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FIGURE 6: EXTERNAL AUDITING AND CORRUPTION CONTROL

2

1.5

1

Corruption contro (WBI KKM 2004)

0.5

0

0.00

0.10

0.20

0.30

0.40

y = 3.3226x - 1.6007 R2 = 0.3335

0.50

0.60

0.70

  • -

    0.5

  • -

    1

  • -

    1.5

Effectiveness of external audit agencies

Sources: Control of corruption is measured by the World Bank’s Control of Corruption Indicator (Kaufman et al. 2005). Its value ranges from -2.5 to 2.5, with high values meaning greater control of corruption.

Effectiveness of external audit agencies

5.5

y = 2.8761x + 2.954

5.0

R2 = 0.3183

FIGURE 7: EXTERNAL AUDITING AND PUBLIC INSTITUTIONS

6.0

3.0 0.20

0.30 0.40 0.50 0.60 Public institutions index(WEF GCR 2002)

0.70

4.5

4.0

3.5

Source: The Political Institutions Index is derived from the World Economic Forum’s Growth Competitiveness Index, of which it is one of the three sub- indices (World Economic Forum 2002). It is composed of two equally weighted components, one measuring the reliability of contract enforcement and adherence to the rule of law, and a second one gauging the extent of corruption. The normalized value index is on a scale from 1 to 7, where higher values indicate better institutional quality.

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