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  1. Political Corruption and Corporate Risk-Taking.Hinh Khieu, Nam H. Nguyen, Hieu V. Phan & Jon A. Fulkerson - 2022 - Journal of Business Ethics 184 (1):93-113.
    We use variation in corruption convictions across judicial districts in the US to examine the relationship between political corruption and risk-taking of public firms. Firms headquartered in regions with high levels of political corruption have lower total risk and lower idiosyncratic risk on average. Further analysis shows that corruption tends to encourage firms to pursue risk-decreasing investments, lower the riskiness of their operations, and decrease asset liquidity. While managerial ownership is intended to align the interests of managers and shareholders, the (...)
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  • Geographic Clustering of Corruption in the United States.Nishant Dass, Vikram Nanda & Steven Chong Xiao - 2020 - Journal of Business Ethics 173 (3):577-597.
    We test the hypothesis that US corporations headquartered in states with greater public corruption are also prone to more unethical behavior when operating abroad. We exploit passage of Foreign Corrupt Practices Act that curtailed bribery of foreign officials and find firms in corrupt states, especially those exporting to more corrupt countries, suffer greater performance decline following FCPA, suggesting larger loss from anticipated bribery restrictions. Controlling for industry, firms in corrupt states are more likely to be targets of FCPA enforcement actions. (...)
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  • Local Corruption and Trade Credit: Evidence from an Emerging Market.Wenwu Cai, Xiaofeng Quan & Gary Gang Tian - 2023 - Journal of Business Ethics 185 (3):563-594.
    We propose that local corruption distorts the allocation of government-controlled resources and impairs the contract environment, thereby reducing firms’ use or suppliers’ provision of trade credit. We use a sample of Chinese-listed firms from 2007 to 2020 to examine the role of local corruption in firms’ access to trade credit and find that the level of local corruption is negatively related to firms’ trade credit use. This effect is more pronounced in firms with weak (vs. strong) internal governance, slack (tight) (...)
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  • Local Public Corruption and Bank Lending Activity in the United States.Theodora Bermpei, Antonios Nikolaos Kalyvas & Leone Leonida - 2020 - Journal of Business Ethics 171 (1):73-98.
    Using a conviction-based measure, we find that local public corruption exerts a negative effect on the lending activity of US banks. Our baseline estimations show that the difference in public corruption between, for example, Alabama, where corruption is high, and Minnesota, where corruption is low, implies that banks headquartered in the former state grant 0.55% less credit ceteris paribus. Using proxies for relationship lending and monitoring, we also find that these bank characteristics weaken the negative effect of public corruption on (...)
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