Pantzalis, Christos; Park, Jung Chul; Sutton, Ninon - In: Journal of Empirical Finance 15 (2008) 3, pp. 387-417
This paper examines the relationship between U.S. MNCs' valuation and corruption in countries where the MNCs' foreign subsidiaries are located. We uncover that country-level corruption has a multi-dimensional impact on MNCs' valuation. We find that the impact of intangibles is less pronounced...