Download or read book Political Corruption and Corporate Cash Holdings written by Dongwook Seo and published by . This book was released on 2018 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study empirically analyzes the effects of political corruption on corporate cash holdings policy and the impact of cash holdings on firm performance using 97 multinational data. We find that there is a nonlinear cubic function relationship between the political corruption and corporate cash holdings with a negative coefficient of cubic term of political corruption. Specifically, in developed countries with low levels of political corruption, there is a U-shape relationship between political corruption and cash holdings; however, in frontier and emerging countries, there is an Inverted-U-shape relationship. These results show that two hypothesis 'Expropriation Shielding hypothesis' and 'Preoccupancy hypothesis' on previous literature are not conflicting, but can be explained differently according to the level of development of countries and the level of political corruption. In addition, we find that the effects of political corruption on firm performance when firms use cash are different in developed and developing countries. From these results, we suggest that political corruption is an important variable in corporate financial policy and firm performance.

Download or read book Political Corruption And Corporate Finance written by Quoc Trung Tran and published by World Scientific. This book was released on 2023-10-23 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: From a taboo topic in the early 1990s, corruption has now become an intriguing economic issue attracting broad attention from academics and practitioners. Political Corruption and Corporate Finance is the first attempt to scrutinize the effect of political corruption on corporate finance. It provides readers with a comprehensive overview of corruption-related issues and theoretical and empirical studies in corporate finance. This book summarizes the causes and effects of political corruption as well as anti-corruption mechanisms and initiatives; analyzes how political corruption at both state and local levels determines corporate financial decisions (investment, financing, and dividend); and discusses how the corruption environment determines firm-level financial behavior.The first three chapters of the book introduce political corruption, the status of political corruption, and anti-corruption campaigns around the world. The last three chapters focus on how firms make financial decisions, and the role of political corruption in corporate finance. By summarizing real problems and results from academic research, this work will help readers to understand how the corruption environment determines firm-level financial behavior.

Download or read book On Corruption in America written by Sarah Chayes and published by Vintage. This book was released on 2020-08-11 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the prizewinning journalist and internationally recognized expert on corruption in government networks throughout the world comes a major work that looks homeward to America, exploring the insidious, dangerous networks of corruption of our past, present, and precarious future. “If you want to save America, this might just be the most important book to read now." —Nancy MacLean, author of Democracy in Chains Sarah Chayes writes in her new book, that the United States is showing signs similar to some of the most corrupt countries in the world. Corruption, she argues, is an operating system of sophisticated networks in which government officials, key private-sector interests, and out-and-out criminals interweave. Their main objective: not to serve the public but to maximize returns for network members. In this unflinching exploration of corruption in America, Chayes exposes how corruption has thrived within our borders, from the titans of America's Gilded Age (Andrew Carnegie, John D. Rockefeller, J. P. Morgan, et al.) to the collapse of the stock market in 1929, the Great Depression, and FDR's New Deal; from Joe Kennedy's years of banking, bootlegging, machine politics, and pursuit of infinite wealth to the deregulation of the Reagan Revolution--undermining this nation's proud middle class and union members. She then brings us up to the present as she shines a light on the Clinton policies of political favors and personal enrichment and documents Trump's hydra-headed network of corruption, which aimed to systematically undo the Constitution and our laws. Ultimately and most importantly, Chayes reveals how corrupt systems are organized, how they enable bad actors to bend the rules so their crimes are covered legally, how they overtly determine the shape of our government, and how they affect all levels of society, especially when the corruption is overlooked and downplayed by the rich and well-educated.

