Corruption normally causes distrust among investors and can negatively affect investments. Particularly in Latin America, decline of investments is one of the most significant problems. In such a context, anti-corruption laws can both fight corruption and promote business, restoring investors’ trust. In this article, we ask whether the introduction of an anti-corruption framework affecting both the public and private spheres is able to increase investors’ confidence in a new form of investment, that is, equity crowdfunding. By using a unique database, with combined information from different platforms in Brazil, Chile and Mexico, we study the population of 492 projects between 2013 and 2017. Implementing a set of linear probability regressions, we find that the new Mexican anti-corruption law has increased the probability of success of equity crowdfunding projects in this country, compared to Brazilian and Chilean projects, suggesting the existence of a causal relation between anti-corruption rules and investments in a highly perceived corrupt environment further characterised by a low level of investor protection.

JEL Classification: G23, G28, K22, L26

腐败通常会引起投资者之间的不信任，并可能对投资产生负面影响。特别是在拉丁美洲，投资下降是最严重的问题之一。在这种情况下，反腐败法律既可以反腐败，又可以促进业务发展，从而恢复投资者的信任。在本文中，我们询问引入影响公共和私人领域的反腐败框架是否能够提高投资者对一种新的投资形式（即股权众筹）的信心。通过使用独特的数据库，并结合了巴西，智利和墨西哥不同平台的信息，我们研究了2013年至2017年之间492个项目的数量。实施一系列线性概率回归，

JEL分类：G23，G28，K22，L26