ABSTRACT

In this study, we examine the relation between corruption and corporate cash holding policy using data from 35,288 firms in 44 countries. The results indicate a non-linear relation between corruption and corporate cash holdings with a negative coefficient of the cubic term of corruption. Specifically, in developed (frontier) countries with low (high) level of corruption, we find a negative relation, whereas in emerging countries with moderate level of economic development and corruption, we find a positive relation. Thus, we suggest that corruption is an important variable that affects corporate cash holding policy by the level of economic development.

摘要

在这项研究中，我们使用来自 44 个国家的 35,288 家公司的数据来检验腐败与企业现金持有政策之间的关系。结果表明，腐败与公司现金持有量之间存在非线性关系，腐败三次项的系数为负。具体而言，在腐败程度低（高）的发达（前沿）国家，我们发现负相关，而在经济发展和腐败程度适中的新兴国家，我们发现正相关。因此，我们认为腐败是影响企业现金持有政策的一个重要变量，它会受到经济发展水平的影响。