who cares about corruption

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1、JournalofInternationalBusinessStudies(2006)37,807–822&2006AcademyofInternationalBusinessAllrightsreserved0047-2506$30.00www.jibs.netWhocaresaboutcorruption?AlvaroCuervo-CazurraAbstractThispaperexaminestheimpactofcorruptiononforeigndirectinvestmentMooreSchoolofBus

2、iness,UniversityofSouth(FDI).ItarguesthatcorruptionresultsnotonlyinareductioninFDI,butalsoinCarolina,Columbia,SouthCarolina,USAachangeinthecompositionofcountryoforiginofFDI.Itpresentstwokeyfindings.First,corruptionresultsinrelativelylowerFDIfromcountriesthathaveC

3、orrespondence:ACuervo-Cazurra,SonocosignedtheOrganizationforEconomicCooperationandDevelopmentInternationalBusinessDepartment,MooreConventiononCombatingBriberyofForeignPublicOfficialsinInternationalSchoolofBusiness,UniversityofSouthBusinessTransactions.Thissuggest

4、sthatlawsagainstbriberyabroadmayactasCarolina,1705CollegeStreet,Columbia,SC29208,USA.adeterrentagainstengagingincorruptioninforeigncountries.Second,Tel:þ18037770314;corruptionresultsinrelativelyhigherFDIfromcountrieswithhighlevelsofFax:þ18037773609;corruption.Thi

5、ssuggeststhatinvestorswhohavebeenexposedtobriberyatE-mail:acuervo@moore.sc.eduhomemaynotbedeterredbycorruptionabroad,butinsteadseekcountrieswherecorruptionisprevalent.JournalofInternationalBusinessStudies(2006)37,807–822.doi:10.1057/palgrave.jibs.8400223Keywords:

6、corruption;foreigndirectinvestment;internationalmanagementIntroductionHostcountrycorruptiondiscouragesforeigndirectinvestment(FDI).Corruption,theabuseofpublicpowerforprivategain,createsuncertaintyregardingthecostsofoperationinthecountry.Itactsasanirregulartaxonbu

7、siness,increasingcosts,anddistortingincentivestoinvest(ShleiferandVishny,1993;Mauro,1995;Wei,2000a)Manyempiricalstudiesprovidesupportforthisidea,astheyfindthatcorruptioninthehostcountryisnegativelyrelatedtoFDI(e.g.,Wei,2000a,b;HabibandZurawicki,2002;Lambsdorff,20

8、03).However,somescholarshavearguedthatcorruptioncanhaveapositiveimpactoninvestmentbyfacilitatingtransactionsincountrieswithexcessiveregulation(Huntington,1968;