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<p>This article examines the ambiguous effects of corruption on investment using three key measures: total investment, intangible assets, and working capital. Based on an empirical study of 1536 firms in BRICS countries over eight years (2010–2017) and applying the modified Euler equation, the results reveal that corruption can hurt growth by negatively impacting investments. However, some sectors and firms seem to demonstrate that, under certain conditions and in line with the grease-the-wheels theory, corruption can paradoxically stimulate investment by circumventing administrative obstacles.</p>

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Corporate investment in corrupt environments: the case of the BRICS countries

  • 期刊论文

  • 发表日期：

    2025年9月6日

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  • Rania Missaoui

摘要

This article examines the ambiguous effects of corruption on investment using three key measures: total investment, intangible assets, and working capital. Based on an empirical study of 1536 firms in BRICS countries over eight years (2010–2017) and applying the modified Euler equation, the results reveal that corruption can hurt growth by negatively impacting investments. However, some sectors and firms seem to demonstrate that, under certain conditions and in line with the grease-the-wheels theory, corruption can paradoxically stimulate investment by circumventing administrative obstacles.