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Firm efficiency, foreign ownership and CEO gender in corrupt environments
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SYSNO ASEP 0518217 Document Type J - Journal Article R&D Document Type Journal Article Subsidiary J Článek ve WOS Title Firm efficiency, foreign ownership and CEO gender in corrupt environments Author(s) Hanousek, Jan (NHU-C) RID
Shamshur, Anastasiya (NHU-C) RID
Trešl, Jiří (NHU-C)Source Title Journal of Corporate Finance. - : Elsevier - ISSN 0929-1199
Roč. 59, December (2019), s. 344-360Number of pages 17 s. Language eng - English Country NL - Netherlands Keywords efficiency ; corruption ; ownership structure Subject RIV AH - Economics OECD category Applied Economics, Econometrics R&D Projects GA15-15927S GA ČR - Czech Science Foundation (CSF) Method of publishing Open access Institutional support NHU-C - Progres-Q24 UT WOS 000506727600018 EID SCOPUS 85021984306 DOI 10.1016/j.jcorpfin.2017.06.008 Annotation We study the effects of corruption on firm efficiency using a unique dataset of private firms from 14 Central and Eastern European countries from 2000 to 2013. We find that an environment characterized by a high level of corruption has an adverse effect on firm efficiency. This effect is stronger for firms with a lower propensity to behave corruptly, such as foreign-controlled firms and firms managed by female CEOs, while local firms and firms with male CEOs are not disadvantaged. We also find that an environment characterized by considerable heterogeneity in the perception of corruption is associated with an increase in firm efficiency. This effect is particularly strong for foreign-controlled firms from low corruption countries, while no effect is observed for firms managed by a female CEO. Workplace Economics Institute - CERGE Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2020 Electronic address https://doi.org/10.1016/j.jcorpfin.2017.06.008
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