Institutional quality and firm-level financial performance: implications from G8 and MENA Countries

References

• Acemoglu, D., & Verdier, T. (2000). The choice between market failures and corruption. The American Economic Review, 90(1), 194–39. https://doi.org/10.1257/aer.90.1.194
   Web of Science ®Google Scholar
• Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 2(2), 291–309. https://doi.org/10.1016/j.jfineco.2008.10.007
   Google Scholar
• Agrawal, A., & Knoeber, C. R. (2001). Do some outside directors play a political role? Journal of Law & Economics, 44(1), 179–198. https://doi.org/10.1086/320271
   Web of Science ®Google Scholar
• Ahlstrom, D., & Bruton, G. D. (2010). Rapid institutional shifts and the co–evolution of entrepreneurial firms in transition economies. Entrepreneurship: Theory & Practice, 34(3), 531–554. https://doi.org/10.1111/j.1540-6520.2010.00373.x
   Web of Science ®Google Scholar
• Aidis, R., & Adachi, Y. (2007). Russia: Firm entry and survival barriers. Economic Systems, 31(4), 391–411. https://doi.org/10.1016/j.ecosys.2007.08.003
   Google Scholar
• Aidis, R., Estrin, S., & Mickiewicz, T. (2008). Institutions and entrepreneurship development in Russia: A comparative perspective. Journal of Business Venturing, 23(6), 656–672. https://doi.org/10.1016/j.jbusvent.2008.01.005
   Web of Science ®Google Scholar
• Ali, F. A., Fiess, N., & MacDonald, R. (2010). Do institutions matter for foreign direct investment? Open Economies Review, 21(2), 201–219. https://doi.org/10.1007/s11079-010-9170-4
   Web of Science ®Google Scholar
• Ali, M., Ng, Y. L., & Kulik, C. T. (2014). Board age and gender diversity: A test of competing linear and curvilinear predictions. Journal of Business Ethics, 125(3), 497–512. https://doi.org/10.1007/s10551-013-1930-9
   Web of Science ®Google Scholar
• Al Khattab, A. A. R., Awwad, A., Anchor, J., & Davies, E. (2011). The use of political risk assessment techniques in Jordanian multinational corporations. Journal of Risk Research, 14(1), 97–109. https://doi.org/10.1080/13669877.2010.505346
   Web of Science ®Google Scholar
• Anderson, D. A. (1999). The aggregate burden of crime. Journal of Law & Economics, 42(2), 611–642. https://doi.org/10.1086/467436
   Web of Science ®Google Scholar
• Aschauer, D. A. (1989). Is public expenditure productive? Journal of Monetary Economics, 23(2), 177–200. https://doi.org/10.1016/0304-3932(89)90047-0
   Web of Science ®Google Scholar
• Asiedu, E. (2002). On the determinants of foreign direct investment to developing countries: Is Africa different? World Development, 30(1), 107–119. https://doi.org/10.1016/S0305-750X(01)00100-0
   Web of Science ®Google Scholar
• Asiedu, E., & Freeman, J. (2009). The effect of corruption on investment growth: Evidence from firms in Latin America, Sub‐Saharan Africa, and transition countries. Review of Development Economics, 13(2), 200–214. https://doi.org/10.1111/j.1467-9361.2009.00507.x
   Web of Science ®Google Scholar
• Athanasouli, D., Goujard, A., & Sklias, P. (2012). Corruption and firm performance: Evidence from Greek firms. International Journal of Economic Sciences and Applied Research, 5(2), 43–67. http://ijbesar.teiemt.gr/docs/volume5_issue2/corruption_firm_performance.pdf
   Google Scholar
• Awartani, B., Belkhir, M., Boubaker, S., & Maghyereh, A. (2016). Corporate debt maturity in the MENA region: Does institutional quality matter? International Review of Financial Analysis, 46, 309–325. https://doi.org/10.1016/j.irfa.2015.10.002
   Web of Science ®Google Scholar
• Ayaydın, H., & Hayaloglu, P. (2014). The effect of corruption on firm growth: Evidence from firms in Turkey. Asian Economic and Financial Review, 4(5), 607–624. https://archive.aessweb.com/index.php/5002/article/view/1180
   Google Scholar
• Banchuenvijit, W., & Pariyanont, Y. (2012). Factors affecting the percentage change in stock prices of listed companies on the stock exchange of Thailand in the health sector. University of the Thai Chamber of Commerce Journal, 32(1), 50–64. https://scholar.utcc.ac.th/entities/publication/75e31787-d0a6-4572-9ada-b6a0478f5879
   Google Scholar
• Barker, V. L., III, & Mueller, G. C. (2002). CEO characteristics and firm R&D spending. Management Science, 48(6), 782–801. https://doi.org/10.1287/mnsc.48.6.782.187
   Web of Science ®Google Scholar
• Barro, R. (1991). Economic growth in a cross-section of countries. Quarterly Journal of Economics, 106(2), 407–443. https://doi.org/10.2307/2937943
   Web of Science ®Google Scholar
• Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97(2), 207–221. https://doi.org/10.1007/s10551-010-0505-2
   Web of Science ®Google Scholar
• Bechtel, M. M. (2009). The political sources of systematic investment risk: Lessons from a consensus democracy. The Journal of Politics, 71(2), 661–677. https://doi.org/10.1017/S0022381609090525
   Web of Science ®Google Scholar
• Becker-Blease, J. R., Kaen, F. R., Etebari, A., & Baumann, H. (2010). Employees, firm size and profitability of US manufacturing industries. Investment Management & Financial Innovations, 7(2), 7–23. https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/3235/imfi_en_2010_02_Becker.pdf
   Google Scholar
• Beigi, M. R., Rafat, B., & Mozafari Panah, H. (2013). The analysis of the effect of tax on profitability indices in listed companies of Tehran Stock Exchange. European Online Journal of Natural and Social Sciences, 2(3), 86–98. https://core.ac.uk/download/pdf/296306566.pdf
   Google Scholar
• Benavides, J., Berggrun, L., & Perafan, H. (2016). Dividend payout policies: Evidence from Latin America. Finance Research Letters, 17, 197–210. https://doi.org/10.1016/j.frl.2016.03.012
