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Financial and legal institutions and firm size

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Author Info
Beck, Thorsten
Demirguc-Kunt, Asli
Maksimovic, Vojislav

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Abstract

The authors investigate how a country's financial institutions and the quality of its legal system explain the size attained by its largest industrial firms in a sample of 44 countries. Firm size is positively related to the size of the banking system and the efficiency of the legal system. Thus, the authors find no evidence that firms are larger in order to internalize the functions of the banking system or to compensate for the general inefficiency of the legal system. But they do find evidence that externally financed firms are smaller in countries that have strong creditor rights and efficient legal systems. This suggests that firms in countries with weak creditor protections are larger in order to internalize the protection of capital investment.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 2997.

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Date of creation: 31 Mar 2003
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Handle: RePEc:wbk:wbrwps:2997

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Related research
Keywords: Banks&Banking Reform; Payment Systems&Infrastructure; Decentralization; Economic Theory&Research; International Terrorism&Counterterrorism; Economic Theory&Research; Banks&Banking Reform; Small Scale Enterprise; Private Participation in Infrastructure; Microfinance;

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  1. Chen, Yan, 2007. "中小投资者保护、股权结构与公司价值
    [Protection of Minority Shareholders, Ownership Structure and Corporate Valuation]    ," MPRA Paper 12427, University Library of Munich, Germany, revised Jun 2008. [Downloadable!]
  2. Thorsten Beck, 2003. "Small and medium enterprises, growth, and poverty : cross-country evidence," Policy Research Working Paper Series 3178, The World Bank. [Downloadable!]
  3. Arturo Galindo & Alejandro Micco, 2005. "Creditor Protection and Credit Volatility," RES Working Papers 4401, Inter-American Development Bank, Research Department. [Downloadable!]
  4. Arturo Galindo & Alejandro Micco, 2005. "Bank Credit to Small and Medium-Sized Enterprises: The Role of Creditor Protection," Working Papers Central Bank of Chile 347, Central Bank of Chile. [Downloadable!]
    Other versions:
  5. Udo C. Braendle, . "Shareholder Protection in the USA and Germany - On the Fallacy of LLSV," German Working Papers in Law and Economics 2006-1-1151, Berkeley Electronic Press. [Downloadable!]
  6. Hvide, Hans K, 2005. "The Quality of Entrepreneurs," CEPR Discussion Papers 4979, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  7. Thorsten Beck & Asli Demirguc-Kunt & Ross Levine, 2005. "SMEs, Growth, and Poverty," NBER Working Papers 11224, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Beck, Thorsten & Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2002. "Financial and legal constraints to firm growth - Does size matter?," Policy Research Working Paper Series 2784, The World Bank. [Downloadable!]
  9. Hvide, Hans K., 2004. "Firm Size and the Quality of Entrepreneurs," Discussion Papers 2004/9, Department of Finance and Management Science, Norwegian School of Economics and Business Administration. [Downloadable!]
  10. Arturo Galindo & Alejandro Micco, 2005. "Protección a los acreedores e inestabilidad del crédito," RES Working Papers 4402, Inter-American Development Bank, Research Department. [Downloadable!]
  11. Beck, Thorsten & Demirguc-Kant, Asl' & Maksimovic, Vojislav, 2003. "Bank competition, financing obstacles, and access to credit," Policy Research Working Paper Series 2996, The World Bank. [Downloadable!]
  12. Beck, Thorsten & Asl Demirguc-Kunt & Maksimovic, Vojislav, 2002. "Financing patterns around the world : the role of institutions," Policy Research Working Paper Series 2905, The World Bank. [Downloadable!]
  13. Francesca Gagliardi, 2009. "Financial development and the growth of cooperative firms," Small Business Economics, Springer, vol. 32(4), pages 439-464, April. [Downloadable!] (restricted)
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