Firm Growth and Legal Environment

被引：8
|
作者：
Miroshnychenko, Ivan [1 ]
Bozzi, Stefano [2 ]
Barontini, Roberto [3 ]
机构：
[1] Free Univ Bozen Bolzano, Piazza Univ 1, I-39100 Bolzano, Italy
[2] Univ Cattolica Sacro Cuore, Largo F Vito 1, I-00168 Rome, Italy
[3] St Anna Sch Adv Studies, Piazza Martiri Liberta 33, I-56127 Pisa, Italy
来源：
ECONOMIC NOTES | 2019年 / 48卷 / 01期
关键词：
CORPORATE GOVERNANCE; INVESTOR PROTECTION; CASH FLOW; FINANCIAL INTERMEDIATION; EMPIRICAL-EVIDENCE; FAMILY CONTROL; LAW; INSTITUTIONS; INNOVATION; EQUITY;
D O I：
10.1111/ecno.12116
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
An effective country-level legal environment is crucial for promoting access to finance, development, and ultimately economic growth. Based on a sample of large companies listed in Continental Europe in the period 2002-2011, this study suggests that investor protection level is related to firm growth. Specifically, investor protection: a) enhances the growth rate of the firm; b) affects growth sensitivity to leverage and cash flow. These results provide empirical support to recommendations by policy makers advocating for increased investor protection in Europe.
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页数：24
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