Asymmetric Effects of Corruption on FDI: Evidence from Swedish Multinational Firms
研究腐败对外国直接投资的影响，发现腐败会减少面向当地市场的投资，但增加面向出口的投资，且降低企业进入该国的概率。
We examine the effect of corruption on foreign direct investments. Our model shows that corruption may have different effects on investments aimed at selling to a local market, in comparison to investments aimed at selling from the corrupt market. Using Swedish firm-level data, we find that affiliate local sales decrease with corruption, while affiliate exports increase. Finally, corruption has a negative effect on the probability that a foreign firm will invest in a country. These results are consistent with theory when bribing reduces production costs and local firms have an advantage in bribing vis à vis foreign firms.