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ID:
112729
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| Publication |
2012.
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| Summary/Abstract |
Corruption is one of the most pervasive obstacles to economic and social development. However, in the existing literature it appears that corruption seems to be less harmful in some countries than in others. The most striking examples are well known as the "East Asian paradox": countries displaying exceptional growth records despite having thriving corruption cultures. The aim of this paper is to explain the high corruption but fast economic growth puzzle in China by providing firm-level evidence of the relation between corruption and growth and investigating how financial development influences the former relationship. Our empirical results show that corruption is likely to contribute to firms' growth. We further highlight the substitution relationship between corruption and financial development on firm growth. This means that corruption appears not to be a vital constraint on firm growth if financial markets are underdeveloped. However, pervasive corruption deters firm growth where there are more developed financial markets. This implies that fast firm growth will not be observed until a later stage of China's development when financial markets are well-functioning and corruption is under control. Furthermore, the substitution relationship exists in the private and state-owned firms. Geographically, similar results can be seen in the Southeast and Central regions.
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| 2 |
ID:
155173
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| Summary/Abstract |
Small firms are at a disadvantage compared to large firms because of their size. Yet they play a very significant role in the growth of economy. These firms have little tangible assets at an early stage, but some of them have long-term growth potential. There is enough literature about individual entrepreneur, but relatively little is known about firm-level entrepreneurship, that is, entrepreneurial orientation (EO). EO consists of five dimensions: innovativeness, risk taking, proactiveness, autonomy and competitive aggressiveness. This study reviews the existing literature on the influence of EO on the growth of small firms. It tries to figure out whether this growth comes out as a demonstration of all the dimensions of EO together or a combination of them. There is an important gap in the literature on this issue, and this study focuses on this gap.
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