and to banking and investment companies as to scholars.