   Web of Science ®Google Scholar
• Bliss, M. A., & Gul, F. A. (2012). Political connection and cost of debt: Some Malaysian evidence. Journal of Banking and Finance, 36(5), 1520–1527. https://doi.org/10.1016/j.jbankfin.2011.12.011
   Web of Science ®Google Scholar
• Bloom, N., Bond, S., & Van Reenen, J. (2007). Uncertainty and investment dynamics. The Review of Economic Studies, 74(2), 391–415. https://doi.org/10.1111/j.1467-937X.2007.00426.x
   Web of Science ®Google Scholar
• Boadi, I., & Osarfo, D. (2019). Diversity and return: The impact of diversity of board members’ education on performance. Corporate Governance the International Journal of Business in Society, 19(4), 824–842. https://doi.org/10.1108/CG-01-2019-0017
   Web of Science ®Google Scholar
• Boubakri, N., Cosset, J. C., & Saffar, W. (2012). The impact of political connections on firm’s operating performance and financing decisions. Journal of Financial Research, 35(3), 397–423. https://doi.org/10.1111/j.1475-6803.2012.01322.x
   Google Scholar
• Boubakri, N., Mansi, S. A., & Saffar, W. (2013). Political institutions, connectedness, and corporate risk-taking. Journal of International Business Studies, 44(3), 195–215. https://doi.org/10.1057/jibs.2013.2
   Web of Science ®Google Scholar
• Bunkanwanicha, P., & Wiwattanakantang, Y. (2009). Big business owners in politics. The Review of Financial Studies, 22(6), 2133–2168. https://doi.org/10.1093/rfs/hhn083
   Web of Science ®Google Scholar
• Calhoun, M. A. (2011). Carving Up Corruption: Analyzing the “Rule” Component of the Corruption Event. Journal of Management Policy and Practice, 12(4), 11–22. http://www.na-businesspress.com/JMPP/calhoun_abstract.html
   Google Scholar
• Çam, İ., & Özer, G. (2022). The influence of country governance on the capital structure and investment financing decisions of firms: An international investigation. Borsa Istanbul Review, 22(2), 257–271. https://doi.org/10.1016/j.bir.2021.04.008
   Web of Science ®Google Scholar
• Cannella, A. A., Jr., Jones, C. D., & Withers, M. C. (2015). Family-versus lone-founder-controlled public corporations: Social identity theory and boards of directors. Academy of Management Journal, 58(2), 436–459. https://doi.org/10.5465/amj.2012.0045
   Web of Science ®Google Scholar
• Carey, S. C. (2007). Rebellion in Africa: Disaggregating the effect of political regimes. Journal of Peace Research, 44(1), 47–64. https://doi.org/10.1177/0022343307072176
   Web of Science ®Google Scholar
• Chadee, D., & Roxas, B. (2013). Institutional environment, innovation capacity and firm performance in Russia. Critical Perspectives on International Business, 9(1/2), 19–39. https://doi.org/10.1108/17422041311299923
   Google Scholar
• Cheng, L. T., Chan, R. Y., & Leung, T. (2010). Management demography and corporate performance: Evidence from China. International Business Review, 19(3), 261–275. https://doi.org/10.1016/j.ibusrev.2009.12.007
   Web of Science ®Google Scholar
• Chen, C. J., Li, Z., Su, X., & Sun, Z. (2011). Rent-seeking incentives, corporate political connections, and the control structure of private firms: Chinese evidence. Journal of Corporate Finance, 17(2), 229–243. https://doi.org/10.1016/j.jcorpfin.2010.09.009
   Web of Science ®Google Scholar
• Chen, Z., Rose, A. Z., Prager, F., & Chatterjee, S. (2017). Economic consequences of aviation system disruptions: A reduced-form computable general equilibrium analysis. Transportation Research Part A: Policy & Practice, 95, 207–226. https://doi.org/10.1016/j.tra.2016.09.027
   Web of Science ®Google Scholar
• Chen, Y.-S., Shen, C.-H., & Lin, C.-Y. (2014). The benefits of political connection: Evidence from individual bank-loan contracts. Journal of Financial Services Research, 45(3), 287–305. https://doi.org/10.1007/s10693-013-0167-1
   Web of Science ®Google Scholar
• Claessens, S., Feijen, E., & Laeven, L. (2008). Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics, 88(3), 554–580. https://doi.org/10.1016/j.jfineco.2006.11.003
   Web of Science ®Google Scholar
• Cohen, L., Coval, J., & Malloy, C. (2011). Do powerful politicians cause corporate downsizing? Journal of Political Economy, 119(6), 1015–1060. https://doi.org/10.1086/664820
   Web of Science ®Google Scholar
• Collins, J. M. (1990). A market performance comparison of US firms active in domestic, developed and developing countries. Journal of International Business Studies, 21(2), 271–287. https://doi.org/10.1057/palgrave.jibs.8490335
   Web of Science ®Google Scholar
• Cooper, M. J., Gulen, H., & Ovtchinnikov, A. V. (2010). Corporate political contributions and stock returns. The Journal of Finance, 65(2), 687–724. https://doi.org/10.1111/j.1540-6261.2009.01548.x
   Web of Science ®Google Scholar
• Cull, R., Li, W., Sun, B., & Xu, L. C. (2015). Government connections and financial constraints: Evidence from a large representative sample of Chinese firms. Journal of Corporate Finance, 32, 271–294. https://doi.org/10.1016/j.jcorpfin.2014.10.012
   Web of Science ®Google Scholar
• De Jong, G., Tu, P. A., & van Ees, H. (2012). Which entrepreneurs bribe and what do they get from it? Exploratory evidence from Vietnam. Entrepreneurship: Theory & Practice, 36(2), 323–345. https://doi.org/10.1111/j.1540-6520.2010.00400.x
   Web of Science ®Google Scholar
• Demirbag, M., Tatoglu, E., & Glaister, K. W. (2007). Factors influencing perceptions of performance: The case of western FDI in an emerging market. International Business Review, 16(3), 310–336. https://doi.org/10.1016/j.ibusrev.2007.02.002
   Web of Science ®Google Scholar
• De Mooij, R. A., & Ederveen, S. (2003). Taxation and foreign direct investment. International Tax and Public Finance, 10(6), 673–693.
