Financial Development, Property Rights, and Growth

Claessens, Stijn; Laeven, Luc

Financial Development, Property Rights, and Growth

2002

Claessens, Stijn | Laeven, Luc

The authors analyze how property rights affect the allocation of firms' available resources among different types of assets. In particular, they investigate empirically for a large number of countries whether firms in environments with more secure property rights allocate available resources more toward intangible assets and consequentially grow faster. The authors find that improved asset allocation due to better property rights has an effect on growth in sectoral value added equal to improved access to financing arising from greater financial development. The results are robust, using various samples and specifications, including controlling for growth opportunities.

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Palabras clave de AGROVOC

assets bank loans benchmarks bureaucracy coal corruption debt developed countries economic growth economic impact growth rate human capital income intellectual property rights land ownership patent patents private property property rights rule of law value added

Información bibliográfica

Editorial

World Bank, Washington, DC

Otras materias

Accounting standards; Business environment; Financial development; Endogenous variables; Subsidiaries; Institutional framework; Comparative advantage; Capitalization; Empirical analysis; Financial markets; Banking system; Intellectual property protection; Legal systems; Legal origin; Liquidation; Legal protection; Benchmark; Growth potential; Secure property rights; Financial systems; Net value; Trademarks; Accumulated depreciation; Gdp; Institutional variables; Contract enforcement; Economics literature; Financial sector; Accounting practices; Growth rates; Intellectual property; Legal framework; Inventions; Intangible assets; Transition economies; Economic performance; Benchmark data

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Inglés

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application/pdf, text/plain

Licencia

CC BY 3.0 IGO, http://creativecommons.org/licenses/by/3.0/igo/

En AGRIS desde: 2024-10-18

Fecha de modificación: 2025-10-25

Formato: Dublin Core

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Enlaces

DOI http://documents.worldbank.org/curated/en/2002/11/2072637/financial-development-property-rights-growth https://hdl.handle.net/10986/19201

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Financial Development, Property Rights, and Growth

2002

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Información bibliográfica