From a taboo topic in the early 1990s, corruption has now become an intriguing economic issue attracting broad attention from academics and practitioners. Political Corruption and Corporate Finance is the first attempt to scrutinize the effect of political corruption on corporate finance. It provides readers with a comprehensive overview of corruption-related issues and theoretical and empirical studies in corporate finance. This book summarizes the causes and effects of political corruption as well as anti-corruption mechanisms and initiatives; analyzes how political corruption at both state and local levels determines corporate financial decisions (investment, financing, and dividend); and discusses how the corruption environment determines firm-level financial behavior.
The first three chapters of the book introduce political corruption, the status of political corruption, and anti-corruption campaigns around the world. The last three chapters focus on how firms make financial decisions, and the role of political corruption in corporate finance. By summarizing real problems and results from academic research, this work will help readers to understand how the corruption environment determines firm-level financial behavior.
Contents:
- Preface
- About the Authors
- Acknowledgements
- List of Figures
- List of Tables
- Introduction of Political Corruption:
- What is Political Corruption?
- Causes of Political Corruption
- Measures of Political Corruption
- Political Corruption — A Worldwide Problem:
- Political Corruption Around the World
- Political Effects
- Economic Effects
- Socio-Cultural Effects
- Anti-Corruption:
- What is Anti-Corruption?
- Anti-Corruption Mechanisms
- International Anti-Corruption Initiatives
- Anti-Corruption in Developing Countries
- Political Corruption and Investment Decisions:
- Theories of Corporate Investment
- Determinants of Corporate Investment
- Political Corruption and Risk-Taking
- Political Corruption and Investment Expenditure
- Political Corruption and Investment Efficiency
- Anti-Corruption and Investment Decisions
- Political Corruption and Financing Decisions:
- Theories of Capital Structure
- Determinants of Capital Structure
- Political Corruption and Capital Structure
- Anti-Corruption and Financing Decisions
- Political Corruption and Dividend Decisions:
- Theories of Dividend Policy
- Determinants of Dividend Policy
- Political Corruption and Dividend Policy
- Anti-Corruption and Dividend Decisions
- Conclusions
- References
- Index
Readership: Suitable for university researchers, librarianes, and postgraduate students in the fields of Political Science, Sociology and Economics & Finance. Also suitable in a business environment for corporate managers, institutional investors, investment managers, and government agencies and officials.
Key Features:
- It is the first attempt to scrutinize the effect of political corruption on corporate finance
- It summarizes real problems and results from academic research
- It helps readers understand how the corruption environment determines firm-level financial behavior
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