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Do MNCs spur financial markets in corrupt host countries?

Mohsen Bahmani-Oskooee (), Shady Kholdy () and Ahmad Sohrabian ()

Journal of Economics and Finance, 2013, vol. 37, issue 2, 308-317

Abstract: This study investigates how MNCs can sway the growth of financial markets in the developing countries with prevalent political corruption. Using annual data of panel of 22 developing countries and applying dynamic generalized method of moment (GMM) technique, we find foreign firms can spur financial markets in the developing countries through direct investment. Furthermore, our results indicate the stimulus effect of foreign investment on financial development is stronger in the more corrupt countries. Copyright Springer Science+Business Media, LLC 2013

Keywords: Multinational Corporations; Foreign Direct Investment; Financial Markets; Political Corruption; F23; G15; G18 (search for similar items in EconPapers)
Date: 2013
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