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Legal Determinants of External Finance
Abstract
Using a sample of 49 countries, we show that countries with poorer investor protections, measured by both the character of legal rules and the quality of law enforcement, have smaller and narrower capital markets. These findings apply to both equity and debt markets. In particular, French civil law countries have both the weakest investor protections and the least developed capital markets, especially as compared to common law countries.
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Citations
Cited by
Investor protection and corporate governance
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00065-9 · Cited by 6,848
Self-citationFinancial intermediation and growth: Causality and causes
Levine, R., Loayza, N., & Beck, T. (2000) · Journal of Monetary Economics · doi:10.1016/s0304-3932(00)00017-9 · Cited by 4,414
Finance and the sources of growth
Beck, T., Levine, R., & Loayza, N. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00072-6 · Cited by 3,711
The great reversals: the politics of financial development in the twentieth century
Rajan, R. G., & Zingales, L. (2003) · Journal of Financial Economics · doi:10.1016/s0304-405x(03)00125-9 · Cited by 3,327
What matters for financial development? Capital controls, institutions, and interactions
Chinn, M. D., & Ito, H. (2006) · Journal of Development Economics · doi:10.1016/j.jdeveco.2005.05.010 · Cited by 2,650
Metadata
- Authors
- Porta, R. L., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. W.
- Venue
- The Journal of Finance
- Publisher
- JSTOR
- Published
- 1997-07
- Volume
- 52
- Issue
- 3
- Pages
- 1131
- ISSN
- 0022-1082 (ISSN-L)
- OpenAlex
- W3125935778
- Cited by
- 2,031
- References
- 0
- FWCI
- 183.88
- Type
- journal article
- Language
- en
- Open access
- closed
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- Porta, R. L., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. W. (1997). Legal Determinants of External Finance. The Journal of Finance. https://doi.org/10.2307/2329518
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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.
