Abstract

An effective country-level legal environment is crucial for promoting access to finance, development, and ultimately economic growth. Based\r\non 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 originaleInglese
pagine (da-a)1-24
Numero di pagine24
RivistaEconomic Notes
Numero di pubblicazioneOn line pub
DOI
Stato di pubblicazionePubblicato - 2018

All Science Journal Classification (ASJC) codes

  • Economia ed Econometria

Keywords

  • Cash Flow
  • Debt
  • Firm Growth
  • Investor Protection

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