Document Type: Original Article
College of Business Administration, University of Modern Sciences, Dubai, UAE
Corruption is a worldwide phenomenon; corruption has adverse effect in both rich and poor countries. Corruption is very costly to the quality of life in developing countries and increases the cost of business operation in the advance countries. Many rich and powerful multinational corporations in addition to the transfer of technology and skilled management also export illegal corrupt practices that are highly prohibited in their home countries, to developing countries. in a study done by Prof. H.D Vinod of Fordham University in New York City. He was able to determine that corruption leads to slower economic growth through reduced savings, reduced investments and wasted resources.