transaction difficulties. But, such environments often also feature highly interventionist government, and even corruption … political rent seeking is substantial, firm value might rise as economy performance decays. China offers a suitable background …

transaction difficulties. But, such environments often also feature highly interventionist government, and even corruption … political rent seeking is substantial, firm value might rise as economy performance decays. China offers a suitable background …

Regional corruptness in China has a positive effect on the profitability of private firms, but not that of state …-owned firms. A natural experiment of exogenous trade policy change suggests that corruption may help private firms circumvent …

that bribes can be distortionary even when bribes act as fixed costs. These results imply that corruption alone may not be … detrimental to firm growth but when combined with limited access to finance, the cost of corruption seriously hampers the growth … the supply of credit, but may also include decreasing the demands on liquidity such as minimizing the unnecessary costs …