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Patterns of Legal Change: Shareholder and Creditor Rights in Transition Economies
Open accessAbstract
This paper analyses changes in the legal protection of shareholder and creditor rights in 24 transition economies from 1990 to 1998. It documents differences in the initial conditions and a tendency towards convergence of formal legal rules as the result of extensive legal reforms. Convergence seems to be primarily the result of foreign technical assistance programmes as well as of harmonisation requirements for countries wishing to join the European Union. The external supply of legal rules notwithstanding, the pattern of legal reforms suggests that law reform has been primarily retroactive rather than proactive. In comparison, the pre-socialist heritage of transition economies has little explanatory power for the observed patterns of legal change. A partial exception are countries with German legal heritage, which favour creditor over shareholder protection and display substantially better creditor protection than other transition economies. The paper discusses the implications of the response pattern of legal change with externally supplied legal solutions for the prospects of effective law enforcement and compliance with the law in transition economies.
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Citations
Cites
A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
Public Regulation of the Securities Markets
Stigler, G. J. (1964) · The Journal of Business · doi:10.1086/294677 · Cited by 679 · cited 1×
“Whether or not state regulations of securities markets are desirable is highly disputed in developed market economies (Coffee, 1984; Hopt and Baum, 1997; Jarrell, 1981; Seligman, 1983; Stigler, 1964).”
Background
Cited by
Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2002) · The Quarterly Journal of Economics · doi:10.1162/003355302753399436 · Cited by 3,956
Bankruptcy around the World: Explanations of Its Relative Use
Claessens, S. (2005) · American Law and Economics Review · doi:10.1093/aler/ahi004 · Cited by 448
Financial Integration and Firm Performance: Evidence from Foreign Bank Entry in Emerging Markets
Giannetti, M., & Ongena, S. (2009) · Review of Finance · doi:10.1093/rof/rfm019 · Cited by 404
How do bankruptcy laws affect entrepreneurship development around the world?
Lee, S.-H., Yamakawa, Y., Peng, M. W., & Barney, J. B. (2011) · Journal of Business Venturing · doi:10.1016/j.jbusvent.2010.05.001 · Cited by 326
Egalitarianism and international investment
Siegel, J. I., Licht, A. N., & Schwartz, S. H. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.05.010 · Cited by 303
Metadata
- Authors
- Pistor, K.
- Venue
- European Business Organization Law Review
- Published
- 2000-03
- Volume
- 1
- Issue
- 1
- Pages
- 59-107
- ISSN
- 1566-7529 (ISSN-L)
- 1741-6205
- OpenAlex
- W3121165951
- Cited by
- 196
- References
- 2
- FWCI
- 42.29
- Type
- journal article
- Language
- en
- Open access
- green
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- Pistor, K. (2000). Patterns of Legal Change: Shareholder and Creditor Rights in Transition Economies. European Business Organization Law Review. https://doi.org/10.1017/s1566752900000069
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
