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This study investigates how democratic or autocratic regimes, their transitions, and durations, affect the probability of experiencing financial crises. The empirical strategy employs novel instruments and Lewbel's method to address potential endogeneity concerns. The results reveal that democratic transition reduces the probability of crises by around seven percent, whereas autocratic switchovers enhance the crises likelihood by twelve percent. The findings remain robust in presence of a number of heterogeneity checks, with alternative measures of crises indicators, and employing different proxy for democratic transition. Thus, institutions in transition countries could play important role in managing such financial upheavals. 相似文献
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Ajith Venugopal Marwan Al-Shammari Prasad M. V. Thotapalli Mohammad Fuad 《Thunderbird国际商业评论》2023,65(5):519-531
This study draws upon the institutional-based view to examine how home country institutional voids affect the corporate social performance (CSP) of emerging market multinational corporations (EMNCs). We propose that home country institutional voids of EMNCs are positively related to CSP. We also argue that EMNCs' internationalization and visibility will further augment the above relationships. We tested our hypotheses using a sample of 89 EMNCs from 10 countries from 2009 to 2018 and found support for our arguments. Our findings show that EMNCs use CSP to overcome the liabilities of origin due to their home-country institutional voids. Internationalization and visibility increase the challenges of origin liabilities and EMNCs respond by enhancing their CSP. Our research adds to the existing knowledge base on institutional voids within the realm of international business. 相似文献