After enactment of strict anti-bribery legislation in the UK a few years ago, sales of British firms in corruption-prone regions of the world grew 6 percentage points more slowly than those of comparable European firms, says Stefan Zeume of the University of Michigan. Moreover, UK companies operating in such regions displayed a drop in firm value after enactment of the law. Taken together, the findings suggest that bribes are indispensable for doing business in certain parts of the world, Zeume says.
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