Download or read book Political Power and Corporate Control written by Peter A. Gourevitch and published by Princeton University Press. This book was released on 2010-06-20 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why does corporate governance--front page news with the collapse of Enron, WorldCom, and Parmalat--vary so dramatically around the world? This book explains how politics shapes corporate governance--how managers, shareholders, and workers jockey for advantage in setting the rules by which companies are run, and for whom they are run. It combines a clear theoretical model on this political interaction, with statistical evidence from thirty-nine countries of Europe, Asia, Africa, and North and South America and detailed narratives of country cases. This book differs sharply from most treatments by explaining differences in minority shareholder protections and ownership concentration among countries in terms of the interaction of economic preferences and political institutions. It explores in particular the crucial role of pension plans and financial intermediaries in shaping political preferences for different rules of corporate governance. The countries examined sort into two distinct groups: diffuse shareholding by external investors who pick a board that monitors the managers, and concentrated blockholding by insiders who monitor managers directly. Examining the political coalitions that form among or across management, owners, and workers, the authors find that certain coalitions encourage policies that promote diffuse shareholding, while other coalitions yield blockholding-oriented policies. Political institutions influence the probability of one coalition defeating another.

Download or read book Corrupt Cities written by and published by World Bank Publications. This book was released on 2000 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Much of the devastation caused by the recent earthquake in Turkey was the result of widespread corruption between the construction industry and government officials. Corruption is part of everyday public life and we tend to take it for granted. However, preventing corruption helps to raise city revenues, improve service delivery, stimulate public confidence and participation, and win elections. This book is designed to help citizens and public officials diagnose, investigate and prevent various kinds of corrupt and illicit behaviour. It focuses on systematic corruption rather than the free-lance activity of a few law-breakers, and emphasises practical preventive measures rather than purely punitive or moralistic campaigns.

Download or read book Policy Uncertainty in Japan written by Ms.Elif C Arbatli and published by International Monetary Fund. This book was released on 2017-05-30 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters and uncertainty. Our overall EPU index co-varies positively with implied volatilities for Japanese equities, exchange rates and interest rates and with a survey-based measure of political uncertainty. The EPU index rises around contested national elections and major leadership transitions in Japan, during the Asian Financial Crisis and in reaction to the Lehman Brothers failure, U.S. debt downgrade in 2011, Brexit referendum, and Japan’s recent decision to defer a consumption tax hike. Our uncertainty indices for fiscal, monetary, trade and exchange rate policy co-vary positively but also display distinct dynamics. VAR models imply that upward EPU innovations foreshadow deteriorations in Japan’s macroeconomic performance, as reflected by impulse response functions for investment, employment and output. Our study adds to evidence that credible policy plans and strong policy frameworks can favorably influence macroeconomic performance by, in part, reducing policy uncertainty.

Download or read book Economic Gangsters written by Raymond Fisman and published by Princeton University Press. This book was released on 2008 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Economic Gangsters" is a fascinating exploration of the dark side of economic development. Two of the world's most creative young economists use their remarkable talents for economic sleuthing to study violence, corruption, and poverty in the most unexpected ways--Steven D. Levitt, coauthor of "Freakonomics."

Download or read book China s Gilded Age written by Yuen Yuen Ang and published by Cambridge University Press. This book was released on 2020-05-28 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why has China grown so fast for so long despite vast corruption? In China's Gilded Age, Yuen Yuen Ang maintains that all corruption is harmful, but not all types of corruption hurt growth. Ang unbundles corruption into four varieties: petty theft, grand theft, speed money, and access money. While the first three types impede growth, access money - elite exchanges of power and profit - cuts both ways: it stimulates investment and growth but produces serious risks for the economy and political system. Since market opening, corruption in China has evolved toward access money. Using a range of data sources, the author explains the evolution of Chinese corruption, how it differs from the West and other developing countries, and how Xi's anti-corruption campaign could affect growth and governance. In this formidable yet accessible book, Ang challenges one-dimensional measures of corruption. By unbundling the problem and adopting a comparative-historical lens, she reveals that the rise of capitalism was not accompanied by the eradication of corruption, but rather by its evolution from thuggery and theft to access money. In doing so, she changes the way we think about corruption and capitalism, not only in China but around the world.

