Although until the eighties scientific research on corruption was largely limited to the fields of sociology and criminal law, starting from the nineties there has been an increase in studies on the relationship between corruption and economic performance, with respect to both public and private sectors.
In the public sector, corruption is supposed to reduce the efficiency of public services, to undermine citizens’ trust in institutions and to increase transaction costs. In this framework, corruption, acting as a negative externality, creates a situation in which the market fails to allocate resources efficiently.
With regard to the private sector, corruption has a strong effect on the size of the informal economy, increasing the costs of creating new businesses and surviving in the market within the formal economy. Hence, higher costs are connected to a deterioration of the firms’ financial position and expose them to higher default risks.
Lower firms’ performances and a decrease in the levels of governance effectiveness weakens financial institutions, amplifying the effect of local crises in an interconnected and globalised financial market.
This special issue aims at publishing and disseminating the newest state-of-the-art research on the link between corruption, governance, corporate governance and financial performances in both private and public institutions, in order to elaborate new strategies for reducing financial risks in the global markets. Authors are encouraged to submit papers that employ both theoretical and applied research methodologies, such as economic models, econometric analyses and case studies.
Suitable topics include but are not limited to:
- Financial performance and corruption
- Firm demography and corruption
- Political economy and policy making
- The role of private and public governance on firms' performances
- Regulation of financial markets
- Creating and testing governance and corruption indicators
- Politically connected companies and institutions
Deadline for receipt of manuscripts: 28 February, 2013
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