Firm Growth and Legal Environment

Stefano Bozzi; Roberto Barontini; Ivan Miroshnychenko

doi:10.1111/ecno.12116

Firm Growth and Legal Environment

Stefano Bozzi, Roberto Barontini, Ivan Miroshnychenko

Risultato della ricerca: Contributo in rivista › Articolo in rivista

5 Citazioni (Scopus)

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.

Lingua originale	English
pagine (da-a)	1-24
Numero di pagine	24
Rivista	Economic Notes
DOI	https://doi.org/10.1111/ecno.12116
Stato di pubblicazione	Pubblicato - 2018

Keywords

Firm Growth, Investor Protection, Cash Flow, Debt

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10.1111/ecno.12116

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AU - Barontini, Roberto

AU - Miroshnychenko, Ivan

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AB - 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.

KW - Firm Growth, Investor Protection, Cash Flow, Debt

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Firm Growth and Legal Environment

Abstract

Keywords

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