| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12094 |
| DP12094 To bribe or not to bribe? Corruption uncertainty and corporate practices | |
| Jan Hanousek; Anastasiya Shamshur; Jiri Tresl | |
| 发表日期 | 2017-06-13 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Using a large sample of private firms over the period from 2001 to 2013, we study the effect of corruption uncertainty on corporate investments and cash holdings. We find that a higher uncertainty about the level of corruption is associated with lower corporate investments and lower cash holdings. These results are sensitive to the ownership structure of a firm. Firms with no foreign majority ownership appear to be more sensitive to corruption-induced uncertainty than majority-controlled foreign firms. They significantly decrease their investments and cash holdings. We hypothesize that they move their cash off-balance-sheet to create cash reserves as the uncertainty of when, whom, and how much to bribe increases. |
| 主题 | Financial Economics |
| 关键词 | Corporate investment Corruption Uncertainty Cash holdings Firms Panel data Europe |
| URL | https://cepr.org/publications/dp12094 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540906 |
| 推荐引用方式 GB/T 7714 | Jan Hanousek,Anastasiya Shamshur,Jiri Tresl. DP12094 To bribe or not to bribe? Corruption uncertainty and corporate practices. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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