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Financial and legal institutions and firm size

Author: Thorsten Beck; Vojislav Maksimović; Aslı Demirgüç-Kunt; World Bank.
Publisher: Washington, D.C. : World Bank, [2003]
Series: Policy research working papers (Online), 2997.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Beck, Demirgüç-Kunt, and Maksimovic investigate how a country's financial institutions and the quality of its legal system explain the size attained by its largest industrial firms in a sample of 44 countries. Firm size is positively related to the size of the banking system and the efficiency of the legal system. Thus, the authors find no evidence that firms are larger in order to internalize the functions of the  Read more...
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Additional Physical Format: Print version:
Beck, Thorsten.
Financial and legal institutions and firm size.
Washington, D.C. : World Bank, Development Research Group, Finance, [2003]
(OCoLC)52103032
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Thorsten Beck; Vojislav Maksimović; Aslı Demirgüç-Kunt; World Bank.
OCLC Number: 51937200
Notes: Title from title screen as viewed on March 26, 2003.
"March 14, 2003."
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource.
Details: Mode of access: World Wide Web.; Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Policy research working papers (Online), 2997.
Responsibility: Thorsten Beck, Asli Demirgüç-Kunt, and Vojislav Maksimovic.

Abstract:

Beck, Demirgüç-Kunt, and Maksimovic investigate how a country's financial institutions and the quality of its legal system explain the size attained by its largest industrial firms in a sample of 44 countries. Firm size is positively related to the size of the banking system and the efficiency of the legal system. Thus, the authors find no evidence that firms are larger in order to internalize the functions of the banking system or to compensate for the general inefficiency of the legal system. But they do find evidence that externally financed firms are smaller in countries that have strong creditor rights and efficient legal systems. This suggests that firms in countries with weak creditor protections are larger in order to internalize the protection of capital investment. This paper--a product of Finance, Development Research Group--is part of a larger effort in the group to understand the determinants of firm size.

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