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Corporate governance and public corruption, Volume 1
Author:Cusolito, Ana; Country:World;
Date Stored:2010/03/04Document Date:2010/03/01
Document Type:Policy Research Working PaperSubTopics:Public Sector Corruption & Anticorruption Measures; Emerging Markets; Economic Theory & Research; Debt Markets; Corporate Law
Language:EnglishRegion:The World Region
Report Number:WPS5233Collection Title:Policy Research working paper ; no. WPS 5233
Volume No:1  

Summary: Corporate governance in the private sector and corruption are important for economic development and private sector development. This paper investigates how corporate governance in private-sector media companies can affect public corruption. The analytical framework, based on models of corporate governance, identifies two channels through which media ownership concentration affects corruption: an owner effect, which discourages corruption and a competition-for-control effect that enhances it. When the ownership structure of a newspaper has a majority shareholder, the first effect dominates and corruption decreases as ownership becomes more concentrated in the hands of majority shareholders. Without majority shareholders, the competition-for-control effect dominates and corruption increases with the concentration of ownership of the media company. Thus, the paper shows that cases of intermediate media-ownership concentration are the worst at promoting public accountability, while extreme situations, where the ownership is completely concentrated or widely held, can result in similar and lower levels of corruption.

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