   Web of Science ®Google Scholar
• Desbordes, R. (2010). Global and diplomatic political risks and foreign direct investment. Economics & Politics, 22(1), 92–125. https://doi.org/10.1111/j.1468-0343.2009.00353.x
   Web of Science ®Google Scholar
• De Schoenmaker, S., Van Cauwenberge, P., & Vander Bauwhede, H. (2014). Effects of local fiscal policy on firm profitability. The Service Industries Journal, 34(16), 1289–1306. https://doi.org/10.1080/02642069.2014.942654
   Web of Science ®Google Scholar
• Diamond, D. W. (2004). Presidential address, committing to commit: Short‐term debt when enforcement is costly. The Journal of Finance, 59(4), 1447–1479. https://doi.org/10.1111/j.1540-6261.2004.00669.x
   Web of Science ®Google Scholar
• Dicko, S. (2016). The impact of political connections on the performance and solvency of Canadian financial institutions. International Journal of Economics and Finance, 8(11), 1–11. https://doi.org/10.5539/ijef.v8n11p1
   Google Scholar
• Dicko, S., & Breton, G. (2013). Do directors’ connections really matter. International Academic Research Journal of Business and Management, 1(7), 1–19. http://acrpub.com/searchresult.php?searchauthorname=Dicko
   Google Scholar
• Dicko, S., & Khemakhem, H. (2015). S&P/TSX 300 companies’ political connections, compliance with board of directors regulations and financial performance. International Journal of Business & Management, 10(1), 14–24. https://doi.org/10.5539/ijbm.v10n1p14
   Google Scholar
• Dixit, R. K., and Pindyck, R. S. (2012). Investment under uncertainty. Princeton university press. https://doi.org/10.2307/j.ctt7sncv
   Google Scholar
• Djankov, S., La Porta, R., Lopez de Silanes, F., & Shleifer, A. (2008). The law and economics of self-dealing. Journal of Financial Economics, 88(3), 430–465. https://doi.org/10.1016/j.jfineco.2007.02.007
   Web of Science ®Google Scholar
• Djankov, S., McLiesh, C., & Shleifer, A. (2007). Private credit in 129 countries. Journal of Financial Economics, 84(2), 299–329. https://doi.org/10.1016/j.jfineco.2006.03.004
   Web of Science ®Google Scholar
• Duchin, R., & Sosyura, D. (2012). The politics of government investment. Journal of Financial Economics, 106(1), 24–48. https://doi.org/10.1016/j.jfineco.2012.04.009
   Web of Science ®Google Scholar
• Dutta, N., & Sobel, R. (2016). Does corruption ever help entrepreneurship? Small Business Economics, 47(1), 179–199. https://doi.org/10.1007/s11187-016-9728-7
   Web of Science ®Google Scholar
• Ebrahim, M. S., Girma, S., Shah, M. E., & Williams, J. (2014). Dynamic capital structure and political patronage: The case of Malaysia. International Review of Financial Analysis, 31, 117–128. https://doi.org/10.1016/j.irfa.2013.11.004
   Web of Science ®Google Scholar
• Eldomiaty, T., & Rashwan, M. (2013). Monitoring Competing Models of Firm Growth using Financial Data. International Journal of Economics & Business Research, 6(1), 69–86.
   Google Scholar
• Eldomiaty, T., & Rashwan, M. (2013). Monitoring competing models of firm growth using financial data? International Journal of Economics & Business Research, 6(1), 69–86.
   Google Scholar
• Faccio, M. (2006). Politically connected firms. The American Economic Review, 96(1), 369–386. https://doi.org/10.1257/000282806776157704
   Web of Science ®Google Scholar
• Faccio, M., Masulis, R. W., & McConnell, J. J. (2006). Political connections and corporate bailouts. The Journal of Finance, 61(6), 2597–2635. https://doi.org/10.1111/j.1540-6261.2006.01000.x
   Web of Science ®Google Scholar
• Fan, J. P., Wong, T. J., & Zhang, T. (2007). Politically connected CEOs, corporate governance, and Post-IPO performance of China’s newly partially privatized firms. Journal of Financial Economics, 84(2), 330–357. https://doi.org/10.1016/j.jfineco.2006.03.008
   Web of Science ®Google Scholar
• Fisher, R. C. (1997). The effects of state and local public services on economic development. New England Economic Review, 53–66. https://www.bostonfed.org/publications/new-england-economic-review/1997-issues/issue-march-april-1997/the-effects-of-state-and-local-public-services-on-economic-development.aspx
   Google Scholar
• Fisman, R. (2001). Estimating the value of political connections. The American Economic Review, 91(4), 1095–1102. https://doi.org/10.1257/aer.91.4.1095
   Web of Science ®Google Scholar
• Fisman, R., & Svensson, J. (2007). Are corruption and taxation really harmful to growth? Firm level evidence. Journal of Development Economics, 83(1), 63–75. https://doi.org/10.1016/j.jdeveco.2005.09.009
   Web of Science ®Google Scholar
• Fogel, K., Hawk, A., Morck, R., & Yeung, B. (2006). Institutional obstacles to entrepreneurship. Oxford University Press London.
