“…' Aidt (2003, p. 632) concurs, ''Corruption is a many-faceted phenomenon and it is hard to give a precise and comprehensive definition…yet it is important to try.'' Much research has also been done on the determinants of corruption (Aidt, 2003;Davis and Ruhe, 2003;Sanyal, 2005), the consequences of corruption (Aidt, 2003;Alam, 1995;Maor, 2004;Wei and Shleifer, 2000;Winters, 2004), and ways to combat corruption (Ali and Isse, 2003;Brademas and Heimann, 1998;Husted, 1999). It is no wonder that corruption has topped the research agenda of international institutions such as the World Bank, the International Monetary Fund, and the United Nations.…”