Corruption risk and stock market effects: evidence from the defence industry

Article

Krishnamurti, Chandrasekhar, Pensiero, Domenico and Velayutham, Eswaran. 2021. "Corruption risk and stock market effects: evidence from the defence industry." Pacific-Basin Finance Journal. 70, pp. 1-19. https://doi.org/10.1016/j.pacfin.2021.101681
Article Title

Corruption risk and stock market effects: evidence from the defence industry

ERA Journal ID32913
Article CategoryArticle
AuthorsKrishnamurti, Chandrasekhar (Author), Pensiero, Domenico (Author) and Velayutham, Eswaran (Author)
Journal TitlePacific-Basin Finance Journal
Journal Citation70, pp. 1-19
Article Number101681
Number of Pages19
Year2021
PublisherElsevier
Place of PublicationNetherlands
ISSN0927-538X
Digital Object Identifier (DOI)https://doi.org/10.1016/j.pacfin.2021.101681
Web Address (URL)https://www.sciencedirect.com/science/article/pii/S0927538X21001888
Abstract

Motivated by the finding that corruption is rampant in the defence sector globally, we examine the stock market effects of firm-level corruption risk disclosure in the defence industry. We find that the disclosure of corruption risk scores have information content. Our multivariate tests show that the market reacts negatively to firms that have low corruption risk. Our study supports the ‘greasing the wheels’ hypothesis which suggests that corruption is a cost of doing business. Further, companies with low corruption risk experience lower stock price volatility after the disclosure of corruption risk scores. Finally, we also find that the disclosure of lower corruption risk is associated with an increase in firm-level market liquidity.