   Google Scholar
• Fogel, G., & Zapalska, A. (2001). A comparison of small and medium-size enterprise development in Central and Eastern Europe. Comparative Economic Studies, 43(3), 35–68. https://doi.org/10.1057/ces.2001.13
   Google Scholar
• Furman, J. (2000). Does industry matter differently in different places. Evidence from four OECD countries. Working Paper, MIT Sloan School of Management (https://www.semanticscholar.org/paper/DOES-INDUSTRY-MATTER-DIFFERENTLY-IN-DIFFERENT-A-of-Furman/4415459654ac5665d778fd266c7e4e1cd0056514#citing-papers) Retrieved January , 2022
   Google Scholar
• Gatsi, J. G., Gadzo, S. G., & Kportorgbi, H. K. (2013). The effect of corporate income tax on financial performance of listed manufacturing firms in Ghana. Research Journal of Finance & Accounting, 4(15), 118–124. https://www.researchgate.net/publication/317786265_The_Effect_of_Corporate_Income_Tax_on_Financial_Performance_of_Listed_Manufacturing_Firms_in_Ghana
   Google Scholar
• Gaviria, A. (2002). Assessing the effects of corruption and crime on firm performance: Evidence from Latin America. Emerging Markets Review, 3(3), 245–268. https://doi.org/10.1016/S1566-0141(02)00024-9
   Google Scholar
• Geiger, S. W., & Hoffman, J. J. (1998). The impact of the regulatory environment and corporate level diversification on firm performance. Journal of Managerial Issues, 10(4), 439–453. https://www.jstor.org/stable/40604211
   Google Scholar
• Ghemawat, P. (2003). Semiglobalization and international business strategy. Journal of International Business Studies, 34(2), 138–152. https://doi.org/10.1057/palgrave.jibs.8400013
   Web of Science ®Google Scholar
• Ghosh, S. (2016). Political transition and bank performance: How important was the Arab Spring? Journal of Comparative Economics, 44(2), 372–382. https://doi.org/10.1016/j.jce.2015.02.001
   Web of Science ®Google Scholar
• Girard, E., & Sinha, A. (2008). Risk and return in the next frontier. Journal of Emerging Market Finance, 7(1), 43–80. https://doi.org/10.1177/097265270700700103
   Google Scholar
• Goldman, E., Rocholl, J., & So, J. (2009). Do politically connected boards affect firm value? The Review of Financial Studies, 22(6), 2331–2360. https://doi.org/10.1093/rfs/hhn088
   Web of Science ®Google Scholar
• Gomez, L. (2016). How does rule of law affect firm performance? Comparing the effect of rule of law in companies located in countries with different level of development. Retrieved from
   Google Scholar
• Gomez, E. T., & Jomo, K. S. (1997). Malaysia’s political economy: Patronage and profits. The Journal of Asian Studies, 58(2), 571–573. https://www.jstor.org/stable/25798517
   Web of Science ®Google Scholar
• Goodrich, J. N. (2002). September 11, 2001 attack on America: A record of the immediate impacts and reactions in the USA travel and tourism industry. Tourism Management, 23(6), 573–580. https://doi.org/10.1016/S0261-5177(02)00029-8
   Web of Science ®Google Scholar
• Gupta, A. (2011). Terrorism and its impact on financial performance: A case of tourism industry. International Journal of Financial Management, 1(4), 46–52.
   Google Scholar
• Hafsi, T., & Turgut, G. (2013). Boardroom diversity and its effect on social performance: Conceptualization and empirical evidence. Journal of Business Ethics, 112(3), 463–479. https://doi.org/10.1007/s10551-012-1272-z
   Web of Science ®Google Scholar
• Haggard, S., MacIntyre, A., & Tiede, L. (2008). The rule of law and economic development. Annual Review of Political Science, 11, 205–234. https://doi.org/10.1146/annurev.polisci.10.081205.100244
   Web of Science ®Google Scholar
• Haslam, S. A., Ryan, M. K., Kulich, C., Trojanowski, G., & Atkins, C. (2010). Investing with prejudice: The relationship between women’s presence on company boards and objective and subjective measures of company performance. British Journal of Management, 21(2), 484–497. https://doi.org/10.1111/j.1467-8551.2009.00670.x
   Web of Science ®Google Scholar
• Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the Econometric Society, 46(6), 1251–1271. https://doi.org/10.2307/1913827
   Web of Science ®Google Scholar
• Hausmann, R., Pritchett, L., & Rodrik, D. (2005). Growth accelerations. Journal of Economic Growth, 10(4), 303–329. https://doi.org/10.1007/s10887-005-4712-0
   Web of Science ®Google Scholar
• Hausman, J. A., & Taylor, W. E. (1981). Panel data and unobservable individual effects. Econometrica: Journal of the Econometric Society, 49(6), 1377–1398. https://doi.org/10.2307/1911406
   Web of Science ®Google Scholar
• Hawawini, G., Subramanian, V., & Verdin, P. (2004). The home country in the age of globalization: How much does it matter for firm performance? Journal of World Business, 39(2), 121–135. https://doi.org/10.1016/j.jwb.2003.08.012
   Web of Science ®Google Scholar
• Hofmann, H. S. (2018). Dividend Payout, Effective Future Firm Value and the Role of National Governance. University of Groningen. Faculty of Economics and Business.
