Business Environment and theIncorporation Decision

Demirguc-Kunt, Asli ; Love, Inessa ; Maksimovic, Vojislav

World Bank, Washington, D.C.

关键词: ACTIONS;    ADVERSE SELECTION;    AGRICULTURE;    BANKRUPTCY;    BUSINESS ENVIRONMENT;   

DOI  :  10.1596/1813-9450-3317
RP-ID  :  WPS3317

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Using firm-level data from 52 countries,the authors investigate how a country's institutionsand business environment affect firms' organizationalchoices and the effects of organizational form on access tofinance and growth. They find that businesses are morelikely to choose the corporate form in countries withdeveloped financial sectors and efficient legal systems,strong shareholder and creditor rights, low regulatoryburdens and corporate taxes, and efficient bankruptcyprocesses. Corporations report fewer financing, legal, andregulatory obstacles than unincorporated firms, and thisadvantage is greater in countries with more developedinstitutions and favorable business environments. Theauthors find some evidence of higher growth of incorporatedbusinesses in countries with good financial and legal institutions.