O “efeito nefasto” da corrupção no Brasil: “quem paga mais?” Aplicações com o uso de regressões quantílicas com variáveis instrumentais

Abstract

This study analyzes the impact of corruption on the dynamics of investment by Brazilian companies. For this, was employed a sample of 3,444 companies according to microdata available by the World Bank Enterprise Surveys. Using instrumental variable quantile regression estimator, the model results indicate that, in the absence of control due to endogeneity problems, the traditional estimator Koenker and Basset tends to underestimating the impact of corruption in reducing the elasticity coeffi cients of business investment. Firms located in the upper quantile of the conditional distribution of sales have better results in the implementation of investments even after the perceptual effect of corruption, unlike fi rms in lower quantiles. This suggests that fi rms with high performance are less “impacted” with the presence of corruption in relation to fi rms with poor performance.