   Google Scholar
• Hoskisson, R. E., Eden, L., Lau, C. M., & Wright, M. (2000). Strategy in emerging economies. Academy of Management Journal, 43(3), 249–267. https://doi.org/10.2307/1556394
   Web of Science ®Google Scholar
• Hosny, A. (2017). Political stability, firm characteristics and performance: Evidence from 6,083 private firms in the Middle East. Review of Middle East Economics and Finance, 13(1), 1–21. https://doi.org/10.1515/rmeef-2017-0005
   Google Scholar
• Hoti, S., & McAleer, M. (2004). An empirical assessment of country risk ratings and associated models. Journal of Economic Surveys, 18(4), 539–588. https://doi.org/10.1111/j.0950-0804.2004.00230.x
   Web of Science ®Google Scholar
• Hoyt, B. (2007). Tax haves today, the benefits and the pitfalls of banking and investing offshore. John Wiley & Sons. https://hoytharher.corn/tax-havens-today
   Google Scholar
• Hung, &., Vinh, &., & Thai, &. (2021). The impact of firm size on the performance of Vietnamese private enterprises: A case study. 19(2), 243–250. https://doi.org/10.21511/ppm.19(2).2021.20
   Google Scholar
• Husna, A., & Satria, I. (2019). Effects of return on asset, debt to asset ratio, current ratio, firm size, and dividend payout ratio on firm value. International Journal of Economics and Financial Issues, 9(5), 50–54. https://doi.org/10.32479/ijefi.8595
   Google Scholar
• Ilesanmi, O. (2011). The impact of strategic planning on the performance of Nigerian Banks. European Journal of Scientific Research, 65(1), 131–143.
   Google Scholar
• Iswatia, S., & Anshoria, M. (2007). The influence of intellectual capital to financial performance at insurance companies in Jakarta Stock Exchange (JSE). Paper presented at the Proceedings of the 13th Asia Pacific Management Conference, Melbourne, Australia.
   Google Scholar
• Jain, A. K. (2001). Corruption: A review. Journal of Economic Surveys, 15(1), 71–121. https://doi.org/10.1111/1467-6419.00133
   Web of Science ®Google Scholar
• Jensen, N. (2008). Political risk, democratic institutions, and foreign direct investment. The Journal of Politics, 70(4), 1040–1052. https://doi.org/10.1017/S0022381608081048
   Web of Science ®Google Scholar
• Jensen, N. M., & Johnston, N. P. (2011). Political risk, reputation, and the resource curse. Comparative Political Studies, 44(6), 662–688. https://doi.org/10.1177/0010414011401208
   Web of Science ®Google Scholar
• Jensen, N. M., Li, Q., & Rahman, A. (2010). Understanding corruption and firm responses in cross-national firm-level surveys. Journal of International Business Studies, 41(9), 1481–1504. https://doi.org/10.1057/jibs.2010.8
   Web of Science ®Google Scholar
• Johnson, S., & Mitton, T. (2003). Cronyism and capital controls: Evidence from Malaysia. Journal of Financial Economics, 67(2), 351–382. https://doi.org/10.1016/S0304-405X(02)00255-6
   Web of Science ®Google Scholar
• Kagzi, M., & Guha, M. (2018). Does board demographic diversity influence firm performance? Evidence from Indian-knowledge intensive firms. Benchmarking: An International Journal, 25(3), 1028–1058. https://doi.org/10.1108/BIJ-07-2017-0203
   Web of Science ®Google Scholar
• Kalyuzhnova, Y., & Belitski, M. (2019). The impact of corruption and local content policy in on firm performance: Evidence from Kazakhstan. Resources Policy, 61, 67–76. https://doi.org/10.1016/j.resourpol.2019.01.016
   Web of Science ®Google Scholar
• Kaufmann, D., Kraay, A., & Mastruzzi, M. (2011). The worldwide governance indicators: methodology and analytical issues1. Hague Journal on the Rule of Law, 3(2), 220–246. https://doi.org/10.1017/S1876404511200046
   Web of Science ®Google Scholar
• Kesternich, I., & Schnitzer, M. (2010). Who is afraid of political risk? Multinational firms and their choice of capital structure. Journal of International Economics, 82(2), 208–218. https://doi.org/10.1016/j.jinteco.2010.07.005
   Web of Science ®Google Scholar
• Kim, N., & Kim, E. (2015). Board capital and exploration: From a resource provisional perspective. Management Decision, 53(9), 2153–2174. https://doi.org/10.1108/MD-11-2014-0648
   Web of Science ®Google Scholar
• Kriel, L. (2012). The relationship between political risk and financial performance of firms in Africa. University of Pretoria.
