Таҳририят: Бош муҳаррир – Т. Аҳмедов Масъул муҳаррир – А. Юлдашев

Table 3. 
Regression results
(1)
(2)
(3)
(4)
Variables
Log of Total annual 
sales
Log of Total annual 
sales
Log of Total annual 
sales
Log of Total annual 
sales
Export
0.868***
0.858***
0.854***
(0.136)
(0.136)
(0.136)
Female top manager
-0.485***
(0.133)
International certificate
0.622***
0.629***
0.624***
(0.115)
(0.117)
(0.116)
Firm age
0.0164***
0.0159***
0.0162***
0.0159***
(0.00348)
(0.00356)
(0.00351)
(0.00353)
Competition
-0.929***
-0.964***
-0.880***
-0.873***
(0.0828)
(0.0815)
(0.0841)
(0.0843)
Finance
0.515***
0.471***
0.456***
0.466***
(0.0967)
(0.0949)
(0.0951)
(0.0945)
Formal training
0.405***
0.255**
0.265**
0.280**
(0.123)
(0.124)
(0.123)
(0.123)
Corruption
-0.278***
-0.313***
-0.285***
-0.288***
(0.0998)
(0.0963)
(0.0981)
(0.0978)
Constant
19.40***
19.39***
19.14***
19.19***
(0.0942)
(0.0947)
(0.128)
(0.128)
Observations
1,815
1,815
1,815
1,815
R-squared
0.413
0.443
0.450
0.454
Number of panelled
1,557
1,557
1,557
1,557
Firm size
Yes
Yes
Yes
Yes
Region
No
No
Yes
Yes
Robust standard errors in parentheses
*** p<0.01, ** p<0.05, * p<0.1
Our empirical results confirm the findings of Amin 
and Soh [31], De Rosa et al. [30] and Amin and Motta 
[32] on the much larger negative effect of corruption on 
firm growth for firms. Although corruption is argued to 
‘grease the wheels’ for firms having relatively easier 
access to finance, ‘sands the wheels’ of firms facing a 
high levels of financial constraints[33], when systemic 
impacts of corruption on growth and long-term 
distortions as well as adverse effects on poverty and 
inequality are considered, it results in more harm than 
4. More than 100

---

111
№ 2 (18)
Апрель-июнь, 2022 йил
good [34,35]. Even if in some cases bribery may be a 
way to bypass a particularly distorting regulation, the 
regulation itself is a representation of poor governance, 
which severely hampers the government’s ability to 
promote inclusive growth [34, 35]. As Beesley and 
Hawkins [36] argued, widespread corruption and lack of 
trust in political institutions are common development 
problems that are likely deeply interconnected. From 
standpoint of businesses, high and rising corruption 
contributes to increasing uncertainty in the business 
climate and acts as a tax on economic activities, raising 
transactional costs [36].