Keywordscorruption risk; stock market reaction; information asymmetry; market liquidity
Contains Sensitive ContentDoes not contain sensitive content
ANZSRC Field of Research 2020350299. Banking, finance and investment not elsewhere classified
350202. Finance
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Byline AffiliationsUniversity of South Australia
School of Business
Institution of OriginUniversity of Southern Queensland
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Krishnamurti, Chandrasekhar. 2010. "The two sides of the governance coin: competition and regulation." Balasubramanian, N. and Satwalekar, D. M. (ed.) Corporate governance: an emerging scenario. India. National Stock Exchange of India Limited. pp. 35-59
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Sevic, Aleksandar, Krishnamurti, Chandrasekhar and Sevic, Zeljko. 2010. "Determinants of choice of depositary receipt programs: an exploratory study." Managerial Finance. 36 (12), pp. 990-1006. https://doi.org/10.1108/03074351011088414
Dividend taxation, ownership structure and payout policy: evidence from India
Krishnamurti, Chandrasekhar and Narasimhan, M. S.. 2007. "Dividend taxation, ownership structure and payout policy: evidence from India." Corporate Ownership and Control. 4 (3), pp. 287-302.
Does certification work in emerging markets? evidence from the Indian IPO market
Krishnamurti, Chandrasekhar, Thong, Tiong Yang and Vishwanath, S. R.. 2009. "Does certification work in emerging markets? evidence from the Indian IPO market." 2009 JCF Conference on Emerging Market Corporate Finance. Beijing, China 24 - 25 Aug 2009
Bankruptcy and reorganization
Vishwanath, S. R. and Krishnamurti, Chandrasekhar. 2008. "Bankruptcy and reorganization." Krishnamurti, Chandrasekhar and Vishwanath, S. R. (ed.) Mergers, acquisitions and corporate restructuring. New Delhi, India. SAGE Publications Ltd. pp. 333-357
Spin-offs, equity carve-outs and targeted stocks
Vishwanath, S. R. and Krishnamurti, Chandrasekhar. 2008. "Spin-offs, equity carve-outs and targeted stocks." Krishnamurti, Chandrasekhar and Vishwanath, S. R. (ed.) Mergers, acquisitions and corporate restructuring. New Delhi, India. SAGE Publications Ltd. pp. 275-332
Cross-border acquisitions
Krishnamurti, Chandrasekhar and Vishwanath, S. R.. 2008. "Cross-border acquisitions." Krishnamurti, Chandrasekhar and Vishwanath, S. R. (ed.) Mergers, acquisitions and corporate restructuring. New Delhi, India. SAGE Publications Ltd. pp. 183-211
Design of consideration in acquisitions: cash and stock offers
Vishwanath, S. R. and Krishnamurti, Chandrasekhar. 2008. "Design of consideration in acquisitions: cash and stock offers." Krishnamurti, Chandrasekhar and Vishwanath, S. R. (ed.) Mergers, acquisitions and corporate restructuring. New Delhi, India. SAGE Publications Ltd. pp. 146-159
Real options analysis in mergers and acquisitions
Krishnamurti, Chandrasekhar and Vishwanath, S. R.. 2008. "Real options analysis in mergers and acquisitions." Krishnamurti, Chandrasekhar and Vishwanath, S. R. (ed.) Mergers, acquisitions and corporate restructuring. New Delhi, India. SAGE Publications Ltd. pp. 115-145
Value drivers and target valuation
Vishwanath, S. R. and Krishnamurti, Chandrasekhar. 2008. "Value drivers and target valuation." Krishnamurti, Chandrasekhar and Vishwanath, S. R. (ed.) Mergers, acquisitions and corporate restructuring. New Delhi, India. SAGE Publications Ltd. pp. 56-90
Overview of corporate restructuring
Krishnamurti, Chandrasekhar. 2009. "Overview of corporate restructuring." Krishnamurti, Chandrasekhar and Vishwanath, S. R. (ed.) Advanced corporate finance. New Delhi, india. Prentice Hall.
Financing a firm's growth
Krishnamurti, Chandrasekhar. 2009. "Financing a firm's growth." Krishnamurti, Chandrasekhar and Vishwanath, S. R. (ed.) Advanced corporate finance. New Delhi, India. Prentice Hall.
Dividend reductions and signaling in an imputation environment
Balachandran, Balasingham, Krishnamurti, Chandrasekhar, Theobald, Michael and Vidanapathirana, Berty. 2009. "Dividend reductions and signaling in an imputation environment ." Benson, Karen (ed.) AsianFA 2009: Asian Finance Association International Conference. Brisbane, Australia 30 Jun - 03 Jul 2009 Brisbane, Australia.
Foreign institutional investors and security returns: evidence from Indian stock exchanges
Ananthanarayanan, Sandhya, Krishnamurti, Chandrasekhar and Sen, Nilanjan. 2009. "Foreign institutional investors and security returns: evidence from Indian stock exchanges ." 7th INFINITI Conference on International Finance 2009 - Credit Markets, Credit Institutions and Macroeconomic Volatility. Dublin, Ireland 08 - 09 Jun 2009 Dublin, Ireland.
When the going gets tough: board capital and survival of new economy IPO firms
Chancharat, Nongnit, Krishnamurti, Chandrasekhar and Tian, Gary. 2009. "When the going gets tough: board capital and survival of new economy IPO firms." Benson, Karen and Ding, David K. (ed.) Asian FA 2009: New Knowledge...for Finance. Brisbane, Australia 30 Jun - 03 Jul 2009 Brisbane, Australia.
When is two really company?: the effects of competition and regulation on corporate governance
Udayasankar, Krishna, Das, Shobha S. and Krishnamurti, Chandrasekhar. 2008. "When is two really company?: the effects of competition and regulation on corporate governance." 12th New Zealand Finance Colloquium. Palmerston North, New Zealand 14 - 15 Feb 2008 Palmerston North, New Zealand.
Lockup expiration, insider selling and bid-ask spreads
Krishnamurti, Chandrasekhar and Thong, Tiong Yang. 2008. "Lockup expiration, insider selling and bid-ask spreads." International Review of Economics and Finance. 17 (2), pp. 230-244. https://doi.org/10.1016/j.iref.2007.06.005
Order aggressiveness of institutional and individual investors
Duong, Huu Nhan, Kalev, Petko and Krishnamurti, Chandrasekhar. 2009. "Order aggressiveness of institutional and individual investors." Pacific-Basin Finance Journal. 17 (5), pp. 533-546. https://doi.org/10.1016/j.pacfin.2009.05.001
Corporate governance and cost of equity: do financial development and legal origin matter?
Tourani-Rad, Alireza, Gupta, Kartick and Krishnamurti, Chandrasekar. 2010. "Corporate governance and cost of equity: do financial development and legal origin matter?" IGIDR 2010: 1st Emerging Markets Finance Conference. Bombay, India 15 - 16 Dec 2010 Mumbai, India.
Transition of graduates from backpack-to-briefcase: a case study
McIlveen, Peter and Pensiero, Dominic. 2008. "Transition of graduates from backpack-to-briefcase: a case study." Education + Training. 50 (6), pp. 489-499. https://doi.org/10.1108/00400910810901818
Developing an integrated approach to graduates' transition into the workforce
Pensiero, Dominico and McIlveen, Peter. 2006. "Developing an integrated approach to graduates' transition into the workforce." Ogunmokun, Gabriel, Gabbay, Rony and Rose, Janelle (ed.) 2nd Biennial Conference of the Academy of World Business, Marketing and Management Development: Business Across Borders in the 21st Century. Paris, France 10 - 13 Jul 2006 Perth, Western Australia.