Law and Firms' Access to Finance
45 Pages Posted: 8 Sep 2004 Last revised: 15 Sep 2022
There are 2 versions of this paper
Date Written: August 2004
Abstract
This paper contributes to the literature on how a country's legal origin influences the operation of its financial system by using firm-level survey data on the obstacles that firms face in raising external finance. The paper assesses two channels through which legal origin may influence the financial system. It finds that the adaptability of a country's legal system is more important for explaining the obstacles that firms face in accessing external finance than the political independence of the judiciary.
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