What Determines the Return to Bribery? Evidence from Corruption Cases Worldwide
通过分析全球贿赂案件样本，发现贿赂金额每增加1美元，企业价值事前增加6-9美元，但信息透明度高的民主国家中贿赂回报更低。
We analyze a hand-collected sample of bribery cases from around the world to describe how the payment of bribes affects shareholder value. The net present value of a bribe conditional on getting caught is close to zero for the median firm in our sample. However, controlling for industry, country, and firm characteristics, a $1 increase in the size of the bribe is associated with an ex ante $6–$9 increase in the value of the firm, suggesting a correlation between the size of bribes and the size of available benefits. Proxies for information disclosure appear significant in explaining these benefits with more disclosure associated with lower benefits. However, this result is driven by democratic countries where bribe-paying firms receive smaller benefits relative to the bribes they pay. Information disclosure is not significant in autocratic countries. This paper was accepted by Gustavo Manso, finance.