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 …

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 …

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 …

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 …