In this study, we investigate the relationship between ownership structure, corruption, and capital investments in firms operating in a selected sample of Sub-Saharan Africa (SSA) countries. Using a sample of an unbalanced panel of firms over different time periods that ranged from 2003 to 2016, and estimating with the fixed effects technique, we find that foreign ownership and bribery payments have positive and negative effects, respectively, on the capital investment of firms. Furthermore, the marginal effects analysis reveals that the effects of ownership structure and bribery payments differ significantly across our selected sample of countries and across different firm sizes. Policy implications were deduced from the findings.

中文翻译：

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所有权结构、腐败和资本投资：来自选定撒哈拉以南非洲国家公司的证据

在这项研究中，我们调查了在选定的撒哈拉以南非洲 (SSA) 国家样本中运营的公司的所有权结构、腐败和资本投资之间的关系。使用 2003 年至 2016 年不同时间段的不平衡企业面板样本，并使用固定效应技术进行估计，我们发现外资所有权和贿赂支付分别对企业的资本投资具有正面和负面影响. 此外，边际效应分析表明，所有权结构和贿赂支付的影响在我们选择的国家样本和不同公司规模之间存在显着差异。从调查结果中推断出政策影响。