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Corruption political discretion and entrepreneurship

Purpose: While common sense suggests that corruption will likely have a negative impact on the economy as it raises the cost of doing business, research on the topic showed inconsistent results (positive, negative and neutral). This paper aims to verify whether corruption has a "grease" or "sand effect on the wheels" of entrepreneurial rates and under which conditions corruption will have stronger or weaker effects.

Multinational Business Review at in ult M " ion ! ! % "&& #$ # # # # al w ie ev sR es sin Bu Page 1 of 31 ! " # al ion at in ult M $% & '( Bu ) sin * w ie ev sR es 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Multinational Business Review + ,) -. / ,0 ,1 + , 0 1 Multinational Business Review & ) M 2 3444 ) in ult & / ion at 1 1 $ ; 344< 5''6, 1 5'7', * 3454, 9 5''' 3454, 1: = " 345< Bu + sin $ 3444, 9 344@, = 344A, 2 w ie ev 344A ! 344(, 2 sR ? 5'65 > es + $ 8 * al 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Page 2 of 31 1 3447 2 Page 3 of 31 = $ " 344' / ! 345( B = & C M 5''4 = 3447 $ in ult 344A, 3447 D 344A 2 = " 345@ " B & at E al + 3457 = sin 2D # 3453, 2DG 5''4, . * . & $ 5''6 5''<, 1 3457 w D H ie ev H 345< sR 5''6 F " 3454, / C es 5''4, $ # Bu F % ion 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Multinational Business Review = 345( 0 & 3 Multinational Business Review = 8 " 3445 3443 345A & in ult M 2 345(, I 344<, = 345(, 1 3447, = $ " 344', + 3456 H 5''4, $ ion at 5''6, # 344' al " 0 Bu J K & sin 8 " 345A 0 & 2DG C 345< % & 2 % B B) " w ) ie ev sR es 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Page 4 of 31 345< - & 4 Page 5 of 31 % $ % C in ult M 0 $ at 5''6 B ion 0 D al 2 sin Bu 0 w ie ev sR es 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Multinational Business Review + # 3454 B 5 Multinational Business Review F B ! ) M B in ult " % % + at # 344', = ion ) 345< " al & % B) " 345< ) sin 345<, ) Bu & . 344(, = D & ! 5'7', 1 5''6, * 8 5''' / % ! 345(- + 345( = $ ie ev ) 3445 1 sR 1 " " es " 344' w 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Page 6 of 31 9 1 & 2 5''6, 3444 3444 , 2 3447 345< & 1 5''7 6 Page 7 of 31 % 1: $ 3446 2 = M 9 $ " 344' 345< = in ult 3454 = + 345( at 8 ion 345A L : " & al Bu *5- ) 5 % - % ie ev sR * es sin E+ > . w 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Multinational Business Review & * & B E 7 Multinational Business Review ) 1: ) in ult M " $ ; B) " 1 344< # 3454, 9 5'<@ > 5''( + * 3454, 3446 3447 ion at & " 1: " $ ; 344< al Bu 345A ! 1: 3454 5''A % & es 2 I sin ) & 345< # = 3454 & w = ie ev & sR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Page 8 of 31 345< 8 Page 9 of 31 % # 5'<7 " & & / in ult M ) & 0 at & & al ion Bu . % & & * es sin " " 3444 . 0 & sR E= " * ie ev $ w 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Multinational Business Review " F M . 