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<p>The main objective of this paper is to examine how corruption affects firm dynamics by exploring four key dimensions: financial performance (ROA), asset growth (GA), innovation, and competitiveness (HHI Index). Unlike previous research that typically focuses on one or two dimensions in isolation, our contribution lies in introducing a novel composite indicator, firm dynamic score, constructed through a statistical weighting process to provide a comprehensive view of firm development. Our paper is based on a panel of 945 firms from BRICS countries over the period 2010–2024, which also captures the impact of the COVID-19 pandemic. Using the High-Dimensional Fixed Effects (HDFE) estimator along with additional robustness techniques such as Two-Stage Least Squares (2SLS) and the Two-Step System GMM, we provide a comprehensive empirical assessment of how corruption influences various dimensions of firm dynamics. The results support the Sand the Wheels theory, which posits that corruption acts as a barrier to progress.</p>

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Firm dynamics in corrupt environments: the case of the BRICS countries

  • 期刊论文

  • 发表日期：

    2026年2月2日

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  • Rania Missaoui,
  • Aymen Ajina

摘要

The main objective of this paper is to examine how corruption affects firm dynamics by exploring four key dimensions: financial performance (ROA), asset growth (GA), innovation, and competitiveness (HHI Index). Unlike previous research that typically focuses on one or two dimensions in isolation, our contribution lies in introducing a novel composite indicator, firm dynamic score, constructed through a statistical weighting process to provide a comprehensive view of firm development. Our paper is based on a panel of 945 firms from BRICS countries over the period 2010–2024, which also captures the impact of the COVID-19 pandemic. Using the High-Dimensional Fixed Effects (HDFE) estimator along with additional robustness techniques such as Two-Stage Least Squares (2SLS) and the Two-Step System GMM, we provide a comprehensive empirical assessment of how corruption influences various dimensions of firm dynamics. The results support the Sand the Wheels theory, which posits that corruption acts as a barrier to progress.