Financial Development, Property Rights, and Growth

Claessens, Stijn ; Laeven, Luc

World Bank, Washington, DC

关键词: ACCOUNTING PRACTICES;    ACCOUNTING STANDARDS;    ACCUMULATED DEPRECIATION;    ASSETS;    BANK LOANS;   

DOI  :  10.1596/1813-9450-2924
RP-ID  :  WPS2924

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The authors analyze how property rightsaffect the allocation of firms' available resourcesamong different types of assets. In particular, theyinvestigate empirically for a large number of countrieswhether firms in environments with more secure propertyrights allocate available resources more toward intangibleassets and consequentially grow faster. The authors findthat improved asset allocation due to better property rightshas an effect on growth in sectoral value added equal toimproved access to financing arising from greater financialdevelopment. The results are robust, using various samplesand specifications, including controlling for growth opportunities.