Is Corruption Detrimental for Stock Returns? Evidence from a Panel of Latin American Firms (2004-2013): A Note - Carlo Bellavite Pellegrini, Raul Caruso - Vita e Pensiero - Articolo Rivista internazionale di Scienze Sociali

Is Corruption Detrimental for Stock Returns? Evidence from a Panel of Latin American Firms (2004-2013): A Note

digital Is Corruption Detrimental for Stock Returns? Evidence
from a Panel of Latin American Firms (2004-2013): A Note
Article
Journal RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI
Issue RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI - 2017 - 1
Title Is Corruption Detrimental for Stock Returns? Evidence from a Panel of Latin American Firms (2004-2013): A Note
Authors ,
Publisher Vita e Pensiero
Format Article | Pdf
Online da 04-2017
Issn 0035-676X (print) | 1827-7918 (digital)
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This paper empirically investigates the impact of national level of corruption on stock returns for a panel of listed firms in Latina America for the period 2004-2013. Two measures of corruption are used. Results are mixed. Only when considering a measure of public capacity in the control of corruption, coefficients exhibit statistically significant relationships. This can be considered a plausible indirect cost of corruption. In fact, if governance of economy loses flexibility in order to prevent corruption, it can also become detrimental for economic returns.

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