Int. J. of Monetary Economics and Finance   »   2013 Vol.6, No.2/3



Title: Financial corporations' performances and corruption indices around Europe 1996-2008


Authors: Carlo Bellavite Pellegrini; Laura Pellegrini


Department of Economic and Business Management Sciences, Catholic University, Via Necchi 5, 20123 Milan, Italy
CeMaFiR – Centre for Macroeconomics and Finance Research, Piazza Mirabello, 2, 20121, Milan, Italy


Abstract: This paper is devoted to the increasingly relevant issue of corruption. Financial and economic literature has progressively focused its attention on the impact of corruption on the financial performances of listed companies, highlighting the existence of a negative relation between a corruption perception index (CPI) and companies' financial performances. Taking into account the performances of 311 intermediaries of the financial sector of 17 countries belonging to both the Euro and the non-Euro area and listed without any interruption since 1996-2008, the analysis confirms that corruption affects corporations' total investment returns.


Keywords: corruption perception index; banks; insurance; financial companies; financial performance; Euro zone; non-Euro area; panel regression analysis; total investment returns.


DOI: 10.1504/IJMEF.2013.056393


Int. J. of Monetary Economics and Finance, 2013 Vol.6, No.2/3, pp.101 - 115


Available online: 13 Sep 2013



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