   Google Scholar
• Kurawa, J., & Saidu, H. (2018). Corporate tax and financial performance of listed Nigerian consumer goods. Journal of Accounting and Financial Management, 4(4), 2504–8856. https://www.iiardjournals.org/get/JAFM/VOL.%204%20NO.%204%202018/CORPORATE%20TAX.pdf
   Google Scholar
• Kyaw, N. A., Manley, J., & Shetty, A. (2011). Factors in multinational valuations: Transparency, political risk and diversification. Journal of Multinational Financial Management, 21(1), 55–67. https://doi.org/10.1016/j.mulfin.2010.12.007
   Google Scholar
• Larobina, M. D., & Pate, R. L. (2009). The impact of terrorism on business. Journal of Global Business Issues, 3(1), 147–156. https://works.bepress.com/richard_pate/5/
   Google Scholar
• Lashitew, A. A. (2014). The effect of political connections on credit access: Does the level of financial development matter? Kyklos, 67(2), 227–254. https://doi.org/10.1111/kykl.12051
   Web of Science ®Google Scholar
• Li, D., Cao, C., Zhang, L., Chen, X., Ren, S., & Zhao, Y. (2017). Effects of corporate environmental responsibility on financial performance: The moderating role of government regulation and organizational slack. Journal of Cleaner Production, 166, 1323–1334. https://doi.org/10.1016/j.jclepro.2017.08.129
   Web of Science ®Google Scholar
• Li, A., & Xia, X. (2013). Political connections, financial crisis and firm’s value: Evidence from chinese listed firms. International Journal of Business & Management, 8(18), 63–77. https://doi.org/10.5539/ijbm.v8n18p63
   Google Scholar
• Li, D., Xin, L., Sun, Y., Huang, M., & Ren, S. (2016). Assessing Environmental Information Disclosures and the Effects of Chinese Nonferrous Metal Companies. Polish Journal of Environmental Studies, 25(2), 663–671. https://doi.org/10.15244/pjoes/61116
   Web of Science ®Google Scholar
• Lui, F. T. (1985). An equilibrium queuing model of bribery. Journal of Political Economy, 93(4), 760–781. https://doi.org/10.1086/261329
   Web of Science ®Google Scholar
• Maaloul, A., Chakroun, R., & Yahyaoui, S. (2018). The effect of political connections on companies’ performance and value: Evidence from Tunisian companies after the revolution. Journal of Accounting in Emerging Economies, 8(2), 185–204. https://doi.org/10.1108/JAEE-12-2016-0105
   Google Scholar
• Mahadeo, J. D., Soobaroyen, T., & Hanuman, V. O. (2012). Board composition and financial performance: Uncovering the effects of diversity in an emerging economy. Journal of Business Ethics, 105(3), 375–388. https://doi.org/10.1007/s10551-011-0973-z
   Web of Science ®Google Scholar
• Mann, H. B., & Whitney, D. R. (1947). On a test of whether one of two random variables is stochastically larger than the other. Annals of Mathematical Statistics, 18(1), 50–60. https://doi.org/10.1214/aoms/1177730491
   Google Scholar
• Matta, S., Appleton, S., & Bleaney, M. (2018). The microeconomic impact of political instability: Firm‐level evidence from Tunisia. Review of Development Economics, 22(4), 1590–1619. https://doi.org/10.1111/rode.12388
   Web of Science ®Google Scholar
• Méon, P.-G., & Weill, L. (2010). Is corruption an efficient grease? World Development, 38(3), 244–259. https://doi.org/10.1016/j.worlddev.2009.06.004
   Web of Science ®Google Scholar
• Meyer, K. E., Estrin, S., Bhaumik, S. K., & Peng, M. W. (2009). Institutions, resources, and entry strategies in emerging economies. Strategic Management Journal, 30(1), 61–80. https://doi.org/10.1002/smj.720
   Web of Science ®Google Scholar
• Mironov, M., & Zhuravskaya, E. (2016). Corruption in procurement and the political cycle in tunneling: Evidence from financial transactions data. American Economic Journal: Economic Policy, 8(2), 287–321. https://doi.org/10.1257/pol.20140188
   Web of Science ®Google Scholar
• Mitton, T. (2004). Corporate governance and dividend policy in emerging markets. Emerging Markets Review, 5(4), 409–426. https://doi.org/10.1016/j.ememar.2004.05.003
   Google Scholar
• Mucai, G. P., Kinya, G. S., Noor, A. I., & James, E. R. (2014). Tax Planning and Financial Performance of Small-Scale Enterprises in Kenya. International Review of Management and Business Research, 3(2), 1236–1243. https://www.irmbrjournal.com/papers/1405508793.pdf
   Google Scholar
• Mueller, J., & Stewart, M. G. (2011). Balancing the risks, benefits, and costs of homeland security. Homeland Security Affairs, 7(16), 1–28. https://www.hsaj.org/articles/43
   Google Scholar
• Musgrave, R. A., & Musgrave, P. B. (2004). Public Finance in Theory and Practice (5th ed.). New Delhi, Tata McGraw.
   Google Scholar
• Naser, K., & Mokhtar, M. (2004). Determinants of corporate performance of Malaysian companies. Paper presented at the Fourth Asia Pacific Interdisciplinary Research in Accounting Conference, Singapore.
   Google Scholar
• Nguyen, T. T., & Van Dijk, M. A. (2012). Corruption, growth, and governance: Private vs. state-owned firms in Vietnam. Journal of Banking and Finance, 36(11), 2935–2948. https://doi.org/10.1016/j.jbankfin.2012.03.027
   Web of Science ®Google Scholar
• Nifo, A., Ruberto, S., & Vecchione, G. (2018). Does institutional quality matter for lending relationships? Journal of Applied Finance & Banking, 8(2), 69–100. http://www.scienpress.com/Upload/JAFB%2fVol%208_2_4.pdf
   Google Scholar
• Niresh, J. A., & Velnampy, T. (2014). Firm size and profitability: A study of listed manufacturing firms in Sri Lanka. International Journal of Business & Management, 9(4), 57–64. https://doi.org/10.5539/ijbm.v9n4p57
   Google Scholar
• North, D. (1992a). Institutions and economic theory. The American Economist, 36(1), 3–7. https://doi.org/10.1177/056943459203600101
   Google Scholar
• North, D. C. (1990). Institutions, Institutional Change and Economic Performance. Cambridge University PressUK. https://doi.org/10.1017/CBO9780511808678
   Google Scholar
• North, D. C. (1992b). Transaction Costs, Institutions and Economic Performance. An International Center for Economic Growth Publication.
