Killing Growth: Homicides and Corporate Investment in Brazil
研究了巴西暴力犯罪（凶杀案）对企业投资和融资决策的影响，发现凶杀案增长率上升会显著降低企业投资、增加裁员，并导致更保守的融资政策，且对小企业影响更大。
We examine the effects of violent crime on corporate investment and financing decisions of Brazilian firms. Exploring city variation in homicides, we find that an increase in the growth rate of homicides is associated with significantly lower corporate investments, with lower labour investments, and with a higher likelihood of layoffs. Spikes in violent crime are also associated with more conservative financing policies, reflected in higher cash holdings, in lower R&D (research and development) expenditures, and in lower dividend payments. Homicides further affect investment efficiency and financing choices, decoupling investment from debt finance and profitability. Moreover, the negative association between homicides and investment is significantly stronger in smaller firms, which highlights the uneven costs of violent crime in reducing firm growth.