Can Anti-Bribery Rules Hurt Foreign Investment?
Anti-bribery enforcement in a country is followed by a 40% reduction in foreign fixed capital investments made by U.S. companies in that country, say Brad Graham of Grinnell College and Caleb Stroup of Davidson College. They collected data on enforcement actions initiated by the U.S. Department of Justice and found that U.S. firms are significantly less likely to acquire foreign firms in countries that have been previously targeted by Foreign Corrupt Practices Act enforcement. The authors suggest that this is consistent with the view that anti-bribery enforcement actions raise the cost of doing business for U.S. firms, rather than providing a way for firms to avoid a bribery arms race.
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