   Google Scholar
• Norton, S. W. (1998). Poverty, property rights, and human well-being: A cross-national study. The Cato Journal, 18(2), 233–245. https://www.cato.org/sites/cato.org/files/serials/files/cato-journal/1998/11/cj18n2-4.pdf
   Google Scholar
• Nwezeaku, N. (2005). Taxation in Nigeria: Principles and Practice. Springfield Publisher Ltd.
   Google Scholar
• Ojeka, S., Adegboye, A., Adegboye, K., Umukoro, O., Dahunsi, O., & Ozordi, E. (2019). Corruption perception, institutional quality and performance of listed companies in Nigeria. Heliyon, 5(10), 1–10. https://doi.org/10.1016/j.heliyon.2019.e02569
   Web of Science ®Google Scholar
• Ojo, S. (2008). Fundamental Principles of Nigerian Tax, Lagos (2nd ed.). Sagribra Tax Publications.
   Google Scholar
• Olatunji, O. C., & Oluwatoyin, A. E. (2019). Effect of corporate taxation on the profitability of firms in NIGERIA. Journal of Economics and Behavioral Studies, 11(1), 191–201. https://doi.org/10.22610/jebs.v11i1(J).2759
   Google Scholar
• Onuorah, A., & Chigbu, E. (2013). A comparative analysis of the impact of corporate taxation on company’s reserve and dividend policy in Nigeria: 2000-2011. Journal of Developing Country Studies, 3(1), 154–161. https://www.iiste.org/Journals/index.php/DCS/article/view/3894
   Google Scholar
• Pástor, Ľ., & Veronesi, P. (2013). Political uncertainty and risk premia. Journal of Financial Economics, 110(3), 520–545. https://doi.org/10.1016/j.jfineco.2013.08.007
   Web of Science ®Google Scholar
• Pervan, M., & Višić, J. (2012). Influence of firm size on its business success. Croatian Operational Research Review, 3(1), 213–223. https://hrcak.srce.hr/file/142467
   Google Scholar
• Porta, R. L., Lopez de Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113–1155. https://doi.org/10.1086/250042
   Web of Science ®Google Scholar
• Post, C., & Byron, K. (2015). Women on boards and firm financial performance: A meta-analysis. Academy of Management Journal, 58(5), 1546–1571. https://doi.org/10.5465/amj.2013.0319
   Web of Science ®Google Scholar
• Preuss, S., & Königsgruber, R. (2021). How do corporate political connections influence financial reporting? A synthesis of the literature. Journal of Accounting and Public Policy, 40(1), 106802. https://doi.org/10.1016/j.jaccpubpol.2020.106802
   Web of Science ®Google Scholar
• Puffer, S. M., McCarthy, D. J., & Boisot, M. (2010). Entrepreneurship in Russia and China: The impact of formal institutional voids. Entrepreneurship: Theory & Practice, 34(3), 441–467. https://doi.org/10.1111/j.1540-6520.2009.00353.x
   Web of Science ®Google Scholar
• Rajan, R. G., & Zingales, L. (2003). The great reversals: The politics of financial development in the twentieth century. Journal of Financial Economics, 69(1), 5–50. https://doi.org/10.1016/S0304-405X(03)00125-9
   Web of Science ®Google Scholar
• Ramalho, R. (2007). The persistence of corruption: Evidence from the 1992 presidential impeachment in Brazil. Unpublished paper, World Bank, available at http://www. enterprisesurveys. org/documents/collorpaper_jan_16. pdf.
   Google Scholar
• Ramsey, J. B. (1969). Tests for specification errors in classical linear least‐squares regression analysis. Journal of the Royal Statistical Society: Series B (Methodological), 31(2), 350–371. https://doi.org/10.1111/j.2517-6161.1969.tb00796.x
   Web of Science ®Google Scholar
• Rand, J., & Tarp, F. (2012). Firm-level corruption in Vietnam. Economic Development & Cultural Change, 60(3), 571–595. https://doi.org/10.1086/664022
   Web of Science ®Google Scholar
• Roberts, B. E. (1990). A dead senator tells no lies: Seniority and the distribution of federal benefits. American Journal of Political Science, 34, 31–58. https://doi.org/10.2307/2111510
   Web of Science ®Google Scholar
• Rohaya, M., Fadzillah, N., & Mastuki, N. (2010). Corporate tax planning: a study on corporate effective tax rates of malaysian listed companies. International Journal of Trade, Economics and Finance, 1(2), 189–193. https://doi.org/10.7763/IJTEF.2010.V1.34
   Google Scholar
• Roxas, B., Chadee, D., & Erwee, R. (2012). Effects of rule of law on firm performance in South Africa. European Business Review, 24(5), 478–492. https://doi.org/10.1108/09555341211254544
   Google Scholar
• Sahakyan, N., & Stiegert, K. W. (2012). Corruption and firm performance. Eastern European Economics, 50(6), 5–27. https://doi.org/10.2753/EEE0012-8775500601
   Web of Science ®Google Scholar
• Sapra, S. (2005). A regression error specification test (RESET) for generalized linear models. Economics Bulletin, 3(1), 1–6. http://www.accessecon.com/pubs/EB/2005/Volume3/EB-04C50033A.pdf
   Google Scholar
• Simser, J. (2011). Terrorism financing and the threat to financial institutions. Journal of Money Laundering Control, 14, 334–345. https://doi.org/10.1108/13685201111173811
   Google Scholar
• Smith, J. D. (2016). US political corruption and firm financial policies. Journal of Financial Economics, 121(2), 350–367. https://doi.org/10.1016/j.jfineco.2015.08.021
   Web of Science ®Google Scholar
• Sokolov, V., & Solanko, L. (2017). Political influence, firm performance and survival. Higher School of Economics Research, 20, 1–37. https://doi.org/10.2139/ssrn.3000367
   Google Scholar
• Soyode, L., & Kajola, S. O. (2006). Taxation principles and practice in Nigeria. Silicon Publishing Company.
