Political corruption imposes substantial costs on shareholders in the U.S. Yet, we understand little about the basic … factors that exacerbate or mitigate the value consequences of political corruption. Using federal corruption convictions data …, we find that firm-level economic rents and monitoring mechanisms moderate the negative relation between corruption and …

We study the relation between public corruption and the value as well as disclosure policies of firms at the state … informational transparency in more corrupt areas. Local corruption has a less negative effect on industries that sell primarily to …-level corruption, indicating legal jurisdiction matters despite similar local conditions. Results are robust to instrumenting for …

Over the past 30 years considerable work scrutiny has been undertaken in the area of corruption and its effect on many … facets of society. In business, efforts to measure corruption have been frequently debated and models have been proposed to … reflect different firm characteristics in the presence of corruption. Based on these measures, research usually considers …