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Corruption and Firm Value: Evidence from Emerging Market Economies

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  • Bhanu Pratap Singh Thakur
  • M Kannadhasan
  • Parikshit Charan
  • C. P. Gupta

Abstract

We examine the effect of corruption on firm value using a comprehensive panel data set of 4236 firms with 38,763 firm-year observations from 16 emerging market economies during 2002–2015. By using fixed-effects panel data regression models, we find a significant negative relationship between firm value and corruption. The results are also robust to subsample analyses and to the alternate measure of firm value and corruption. Overall, our study provides evidence that corruption in emerging market economies has a negative impact on firm value. Furthermore, our study contributes to the existing literature on the drivers of firm value.

Suggested Citation

  • Bhanu Pratap Singh Thakur & M Kannadhasan & Parikshit Charan & C. P. Gupta, 2021. "Corruption and Firm Value: Evidence from Emerging Market Economies," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 57(4), pages 1182-1197, March.
    • Handle: RePEc:mes:emfitr:v:57:y:2021:i:4:p:1182-1197
    DOI: 10.1080/1540496X.2019.1613643
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    Cited by:

    1. So Ra Park & Jae Young Jang, 2021. "The Impact of ESG Management on Investment Decision: Institutional Investors’ Perceptions of Country-Specific ESG Criteria," IJFS, MDPI, vol. 9(3), pages 1-27, September.
    2. Nandika Sanath Kumanayake & Ajantha Sisira Kumara & Asankha Pallegedara, 2023. "The nexus between public sector corruption and private sector efficiency: Evidence from worldwide firm‐level data," Review of Development Economics, Wiley Blackwell, vol. 27(2), pages 1056-1077, May.

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