   Google Scholar
• Tacheva, S., & Huse, M. (2006). Women directors and board task performance: Mediating and moderating effects of board working style. Paper presented at the European Academy of Management Conference. Norwegian School of Management, University of St. Gallen.
   Google Scholar
• Thursby, J. G. (1979). Alternative specification error tests: A comparative study. Journal of the American Statistical Association, 74(365), 222–225. https://doi.org/10.1080/01621459.1979.10481641
   Web of Science ®Google Scholar
• Thursby, J. G., & Schmidt, P. (1977). Some properties of tests for specification error in a linear regression model. Journal of the American Statistical Association, 72(359), 635–641. https://doi.org/10.1080/01621459.1977.10480627
   Web of Science ®Google Scholar
• Transparency International. (2010). Corruption Perceptions Index 2010. ( Accessed 2021).
   Google Scholar
• Tyler, B. B., & Steensma, H. K. (1998). The effects of executives’ experiences and perceptions on their assessment of potential technological alliances. Strategic Management Journal, 19(10), 939–965. doi:10.1002/(SICI)1097-0266(199810)19:10<939:AID-SMJ978>3.0.CO;2-Z
   Web of Science ®Google Scholar
• Ujunwa, A. (2012). Board characteristics and the financial performance of Nigerian quoted firms. Corporate Governance the International Journal of Business in Society, 12(5), 656–674. https://doi.org/10.1108/14720701211275587
   Google Scholar
• Van Vu, H., Tran, T. Q., Van Nguyen, T., & Lim, S. (2018). Corruption, types of corruption and firm financial performance: New evidence from a transitional economy. Journal of Business Ethics, 148(4), 847–858. https://doi.org/10.1007/s10551-016-3016-y
   Web of Science ®Google Scholar
• Vial, V., & Hanoteau, J. (2010). Corruption, manufacturing plant growth, and the Asian paradox: Indonesian evidence. World Development, 38(5), 693–705. https://doi.org/10.1016/j.worlddev.2009.11.022
   Web of Science ®Google Scholar
• Vu, T.-H., Nguyen, V.-D., Ho, M.-T., & Vuong, Q.-H. (2019). Determinants of Vietnamese listed firm performance: Competition, wage, CEO, firm size, age, and international trade. Journal of Risk and Financial Management, 12(2), 1–19. https://doi.org/10.3390/jrfm12020062
   Web of Science ®Google Scholar
• Wang, L. (2015). Protection or expropriation: Politically connected independent directors in China. Journal of Banking and Finance, 55, 92–106. https://doi.org/10.1016/j.jbankfin.2015.02.015
   Web of Science ®Google Scholar
• Wang, Y., & You, J. (2012). Corruption and firm growth: Evidence from China. China Economic Review, 23(2), 415–433. https://doi.org/10.1016/j.chieco.2012.03.003
   Web of Science ®Google Scholar
• Wei, S.-J. (1998). Foreign, quasi-foreign, and false-foreign direct investment in China. Paper presented at the Ninth East Asian Seminars on Economics.
   Google Scholar
• Williams, C. C., & Martinez-Perez, A. (2016). Evaluating the impacts of corruption on firm performance in developing economies: An institutional perspective. International Journal of Business & Globalisation, 16(4), 401–422. https://eprints.whiterose.ac.uk/95700/3/WRRO_95700.pdf
   Google Scholar
• Williamson, O. E. (1985). The economic institutions of capitalism. Free Press.
   Google Scholar
• Williamson, O. E. (1991). Comparative economic organization: The analysis of discrete structural alternatives. Administrative Science Quarterly, 36(2), 269–296. https://doi.org/10.2307/2393356
   Web of Science ®Google Scholar
• Wooldridge, J. M. (2006). Introductory Econometrics-A Modern Approach. Thomson South-Western. International Student Edition.
   Google Scholar
• World Bank Report. (2019). http://info.worldbank.org/governance/wgi/#home. ( Accessed 2021)
   Google Scholar
• Wright, M., Filatotchev, I., Hoskisson, R. E., & Peng, M. W. (2005). Strategy research in emerging economies: Challenging the conventional wisdom. Journal of Management Studies, 42(1), 1–33. doi:10.1111/j.1467-6486.2005.00487.x
   Web of Science ®Google Scholar
• Yang, D., Lu, Z., & Luo, D. (2014). Political connections, media monitoring and long-term loans. China Journal of Accounting Research, 7(3), 165–177. doi:10.1016/j.cjar.2014.08.004
   Google Scholar
• Yeh, Y.-H., Shu, P.-G., & Chiu, S.-B. (2013). Political connections, corporate governance and preferential bank loans. Pacific-Basin Finance Journal, 21(1), 1079–1101. doi:10.1016/j.pacfin.2012.08.003
   Web of Science ®Google Scholar
• Yu, F., & Yu, X. (2011). Corporate lobbying and fraud detection. The Journal of Financial and Quantitative Analysis, 46(6), 1865–1891. doi:10.1017/S0022109011000457
   Web of Science ®Google Scholar