Download or read book Identification and Inference for Econometric Models written by Donald W. K. Andrews and published by Cambridge University Press. This book was released on 2005-06-17 with total page 606 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2005 collection pushed forward the research frontier in four areas of theoretical econometrics.

Download or read book Capitalizing China written by Joseph P. H. Fan and published by University of Chicago Press. This book was released on 2013 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: La 4e de couverture indique : "Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese Communist Party (CCP), by controlling the career advancement of all senior personnel in all regulatory agencies, all state-owned enterprises (SOEs), and virtually all major financial institutions state-owned enterprises (SOEs), and senior Party positions in all but the smallest non-SOE enterprises, retains sole possession of Lenin's Commanding Heights. The chapters in this volume examine China's high savings rate, banking system, financial markets, financial regulations, corporate governance, and public finances; and consider policy alternatives the CCP might consider if its goal is China's elevation into the ranks of high income countries."

Download or read book Investment and Institutional Uncertainty written by Aymo Brunetti and published by World Bank Publications. This book was released on 1997-01-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Looking decades ahead into the future, many informed observers see China moving steadily to the top of the world's economic league. Several sources, including the OECD, forecast that the country will be the world's largest economy by 2020. China's urban economy has been the driving force behind the country's recent trends of accelerated growth. By the same token, deterioration in the urban centers could constrain future growth. The Dynamics of Urban Growth in Three Chinese Cities looks at the interplay between geography, size, and industrial structure that determines the industrial vigor of cities. Their conclusions, abundantly illustrated through the experience of the Chinese cities of Shanghai, Tianjin, and Guangzhou, is that each of these factors must be made to work for the city through effective policymaking. The authors compare these cities with each other in the context of the changes sweeping China's economy, review their history and their reform programs from the early 1980s to the mid-1990s, and examine their infrastructure and human capital. The volume includes maps of the cities and their outlying areas and of China's road and rail system, as well as figures depicting the industrial structure of each city. Published for the World Bank by Oxford University Press.

Download or read book International Corporate Governance written by Kose John and published by Emerald Group Publishing. This book was released on 2011-03-31 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents research on corporate governance from a number of countries across the world, including the United States, Spain, Malaysia, Israel and others. This title examines many important corporate governance mechanisms, such as board characteristics, ownership structure, legal protection of shareholders, and annual general meetings.

Download or read book Crossing the Global Quality Chasm written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2019-01-27 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2015, building on the advances of the Millennium Development Goals, the United Nations adopted Sustainable Development Goals that include an explicit commitment to achieve universal health coverage by 2030. However, enormous gaps remain between what is achievable in human health and where global health stands today, and progress has been both incomplete and unevenly distributed. In order to meet this goal, a deliberate and comprehensive effort is needed to improve the quality of health care services globally. Crossing the Global Quality Chasm: Improving Health Care Worldwide focuses on one particular shortfall in health care affecting global populations: defects in the quality of care. This study reviews the available evidence on the quality of care worldwide and makes recommendations to improve health care quality globally while expanding access to preventive and therapeutic services, with a focus in low-resource areas. Crossing the Global Quality Chasm emphasizes the organization and delivery of safe and effective care at the patient/provider interface. This study explores issues of access to services and commodities, effectiveness, safety, efficiency, and equity. Focusing on front line service delivery that can directly impact health outcomes for individuals and populations, this book will be an essential guide for key stakeholders, governments, donors, health systems, and others involved in health care.

Download or read book formal versus informal finance evidence from china written by Vojislav Maksimovic and published by World Bank Publications. This book was released on 2008 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: China is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one of the fastest growing economies in the world. The fast growth of Chinese private sector firms is taken as evidence that it is alternative financing and governance mechanisms that support China's growth. This paper takes a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms. The authors find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources. However, the results suggest that despite its weaknesses, financing from the formal financial system is associated with faster firm growth, whereas fund raising from alternative channels is not. Using a selection model, the authors find no evidence that these results arise because of the selection of firms that have access to the formal financial system. Although firms report bank corruption, there is no evidence that it significantly affects the allocation of credit or the performance of firms that receive the credit. The findings suggest that the role of reputation and relationship based financing and governance mechanisms in financing the fastest growing firms in China is likely to be overestimated.

