Financial And Legal Institutions And Firm Size
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Financial And Legal Institutions And Firm Size
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Author : Thorsten Beck
language : en
Publisher:
Release Date : 2016
Financial And Legal Institutions And Firm Size written by Thorsten Beck and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Beck, Demirguc-Kunt, and Maksimovic investigate how a country's financial institutions and the quality of its legal system explain the size attained by its largest industrial firms in a sample of 44 countries. Firm size is positively related to the size of the banking system and the efficiency of the legal system. Thus, the authors find no evidence that firms are larger in order to internalize the functions of the banking system or to compensate for the general inefficiency of the legal system. But they do find evidence that externally financed firms are smaller in countries that have strong creditor rights and efficient legal systems. This suggests that firms in countries with weak creditor protections are larger in order to internalize the protection of capital investment.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to understand the determinants of firm size.
Financial And Legal Institutions And Firm Size
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Author : Thorsten Beck
language : en
Publisher: World Bank Publications
Release Date : 2003
Financial And Legal Institutions And Firm Size written by Thorsten Beck and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Big business categories.
The authors investigate how a country's financial institutions and the quality of its legal system explain the size attained by its largest industrial firms in a sample of 44 countries. Firm size is positively related to the size of the banking system and the efficiency of the legal system. Thus, the authors find no evidence that firms are larger in order to internalize the functions of the banking system or to compensate for the general inefficiency of the legal system. But they do find evidence that externally financed firms are smaller in countries that have strong creditor rights and efficient legal systems. This suggests that firms in countries with weak creditor protections are larger in order to internalize the protection of capital investment.
The Quality Of The Legal System Firm Ownership And Firm Size
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Author : Luc Laeven
language : en
Publisher: World Bank Publications
Release Date :
The Quality Of The Legal System Firm Ownership And Firm Size written by Luc Laeven and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Financial And Legal Constraints To Firm Growth
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Author : Thorsten Beck
language : en
Publisher:
Release Date : 2013
Financial And Legal Constraints To Firm Growth written by Thorsten Beck and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Using a unique firm-level survey data base, covering fifty four countries, the authors investigate whether different financial, legal, and corruption issues that firms report as constraints, actually affect their growth rates. The results show that the extent to which these factors constrain a firm's growth depends very much on its size, and that it is consistently the smallest firms that are most adversely affected by all these constraints. Firm growth is more affected by reported constraints in countries with underdeveloped financial, and legal systems, and higher corruption. So, policy measures to improve financial, and legal development, and reduce corruption are well justified in promoting firm growth, particularly the development of the small, and medium enterprise sector. But the evidence also shows that the intuitive descriptors of an "efficient" legal system, are not correlated with the components of the general legal constraints that predict firm growth. This finding suggests that the mechanism by which the legal system affects firm performance, is not well understood. The authors' findings also provide evidence that the corruption of bank officials, constraints firm growth. This "institutional failure" should be taken into account, when modeling the monitoring role of financial institutions in overcoming market failures due to informational asymmetries.
Financial And Legal Constraints To Firm Growth
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Author : Thorsten Beck
language : en
Publisher: World Bank Publications
Release Date : 2002
Financial And Legal Constraints To Firm Growth written by Thorsten Beck and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Banks and banking categories.
Financial And Legal Constraints To Firm Growth
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Author : Vojislav Maksimovic
language : en
Publisher:
Release Date : 2016
Financial And Legal Constraints To Firm Growth written by Vojislav Maksimovic and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Using a unique firm-level survey data base covering 54 countries, Beck, Demirguc-Kunt, and Maksimovic investigate whether different financial, legal, and corruption issues that firms report as constraints actually affect their growth rates. The results show that the extent to which these factors constrain a firm's growth depends very much on its size and that it is consistently the smallest firms that are most adversely affected by all three constraints. Firm growth is more affected by reported constraints in countries with underdeveloped financial and legal systems and higher corruption. So, policy measures to improve financial and legal development and reduce corruption are well justified in promoting firm growth, particularly the development of the small and medium enterprise sector. But the evidence also shows that the intuitive descriptors of an quot;efficientquot; legal system are not correlated with the components of the general legal constraints that predict firm growth. This finding suggests that the mechanism by which the legal systems affects firm performance is not well understood. The authors' findings also provide evidence that the corruption of bank officials constrains firm growth. This quot;institutional failurequot; should be taken into account when modeling the monitoring role of financial institutions in overcoming market failures due to informational asymmetries.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to understand the link from the financial sector to economic development. The authors may be contacted at [email protected], [email protected], or [email protected].
The Quality Of The Legal System Firm Ownership And Firm Size
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Author : Luc Laeven
language : en
Publisher:
Release Date : 2004
The Quality Of The Legal System Firm Ownership And Firm Size written by Luc Laeven and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Rural development categories.
Financial And Legal Constraints To Firm Growth
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Author : Thorsten Beck
language : en
Publisher:
Release Date : 2002
Financial And Legal Constraints To Firm Growth written by Thorsten Beck and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Banks and banking categories.
Finance Firm Size And Growth
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Author : Thorsten Beck
language : en
Publisher:
Release Date : 2010
Finance Firm Size And Growth written by Thorsten Beck and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This paper examines whether financial development boosts the growth of small firms more than large firms and hence provides information on the mechanisms through which financial development fosters aggregate economic growth. We define an industry's technological firm size as the firm size implied by industry specific production technologies, including capital intensities and scale economies. Using cross-industry, cross-country data, the results indicate that financial development exerts a disproportionately large effect on the growth of industries that are technologically more dependent on small firms. This suggests that financial development accelerates economic growth by removing growth constraints on small firms and also implies that financial development has sectoral as well as aggregate growth ramifications.
Firm Size And The Business Environment
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Author : Mirjam Schiffer
language : en
Publisher: World Bank Publications
Release Date : 2001-01-01
Firm Size And The Business Environment written by Mirjam Schiffer and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-01-01 with Business & Economics categories.
The development of the small and medium enterprise sector is deemed crucial for economic growth and poverty alleviation. Such firms are often though to be at a disadvantage when compared with larger enterprises, but the reverse can apply, for example in the more flexible approach of the smaller firm. This paper draws on a private sector survey in 80 countries examining whether business obstacles are related to firm size. It finds a bias against small firms, which experience significantly greater problems than large firms with financing, taxes and regulations, inflation, corruption and street crime. These problems should be the prime targets of policies aimed at reducing inequity.