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.
Miroshnychenko, I., Bozzi, S., Barontini, R., Firm Growth and Legal Environment, <<ECONOMIC NOTES>>, 2018; (On line pub): 1-24. [doi:10.1111/ecno.12116] [http://hdl.handle.net/10807/119314]
Firm Growth and Legal Environment
Bozzi, StefanoPrimo
;Barontini, RobertoUltimo
2018
Abstract
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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