Why do some firms experience more volatile growth rates than others? This paper seeks to shed light on this question using a rich data set of almost 92,000 Vietnamese firms for the period 2009–2018. Apart from firm-level characteristics, the paper examines the roles of province-level financial development, corruption control, and their interaction in explaining firm growth volatility. Our results show that there is a robust negative correlation between corruption control and firm-level volatility. Moreover, while local financial development — measured by financial depth — is generally negatively associated with volatility, the correlation between financial outreach and different measures of firm growth volatility varies. Crucially, we find a negative interaction between corruption control and local financial development, suggesting that financial development may exert a more substantial volatility-dampening effect in environments with robust corruption control, and conversely, that the effect of corruption control may be stronger in provinces with advanced level of financial development.
C'est une première. Les partis serbes d'opposition du Kosovo se sont unis pour les élections législatives anticipées du 7 juin, espérant ainsi faire entendre une « voix différente », indépendante de la politique officielle de Pristina et de Belgrade.
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