9 Multinational Business Review % . in ult M 0 ) B) " 345< " - *3- . al ion at ! 2!+$ + '( B 3443 5 5 w 0 344A $ ie ev sR 2 es sin Bu 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Page 10 of 31 C 10 Page 11 of 31 AA / 2 / 2 % 0 M 345< N in ult 344A @ ion at ! ) . 0 & 0 al & & Bu 4 54 9 344@, / F " 344A C 54B) ) 0 sR . & .>#)>H9 * D w & " 5''7 ie ev & & . es & B sin 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Multinational Business Review D = % ) 11 Multinational Business Review & 4 M C / ) B) " 345@ ion at N / # 3455, / 2 H) =/ = Bu B) " C sin B ) 345( !/. al !/. / 5 5B.>#)>H9 in ult 345@ 3 0 sR es 3 " ! ) $ ! B) " 345@ B # $ B % 3444 w ie ev 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Page 12 of 31 / % &' !#$ .$=F 5 12 Page 13 of 31 & " = $ " 344' in ult M ( 54 & H 9 0 0 5'76 N * $ 5B( 5''3 = 1 sin & ) ( Bu @ 90C 5''' al 0 C C 5''3 ion 6( 9 at 5 B 0 @ 0 ie ev sR es 8 " w 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Multinational Business Review 345A " 3 . 13 Multinational Business Review C 0 *5 0 C 5 5 at in ult M C al ion $ Bu % " C = < 0 6 6 @B w ie ev sR es sin 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Page 14 of 31 AA I 14 Page 15 of 31 $ =F 5 B .$=F 5 C $ + H = # = = = 1 + & + 0 & C F at in ult M % ion 5 & * 3454 * 5'7@ al Bu 6< & 0 '( ! + 1 2!+$ 344A 2 w 0 $ 3443 " ie ev sR es sin 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Multinational Business Review . 15 Multinational Business Review M 2 in ult > % 2DG C ) al ion at B) " 345< 345< C Bu & & $ = N 5'77, 1 344< = B 2 5''7, & w $ 9 ie ev sR es sin 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Page 16 of 31 & 16 Page 17 of 31 C " = B / 3453 in ult M D C at * " N ion 0#> 3443, = B1 345< 345A 345(, 8 " al 3456 +& = sin Bu M 2 es 1 C = 345A ie ev B F 345A sR # w 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Multinational Business Review / & B 17 Multinational Business Review 0 & & K al ion at in ult M w ie ev sR es sin Bu 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Page 18 of 31 18 Page 19 of 31 = / 8 $ F 8 = 3445 - = / 8 $ F 8 = 3443 9 9 557 5''7 $ * - $ (B@ 1 3454 ) F = $ , $ " - $ - (' H 5 . 345A ) /9 5< H 55'B5(' * " F 344' & * C + @ -0 ((3B(<5 ! w " - $" ) 8 345< 35'B3(@ 3<(B37< 9 / 0 # $ ( ie ev = O1 5 H " - (5 H sR & 9 1 2 344A .9 1 5(75B es $ 547 H @64 + sin , 9 Bu /2 ) - , ) N F + ) 8 3447 F = F - al ? / & = 6 53(5B53'@ ion 5@4( = '5 H . at / = * 9 + ) % = ) 5(<'B5@45 , = ( in ult M 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Multinational Business Review + 9 3@ H 6 @<6B@A< 19 Multinational Business Review 2 . 5''A % 2 ) 9 H in ult 8 5''4 (4 H .9 at 1 ) '7 H = ! ! . + , 5 H 9 9 (B@ 3((B3(A = & + ) 2DG C N 0 + / 9 $ (4 H ( H -$ * 9 + N 3'3B(56 E 9 ' H ( ! - w / H 8 345< , " (5B@( ) " " O ie ev 5 -C sR 8 3453 2 es # * & sin # $ -. ! 345< 57<6B57AA 2D 0. ) ( F 8 344A = ' P 7'(B'35 2 = (A H 6 Bu 2 & , al $ $ ) <7ABA47 ion 8 ) -. 8 344@ 2 6 + .. H -=1 ) 2 N + 344< + .9 , 5(34L5(@< 2 # . 