According to research funded by the International Growth Centre at the London School of Economics, the answer might be no. The Economist explores how higher pay may not make workers less greedy:
WHETHER the miscreants are African policemen, European politicians or American university basketball players, the same remedy for corrupt behaviour is offered: pay people more money. It sounds intuitive. But does legitimate lucre really drive out the filthy kind? New research involving a natural experiment in West Africa suggests that it does not—and that conventional economic theories of corruption are wrong.