Empirical analysis of legal institutions and institutional change: multiple-methods approaches and their application to corporate governance research

John Buchanan, Dominic Heesang Chai and Simon Deakin

Journal of Institutional Economics, 2014, vol. 10, issue 1, 1-20

Abstract: The claim that institutions matter for economic growth and development has so far received a more extensive theoretical treatment than an empirical or methodological one. Basing our approach on a coevolutionary conception of relations between law and the economy, we link theory to method and explore three techniques for analysing legal institutions empirically: ‘leximetric’ measurement of legal rules, time-series econometrics and interview-based fieldwork. We argue that while robust measurement of institutions is possible, quantitative techniques have their limits, and should be combined with fieldwork in a multiple-methods approach.

Date: 2014
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