The authors analyze how property rights
affect the allocation of firms' available resources
among different types of assets. In particular, they
investigate empirically for a large number of countries
whether firms in environments with more secure property
rights allocate available resources more toward intangible
assets and consequentially grow faster. The authors find
that improved asset allocation due to better property rights
has an effect on growth in sectoral value added equal to
improved access to financing arising from greater financial
development. The results are robust, using various samples
and specifications, including controlling for growth opportunities.
Bibliographic Details
| Main Authors: |
Claessens, Stijn,
Laeven, Luc |
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| Language: | English
en_US |
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| Published: |
World Bank, Washington, DC
2002-11
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| Subjects: | ACCOUNTING PRACTICES,
ACCOUNTING STANDARDS,
ACCUMULATED DEPRECIATION,
ASSETS,
BANK LOANS,
BANKING SYSTEM,
BENCHMARK,
BENCHMARK DATA,
BENCHMARKS,
BUREAUCRACY,
BUSINESS ENVIRONMENT,
CAPITALIZATION,
COAL,
COMPARATIVE ADVANTAGE,
CONTRACT ENFORCEMENT,
CORRUPTION,
DEBT,
DEVELOPED COUNTRIES,
ECONOMIC GROWTH,
ECONOMIC IMPACT,
ECONOMIC PERFORMANCE,
ECONOMICS LITERATURE,
EMPIRICAL ANALYSIS,
ENDOGENOUS VARIABLES,
FINANCIAL DEVELOPMENT,
FINANCIAL MARKETS,
FINANCIAL SECTOR,
FINANCIAL SYSTEMS,
GDP,
GROWTH POTENTIAL,
GROWTH RATE,
GROWTH RATES,
HUMAN CAPITAL,
INCOME,
INSTITUTIONAL FRAMEWORK,
INSTITUTIONAL VARIABLES,
INTANGIBLE ASSETS,
INTELLECTUAL PROPERTY,
INTELLECTUAL PROPERTY PROTECTION,
INTELLECTUAL PROPERTY RIGHTS,
INVENTIONS,
LAND OWNERSHIP,
LEGAL FRAMEWORK,
LEGAL ORIGIN,
LEGAL PROTECTION,
LEGAL SYSTEMS,
LIQUIDATION,
NET VALUE,
PATENT,
PATENTS,
PRIVATE PROPERTY,
PROPERTY RIGHTS,
RULE OF LAW,
SECURE PROPERTY RIGHTS,
SUBSIDIARIES,
TRADEMARKS,
TRANSITION ECONOMIES,
VALUE ADDED, |
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| Online Access: | http://documents.worldbank.org/curated/en/2002/11/2072637/financial-development-property-rights-growth
https://hdl.handle.net/10986/19201
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