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Despite decades-long efforts to eradicate it, corruption remains a major risk for doing business in emerging markets. Our study of 111 CEOs and owners of companies operating in Russia showed the ineffectiveness of universalistic top-down anti-corruption strategies at the firm level and tested a...
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efficiency and performance. To identify the role of patronage connection in privatization, we use the mandatory retirement age … privatization deals and jumps in efficiency for privatized SOEs when local politicians lose connections to Central Committee members …
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