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.

引用

页数：24

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