دانلود رایگان مقاله انگلیسی فساد، انواع فساد و عملکرد مالی شرکت: شواهد جدید از اقتصاد گذار - اشپرینگر 2018

Abstract

Using a nationwide survey of provincial institutional quality and a sample of private manufacturing small and medium scale enterprises (the SMEs), this paper contributes to the literature by considering for the first time the effects of corruption on the financial performance of Vietnamese private SMEs. Interestingly, contrary to previous findings, we find that corruption when measured by a dummy variable, does not affect firms’ financial performance after controlling for heterogeneity, simultaneity and dynamic endogeneity. However, the intensity of bribery and the majority of the forms of corruption were found to have negative impacts on firms’ financial performance. Hence, a typical approach using only a dummy variable for bribery might not adequately evaluate the impact of bribe intensity or even ignores the negative impacts of some types of bribes on firms’ financial performance. The findings suggest that anti-corruption measures are vital for the development of the Vietnamese private SMEs.

Conclusion

As a contribution to the small but rising evidence of the effect of corruption on firm financial performance, this study considers for the first time the impact of corruption on firm financial performance at both the firm and provincial levels in Vietnam. In contrast to the findings of many previous studies, we found that the incidence of bribery does not affect firm financial performance, but bribe intensity has a negative effect, when dynamic endogeneity and unobservable characteristics are controlled for. Hence, a typical approach using only the dummy variable of bribery might not adequately reflect the impact of bribe intensity. In addition, this paper provides additional evidence on the impacts of various types of corruption. While some kinds of corruption do not affect firm financial performance, firms paying informal costs to obtain licences and government contracts have negative impacts on the financial performance of enterprises. However, firms paying bribes for public services may have a higher financial performance compared to their counterparts without doing so. These results imply that the various types of corruption in Vietnam have different impacts on firms’ financial performance and various anti-corruption measures should also be considered to counter such types of corruption. Regarding traditional firm characteristics, the empirical results are generally consistent with other international empirical studies. For example, past performance is found to have a positive effect on firm financial performance, suggesting that the link between corruption and firm financial performance should be investigated in a dynamic framework. In addition, while firms with more years in business do not have a higher financial performance than their counterparts, leverage has a positive association with firm financial performance. Furthermore, it is not surprised that innovators who have flexible policies are able to respond quickly to market demand and are marked by higher financial performance than non-innovators.