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Property Rights and Finance

descriptionPublicationkeyboard_double_arrow_right Article , Other literature type , Preprint 01 Jan 2002Publisher:Elsevier BVJournal:SSRN Electronic Journal (eissn: 1556-5068,

Authors: Christopher Woodruff; Simon Johnson; Simon Johnson; John McMillan;

doi: 10.2139/ssrn.304700 , 10.1257/000282802762024539

Property Rights and Finance

- Summary
- Subjects
- Metrics

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.

Related Organizations

Massachusetts Institute of Technology
United States
National Bureau of Economic Research
United States
Stanford University
United States
University of California, San Diego
United States
Center for Economic Studies
Germany

Keywords

jel: jel:P23, jel: jel:D23

Impact byBIP!

	citations This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	691
	popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.	Top 0.1%
	influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	Top 0.1%
	impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.	Top 1%