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

• 成果类型: Article
• 署名作者: Cheung, Yan-Leung; Rau, P. Raghavendra; Stouraitis, Aris
• 署名单位: Education University of Hong Kong (EdUHK); University of Cambridge; Hong Kong Baptist University
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2020.3763
• 发表日期: 2021
• 页码: 6235-6265
• 关键词: corruption; bribes; firm performance; Country characteristics

摘要

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.