Influence of corruption on state-owned enterprise expenditures

Abstract This study aims to analyze the effect of corruption on state-owned enterprises (SOEs) and how this practice could be harmful to the economy, despite what the grease on the wheels hypothesis suggests. A database built from three other databases was used. It contained only stock market listed enterprises. After the data treatment process, only 96,379 observations remained, from companies from 41 countries between 2002 and 2011. To achieve the expected results this study used the Difference-in-Differences technique in order to measure the effect of political influence on SOEs spending after the 2008 financial crisis. The results confirmed the hypothesis of the study, demonstrating that within environments with high levels of corruption, politicians use their influence for political/private gain purposes.

摘要 本研究旨在分析腐败对国有企业（state-owned enterprises, SOEs）的影响，以及此类腐败行为对经济的危害性，尽管存在腐败润滑假说（grease on the wheels hypothesis）。本研究使用由三个其他数据库整合构建的数据库，该数据库仅收录证券市场上市企业。经过数据处理流程后，最终保留了2002年至2011年间来自41个国家的企业的96379条观测样本。为达成预期研究目标，本研究采用双重差分法（Difference-in-Differences），以衡量2008年金融危机后政治影响力对国有企业支出的影响。研究结果证实了本研究的假说，结果表明在腐败程度较高的环境中，政客会利用自身影响力谋取政治或私人利益。