2 -= (6 ) ) ) M 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Page 20 of 31 20 Page 21 of 31 2 #+ ! I 1 H 8 . 3447 ) C/0 & " , 9 3' H < <A(B<74 ) B) " = 3447 M 2 / + I , in ult / K - ! ) " C/0 9 5@ H 5 53B3A ) B) " - ) , /9 #= 65 H 5 ) B) " + = 345@ " B , )+ / 8 ) N 2 - ) 8 8 344A ! F D 3453 = 0 ( 1 345( F 33B(' ! $ 345( E 0 * 3446 ) , + 566 (34B((3 - " @5(B@(3 + , .9 . (7 3 H 3 5(4B5@( ) 0 ) w F$ ) + 9 ie ev ! 3< H 9 H $ 3' sR .9 / & ( = 9 ) es 8 . # / - sin , / Bu " " - al <<7B<7< /F 3 (6B@' ion / = 345< at 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Multinational Business Review 9 C 35 H @ C / '(3B63 21 Multinational Business Review + $ N 8 1 " 345( E , - 9 37 6<@B 674 C = = F 344A M ! , + ) in ult * 3444 ) ) ( 9 @ 5A H $ 3 55AB5(5 F H8- . B * ! at $ / 1 # $ , * F 3445 ion ) F + 8 9 + ) 2 2 ) ! 5'7@ ) 5B(5 5 ' ! . 2 ) 4 * 21 w .$ * 7(B ie ev 53 H 5 5 * sR 8 3444 9 * $ H8- . es 8 5''7 F 55@ H F # 5''7 sin " 9 F + $ * ) 2 8 = " * A@'BAAA Bu 8 C 2 " @ , 55< * 5A H + ) 0 5''' E * ) al 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Page 22 of 31 ! * ! 8 H I 1 -1 ! 1 3454 $ & * B* 22 Page 23 of 31 0#> 3443 3 # 0 0 > ! = N F ) & in ult 8 / 345< " = . + " E B)Q "Q 1) ! , "Q "B$ 9 18 ! at BF ion " = . + " 8 ) 8 9 : "B+ "Q , # + & 9 1C R F 5'77 9 9 55 H , 7'B55< 8 1 344A -) 1= + - 2/ 55( H 5 ( C 3 2 0 3455 % . & - @(5( w # 0 345A ie ev : = sR # ) N 63 H 5 10 . 3 N : "B 34@B353 " 9 2 3456 . = 5''3 # # ! 8 es " 1 ( sin / # 2 57 H ! Bu 374B(44 N 8 % al ) N 3563B35A( "Q "B2 8 = - N (A H 54 8 = 3456 - 8 . *F M 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Multinational Business Review 5B@ ) . 23 Multinational Business Review # F C . $ . # 3457 +& B $1+ # I 0 4 9 (4 H 5B3 1" 2 - $ 5B(A 5'@AL5'<@ H - in ult # ) H * 5'<7 ) M F F / + 1 I 345A $ E + 0 , - 2 ) + 9 5(3 H 3 '<(L 5457 # $ 3443 / at -) (5 H 5 E # al +& . * 5 53'B56@ + ) & 9 $ ; $ 9 <' 3<(L3A' C 344< N 3446 9 533 H 554 H , w .! , ) ) 1: ) ie ev " C ! <75LA53 ) 1: - sR ) . 5''7 1 es 1 5A H . 5''6 ( * 9 1 sin 8 3454 L 1 ) Bu 2 9 O 5B55 # $ 344' " # $ & ion 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Page 24 of 31 ) -) , ) 9 33 H 5 73B'7 / 5B3 <'B'A 24 Page 25 of 31 1: .! 9 1 # 3454 (7 H ( = 344< . )2 . 9 = C / / (4 H S 5B3 = 345A & 1 $ ) * # 1 * 5'76 ( , 9 / 7A B ! ( ) 0 * ) - w F / . 1 5''( -* ie ev / ) 5''4 ! M = 3T + ) > 4 sR 7B5A N K es % A' H < # / H " M sin D / 8 - -MM . ) 345A .C */ 9 B 5B3A Bu H ! 5'7' 0 & al - 1 " 8 # 3456 C ion . H H (@'B(67 @73B644 M 8 N 3 , * M 1 3 F! 1 1 1 3447 3 1 2 3 /9 1 (@ H at 1 ! 6( H E 3 - in ult 1 0 3@@B36' 9 M 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Multinational Business Review ( & 6<AL 6A< 25 Multinational Business Review . * 344( / -= . * 9 1 * 55 H -0 . 1 9 in ult 35 H 3 3'B@7 0. ( H ) 344@ 0 " -=$ $ . 2 sin 9 = = ? " 9 5A H 0 ) 1 > * 9 @3 H > 345@ 9 9 * &- 0 33 H ( 8 3454 3 @ -H I 5<5B576 - A4(BA5< 0 " */ 9 ) " - w 9 ) - <@5B<66 ie ev " ) 345@ < sR ) & 3( H es . , = $ % - F 344A / / . -0 = * 5''3 6 # AAB'@ $ , $ / 3 Bu F $ 3447 5( H . al # / ion F 5''6 ! C/0- 9 8 = 5'65 ) $ " @'3B637 at $ " " *. 