|
|
|
|
||||
|
||||
Property Rights and FinanceSimon JohnsonMassachusetts Institute of Technology (MIT) - Entrepreneurship Center; National Bureau of Economic Research (NBER) John McMillanStanford Graduate School of Business; CESifo (Center for Economic Studies and Ifo Institute for Economic Research) Christopher M. WoodruffUniversity of California, San Diego (UCSD) - Graduate School of International Relations and Pacific Studies (IRPS) March 2002 Stanford Law and Economics Olin Working Paper No. 231 Abstract: Which is the tighter constraint on private sector investment: weak property rights or limited access to external finance? From a survey of new firms in post-communist countries, we find that weak property rights discourage firms from reinvesting their profits, even when bank loans are available. Where property rights are relatively strong, firms reinvest their profits; where they are relatively weak, entrepreneurs do not want to invest from retained earnings.
Number of Pages in PDF File: 64 JEL Classification: D23, P23 working papers seriesDate posted: March 21, 2002Suggested CitationContact Information
|
|
|||||||||||||||||||||||||||||||||||
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
FAQ
Terms of Use
Privacy Policy
Copyright
This page was processed by apollo2 in 0.453 seconds
