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FINANCIAL AND LEGAL CONSTRAINTS TO FIRM GROWTH: THE CASE OF ITALY

Domenico Sarno

Journal of Applied Economic Sciences, 2008, vol. 3, issue 3(5)_Fall2008, 293-305

Abstract: The aim of this study is to confirm empirically the implications of the theory about the law-financegrowth nexus. In order to verify the predictions of the theory, a panel data including three different types of data is used. All the data are referred to Italian provinces. The empirical analysis shows that between firms� growth and financial development there is a first-order relationship, while between firms� growth and legal enforcement as measured by the efficiency of the judicial system there is a second-order relationship.

Keywords: enforcement; judicial efficiency; financial development; firm�s growth (search for similar items in EconPapers)
JEL-codes: G2 K4 (search for similar items in EconPapers)
Date: 2008
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Working Paper: FINANCIAL AND LEGAL CONSTRAINTS TO FIRM GROWTH: THA CASE OF ITALY (2008) Downloads
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