Download or read book Anticorruption in Transition written by and published by World Bank Publications. This book was released on 2000-01-01 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the increasing recognition across the world of the damaging effects of corruption on economic growth and social stability. This report seeks to unpack the varied practices of corruption to identify and compare different patterns of the transition countries of Central and Eastern Europe, the Baltic states, and the Commonwealth of Independent States. It then draws out lessons for tailoring anticorruption strategies to address the variation across the region in an effort to target reforms more effectively. The report draws on many sources of ongoing research and lessons of experience, including the World Bank's work in this area. It is intended as a contribution to the growing policy dialogue on developing practical strategies for reducing corruption.

Download or read book Hostile Takeover written by David Sirota and published by Crown. This book was released on 2007-05-22 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do you ever wonder if there’s a connection between the corruption scandals in the news and the steady decline in the quality of life for millions of Americans? Do you ever wonder what corporations get for the millions of dollars they pour into the American political system? Do you ever think the government has been hijacked by forces hostile to average Americans? Do you ever want to fight back? Millions of Americans lack health care and millions more struggle to afford it. Politicians claim they care, then pass legislation that just sends more cash to the HMOs. Wages have been stagnant for thirty years, even as corporate profits skyrocket. Politicians say they want to fix the problem and then pass bills written by lobbyists that drive wages even lower and punish those crushed by debt. Jobs are being shipped overseas, pensions are being cut, and energy is becoming unaffordable. And our government, more concerned about maintaining its corporate sponsorship than protecting its citizens, does nothing about it. In Hostile Takeover, David Sirota, a major new voice in American politics, seeks to open the eyes of ordinary Americans to the fact that corporate interests have undermined democracy, aided and abetted by their lackeys in our allegedly representative government. At a time when more and more of America’s major political leaders are being indicted or investigated for corruption, Sirota takes readers on a journey that shows how all of this nefarious behavior happened right under our noses—and how the high-profile scandals are merely one product of a political system and debate wholly owned by Big Money interests. Sirota considers major public issues that feel intractable—like spiraling health care costs, the outsourcing of jobs, the inequities of the tax code, and out-of-control energy prices—and shows how in each case workable solutions are buried under the lies of lobbyists, the influence of campaign cash, and the ubiquitous spin machine financed by Big Business. With fiery passion, pinpoint wit, and lucid analysis, Hostile Takeover reveals the true enemies of reform and their increasingly sophisticated—and hostile—tactics. It’s an essential guidebook for those of us tired of the government selling us out—and determined to take our country back. Also available as an eBook

Download or read book The Many Faces of Corruption written by J. Edgardo Campos and published by World Bank Publications. This book was released on 2007-04-04 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corruption... How can policymakers and practitioners better comprehend the many forms and shapes that this socialpandemic takes? From the delivery of essential drugs, the reduction in teacher absenteeism, the containment of illegal logging, the construction of roads, the provision of water andelectricity, the international trade in oil and gas, the conduct of public budgeting and procurement, and the management of public revenues, corruption shows its many faces. 'The Many Faces of Corruption' attempts to bring greater clarity to the often murky manifestations of this virulent and debilitating social disease. It explores the use of prototype road maps to identify corruption vulnerabilities, suggests corresponding 'warning signals,' and proposes operationally useful remedial measures in each of several selected sectors and for a selected sampleof cross cutting public sector functions that are particularlyprone to corruption and that are critical to sector performance.Numerous technical experts have come together in this effort to develop an operationally useful approach to diagnosing and tackling corruption. 'The Many Faces of Corruption' is an invaluable reference for policymakers, practitioners, andresearchers engaged in the business of development.