CoChat
Sign Up
Cited by 18,025Corporate Finance and GovernanceLaw, Economics, and Judicial SystemsCorporate Governance and Law

Law and finance

La Porta, Rafael, Lopez‐de‐Silanes, Florencio, Shleifer, Andrei, Vishny, Robert W.·1998·Journal of Political Economy
DOI 10.1086/250042
Open this paper in CoChat — free account

Abstract

This paper examines legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries. The results show that common‐law countries generally have the strongest, and frenchcivillaw countries the weakest, legal protections of investors, with German‐and scandinavin‐civil‐law countries located in the middle. We also find that concentration of ownership of shares in the largest public companies is negativelyrelated to investor protections, consistent with the hypothesis that small, diversified share‐holders are unlikely to be important in countries that fail to protect their rights.

Integrity signals

Registry

Crossref · 10.1086/250042

Cites

37 of 37 references verified0 citation errors · 0 not checkable

Statistics

Recomputing p-values needs the paper’s full text.

Claims the paper makes

This paper’s full text isn’t openly available, so its claims and self-check weren’t run. The registry and citation checks still apply.

Claims other papers make about this one

Each is checked against this paper’s own text: does it say what the citing paper says it does?

  • Common law countries have a higher antidirector rights index (4.00) than French civil law (2.33), German civil law (2.33), Scandinavian civil law (3.00), and the world average (3.00).

    “Antidirector rights index 4.00 2.33 2.33 3.00 3.00”

    From Investor protection and corporate governance (2000) · cites this paper as La Porta et al. (1998)

  • Common law countries have a higher creditor rights index (3.11) than French civil law (1.58), German civil law (2.33), Scandinavian civil law (2.00), and the world average (2.30).

    “Creditor rights index 3.11 1.58 2.33 2.00 2.30”

    From Investor protection and corporate governance (2000) · cites this paper as La Porta et al. (1998)

Cites

Flagged first, then by citations

Cited by

Sorted by citations

Related

Authors
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W.
Affiliations
  • Harvard University (US)
  • University of Chicago (US)
ORCID
Vishny, Robert W.
Venue
Journal of Political Economy
Publisher
University of Chicago Press
Published
1998-12
Volume
106
Issue
6
Pages
1113-1155
ISSN
  • 0022-3808 (ISSN-L)
  • 1537-534X
DOI
10.1086/250042
OpenAlex
W3121759882
Cited by
18,025
References
37
Citations by year
2026: 706 · 2025: 720 · 2024: 614 · 2023: 606 · 2022: 607 · 2021: 665 · 2020: 712 · 2019: 760 · 2018: 754 · 2017: 718 · 2016: 722 · 2015: 773 · 2014: 875 · 2013: 859 · 2012: 927
FWCI
722.18
Type
journal article
Language
en
Open access
closed
Locations
Journal of Political Economy (publishedVersion)
Topics
  • Social Sciences › Business, Management and Accounting › Accounting › Corporate Finance and Governance
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Law, Economics, and Judicial Systems
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Governance and Law
Keywords
investor protection, shareholder rights, creditor protection, common law, civil law, legal origins, rule of law, ownership concentration, corporate governance, cross-national comparison

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review