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Surprised by wirecard? Enablers of corporate wrongdoing in Europe

Working paper: The last two decades have uncovered a concerning range of corporate wrongdoing by large European firms in a wide variety of industries. What has driven European firms to engage in such systematic wrongdoing? In this article, SITE researcher Giancarlo Spagnolo and co-author Theo Nyreröd use data on US investigations to identify the European countries hosting most corporate wrongdoers.

What has driven European firms to engage in corporate wrongdoing?

By Theo Nyreröd & Giancarlo Spagnolo

Abstract

In the last two decades prolonged instances of corporate wrongdoing in Europe have been uncovered: from Siemens’ systemic bribery to HSBC and other major bank’s money laundering issues, Dieselgate, LIBOR price-rigging, and the recent Wirecard debacle. What has driven European firms to engage in such systematic wrongdoing? In this article, we first use data on US investigations to identify the European countries hosting most corporate wrongdoers. We then consider these countries’ legal, institutional, and political contexts in search for explanations of the main enablers of this behavior, ending with some policy recommendations.

Disclaimer: Opinions expressed in policy briefs, working papers and other publications are those of the authors; they do not necessarily reflect those of SITE, the FREE Network and its research institutes.

SITE Crime Politics Economics Working paper

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