Firm Growth and Legal Environment
Ivan Miroshnychenko,
Stefano Bozzi and
Roberto Barontini
Economic Notes, 2019, vol. 48, issue 1
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.
Date: 2019
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https://doi.org/10.1111/ecno.12116
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Persistent link: https://EconPapers.repec.org/RePEc:bla:ecnote:v:48:y:2019:i:1:n:12116
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