Corruption and Corporate Cash Holdings

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In this study, we examine the relation between corruption and corporate cash holding policy using data from 35,288 firms in 44 countries. The results indicate a non-linear relation between corruption and corporate cash holdings with a negative coefficient of the cubic term of corruption. Specifically, in developed (frontier) countries with low (high) level of corruption, we find a negative relation, whereas in emerging countries with moderate level of economic development and corruption, we find a positive relation. Thus, we suggest that corruption is an important variable that affects corporate cash holding policy by the level of economic development.
Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
Issue Date
2022-04
Language
English
Article Type
Article
Citation

EMERGING MARKETS FINANCE AND TRADE, v.58, no.5, pp.1441 - 1455

ISSN
1540-496X
DOI
10.1080/1540496X.2021.1890022
URI
http://hdl.handle.net/10203/292584
Appears in Collection
MG-Journal Papers(저널논문)
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