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

Domenico Sarno

MPRA Paper from University Library of Munich, Germany

Abstract: The aim of this study is to confirm empirically the implications of the theory about the law-finance-growth 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: G20 K4 (search for similar items in EconPapers)
Date: 2008
New Economics Papers: this item is included in nep-cfn, nep-eff and nep-law
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Citations: View citations in EconPapers (4) Track citations by RSS feed

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