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Surprised by Wirecard? Enablers of Corporate Wrongdoing in Europe

Author

Listed:
  • Spagnolo, Giancarlo

    (Stockholm Institute of Transition Economics)

  • Nyreröd, Theo

    (Stockholm Institute of Transition Economics)

Abstract

In the last two decades prolonged instances of corporate wrongdoing in Europe have been un-covered: from Siemens’ systemic bribery to HSBC and other major bank’s money laundering issues, Dieselgate, LIBOR price-rigging, and the recent Wirecard debacle. What has driven European firms to engage in such systematic wrongdoing? In this article, we first use data on US investigations to identify the European countries hosting most corporate wrongdoers. We then consider these countries’ legal, institutional, and political contexts in search for explanations of the main enablers of this behavior, ending with some policy recommendations.

Suggested Citation

  • Spagnolo, Giancarlo & Nyreröd, Theo, 2021. "Surprised by Wirecard? Enablers of Corporate Wrongdoing in Europe," SITE Working Paper Series 54, Stockholm School of Economics, Stockholm Institute of Transition Economics.
    • Handle: RePEc:hhs:hasite:0054
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    File URL: https://swopec.hhs.se/hasite/papers/hasite0054.1.pdf
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    References listed on IDEAS

    as
    1. Langenbucher, Katja & Leuz, Christian & Krahnen, Jan Pieter & Pelizzon, Loriana, 2020. "What are the wider supervisory implications of the Wirecard case?," SAFE White Paper Series 74, Leibniz Institute for Financial Research SAFE.
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    More about this item

    Keywords

    corporate wrongdoing; financial fraud; money laundering; corruption; whistleblowers;
    All these keywords.

    JEL classification:

    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law

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