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Corruption and Corporate Cash Holdings

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  • Dong Wook Seo
  • Seung Hun Han

Abstract

In this study, we examine the relation between corruption and corporate cash holding policy using data from 35,288 firms in 44 countries. The results indicate a non-linear relation between corruption and corporate cash holdings with a negative coefficient of the cubic term of corruption. Specifically, in developed (frontier) countries with low (high) level of corruption, we find a negative relation, whereas in emerging countries with moderate level of economic development and corruption, we find a positive relation. Thus, we suggest that corruption is an important variable that affects corporate cash holding policy by the level of economic development.

Suggested Citation

  • Dong Wook Seo & Seung Hun Han, 2022. "Corruption and Corporate Cash Holdings," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 58(5), pages 1441-1455, April.
    • Handle: RePEc:mes:emfitr:v:58:y:2022:i:5:p:1441-1455
    DOI: 10.1080/1540496X.2021.1890022
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    Cited by:

    1. Hasan Tekin, 2023. "Does Corruption Matter For Corporate Payouts In The Covid Era? Evidence From Muslim Countries," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 26(4), pages 617-636, November.

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