دانلود مقاله ISI انگلیسی شماره 97201
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
97201 2017 13 صفحه PDF سفارش دهید 11403 کلمه
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عنوان انگلیسی
Corruption’s impact on foreign portfolio investment
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : International Business Review, Volume 26, Issue 1, February 2017, Pages 23-35

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چکیده انگلیسی

Corruption has significant effects on a nation’s financial markets through its adverse impact on foreign portfolio investment (FPI). Yet, the effects of corruption on FPI are nonlinear and reverse J-shaped, with intermediate levels of corruption yielding the most negative effects. Highly transparent nations, where a “level playing field” exists between foreign and local investors due to lack of information asymmetries related to corruption, attract the most foreign investment. However, at the margin, very corrupt countries attract more investment than moderately corrupt countries because a “perverse level playing field” in the former countries may put foreigners and locals on an even footing in terms of resolving asymmetric information problems. This nonlinear pattern is consistent with foreign investors’ desire to trade in markets where they are not at an informational disadvantage.

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