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Property Rights, Political Connections, and Corporate Investment

Author

Listed:
  • Miao,Meng
  • Tang,Dragon Yongjun
  • Xu,L. Colin

Abstract

Despite the literature on rural land property rights, studies on urban land property rights are rare. This paper studies the impact of an urban land titling program on firm investment. It finds that the program leads to increased investment rate for titling firms, and the positive effect holds only for politically connected firms. The effects are likely causal, because they are more pronounced for firms that are more likely to benefit from strengthened property rights. Connected titling firms experienced fewer disputes than nonconnected titling firms after the program, and the results remain robust when using instrumental variable estimation.

Suggested Citation

  • Miao,Meng & Tang,Dragon Yongjun & Xu,L. Colin, 2019. "Property Rights, Political Connections, and Corporate Investment," Policy Research Working Paper Series 8973, The World Bank.
    • Handle: RePEc:wbk:wbrwps:8973
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    Cited by:

    1. He, Ye & Hu, Weiping & Li, Kunwang & Zhang, Xiao, 2022. "Can real options explain the impact of uncertainty on Chinese corporate investment?," Economic Modelling, Elsevier, vol. 115(C).

    More about this item

    Keywords

    Judicial System Reform; Common Property Resource Development; Social Policy; Regulatory Regimes; Legislation; Legal Products; Legal Reform; Agricultural Economics; Cultural Heritage&Urban Revitalization; Foreign Trade Promotion and Regulation; Trade Law; De Facto Governments; Democratic Government; Public Sector Administrative&Civil Service Reform; Public Sector Administrative and Civil Service Reform;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • P14 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Property Rights
    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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