Autori: Barontini, Roberto , Bozzi, Stefano , Miroshnychenko, Ivan
Titolo: Firm Growth and Legal Environment
Periodico: Economic notes
Anno: 2019 - Volume: 48 - Fascicolo: 1 - Pagina iniziale: 12116 - Pagina finale: 12116

An effective country‐level legal environment is crucial for promoting access to finance, development, and ultimately economic growth. Based on a sample of large companies listed in Continental Europe in the period 2002–2011, this study suggests that investor protection level is related to firm growth. Specifically, investor protection: a) enhances the growth rate of the firm; b) affects growth sensitivity to leverage and cash flow. These results provide empirical support to recommendations by policy makers advocating for increased investor protection in Europe.


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SICI: 0391-5026(2019)48:1<12116:FGALE>2.0.ZU;2-Y
Testo completo: https://onlinelibrary.wiley.com/doi/10.1111/ecno.12116

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