In this paper we present and test a theory of how political corruption, found in many transition and emerging market … institutions that do not punish political corruption result in political connectedness of firms that in turn has a negative effect …

support for this argument. -- asset stripping ; law enforcement ; corruption ; transition …

country-level corruption on those two relationships. Results show that government-owned firms face fewer financial constraints … pronounced for firms operating in countries with a lower level of corruption …

officials' corruption investigations, we find that, on average, investors do not realize that officials under investigation are …

Exploiting China's anti-corruption campaign, we show that following a decrease in corruption, firm performance improves …. Small and young firms benefit more. We identify the channels through which corruption hampers firm performance. Following … the anti-corruption campaign, the allocation of capital and labor becomes more efficient. Firms operating in ex ante more …

suggests that managers in private companies use corruption to add value to the company, making manager higher compensation … justified. We find no evidence of excessive salaries among directors in private companies. By contrast, corruption in state … companies does not add value to the firm, making corruption extractive. We find that both directors and managers of state firms …

important public service, there is widespread concern that their activities are negatively affected by corruption. However …, there is limited cross-country analysis on the costs of corruption for SOEs. We present new evidence on how corruption … perform as well as private firms in core sectors when corruption is low. Taking advantage of a novel database reforms, we also …

We examine whether political corruption impedes mergers and acquisitions (M&As) decisions. Using a comprehensive sample … of Chinese firms, we find that corruption has a substantial, negative relation with the firm acquisitiveness. Further … attenuated by the Anti-corruption Campaign in 2012. Our results exist after a series of robustness tests. Additional tests show …

We examine the impact of China's anti-corruption campaign on firm-level financial reporting quality (FRQ). As an … important component of the anti-corruption campaign, in October 2013, “Rule 18” was issued to prohibit party and government …