Capital structure and public corruption among non-financial firms in the MENA region: The impact of the Arab spring.

This study investigated the determinants of financing decisions of firms from the Middle East and North Africa (MENA) region, particularly the effect of public corruption on financing decisions and the effect of disorder following the Arab Spring on public corruption-financing structure relationship. The study encompasses a total of 800 business entities from 14 different countries, spanning the time frame of 2005-2018. Data is analyzed through the application of static fixed effects and dynamic GMM-System models.