9 $ 3 B . $ 5''< M 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Page 26 of 31 3@<B3<' ) = 3 9 (7 H 6 <'(BA46 26 Page 27 of 31 9 H 345< 2 2 & - , 8 2 ! / & F 9 K (@ H < A'AB75A # F / 345( 0 M /) $ 3444 & - 2 37 H 6 , 6'7L<5@ 3 at * & $ 3444 # 9 9 3 73 H 5 ) 5B55 $ 8 345A - U I 345( F .9 / $ 65 H 3 57(B5'6 / = 3444 # ; + 6 # -N ) & , ( N w ) 36 H ( ie ev sR " * 9 es I =# 2 ) / - ? 2 sin U - * (4(L(6@ 333B3(7 & E - " 8 8 ? 0 Bu * F # 8 0 - 2 al ( ) ion ) I F 3444 7 899:. I 9 -* 0 -C in ult 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Multinational Business Review 27 Multinational Business Review ! " ion at in ult sR es sin Bu ( = < = ' 2 53 2 56 2 C 57 ) 35 ) 3@ + 3A C (5 ! (@ ! (A * @4 0 @( 0 @< 8 @' N "F 63 # 66 1 67 1 <5 H ? <@ > <A . A4 F A( $ A< $ A' $ # 73 $ 76 77 '5 $ '( ? w ie ev 3 = 6 = 7 2 55 2 * " 5@ 2 5A ) 34 ) F 3( / 3< + $ 3' ! (( ! (< * N (' 0 @3 0 @6 8 @7 N 65 # 6@ 1 6A 1 & <4 H <( H << . <' . A3 $ A6 $ F A7 $ 75 $ " 7@ " 7A '4 N '( I al 5 = @ = A =" D 54 2 5( 2 " 5< ) 5' ) 33 )" F 36 + 37 C (3 ! (6 * (7 0 @5 0 @@ 8 @A N " 64 # 6( # & 6< 1 6' 1 <3 H <6 . <7 . A5 F A@ $ AA $ = 74 $ 7( D 7< 7' '3 " # M 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Page 28 of 31 28 Page 29 of 31 ! $ ' & 3 @A< in ult % M * ( )( ( 6(6 445 3A 4(( 6@3 37@ 4 ' @ 6'5 3 ('( @ 54 6 66 A4 @ 5@@ < '6@ @ @5 ( @4( B57 (@ 6 < 4'3 3' A3' B56 A5( 6<@ '(( *+% , - - & at . ! / # al ion ) % .' " "( * *+% , 0( - & . 0 1 %. 5 (@ @75 5 @<( @6@ ( 7A B 57@ B 334 B 5'6 5 54 4@< 5(A 5(( 5 ( '7 5 4<7 sR 1( - / es /( $ sin $( 5 Bu 5 5 4( w ie ev 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Multinational Business Review 29 Multinational Business Review ! 0( ! 2 3( 9 ) M 5 2!+$S+ S/ 3 2!+$S+ S/ ( 2!+$S+ S/ B4 @<'VVV 4 437< B4 @6'VVV 4 437< B4 377VVV 4 4'35 4 73<VVV 4 4<'' 4 456(VVV 4 44@74 4 44(<5 4 44335 0 4 A<(VVV 4 4A4' 4 456AVVV 4 44@A6 4 44(75V 4 44335 0 B4 654VVV 4 4@3' B5 A34VVV 4 <54 4 5A@VV 4 47(' 4 A<<VVV 4 4<A3 4 45((VVV 4 44@64 4 44(@5 4 44353 0 4 47@6 4 64' 4 64@ 4 65' 4 7'3 4 66( 667 '( 667 '( 667 '( .>#)>H9 in ult .>#)>H9V) !/.S) !/.S! 0 al ) / ion I C/0 at > H $ V W 4 54, VV W 4 46, VVV w ie ev sR es ) W 4 45 sin Bu 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Page 30 of 31 30 Page 31 of 31 "( ! # & # # / * / * .& . . # in ult M # ) * ) ion ! at 1( ! 2 3( al 9 @ 2!+$S+ S) 6 2!+$S+ S) < 2!+$S+ S) B3 7A5VVV 4 5A( B3 '67VVV 4 565 B6 (A6VVV 4 676 B5 '6(VVV 4 (A5 B3 <<7 5 <A7 5 (@6VVV 4 65@ 5( 7@VVV 4 (7A 4 4(@7 4 43A4 4 4(4@VVV 4 4555 0 Bu ) .>#)>H9 .>#)>H9V) !/.S) !/.S! I C/0 / B@A 45VVV ( 644 B(< 3'VVV 3 63( > H @<3 AA @<3 AA B@( 'AVVV @ 6'4 w ) ie ev 0 5@ @6VVV 4 ((7 4 4366 4 43(@ 4 4(@AVVV 4 455A 0 sR 56 7<VVV 4 @7' B4 444365 4 43@< 4 4(@@VVV 4 4556 0 es sin 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Multinational Business Review @<3 AA $ V W 4 54, VV W 4 46, VVV W 4 45 ) 31