New Firm Formation and Industry Growth : Does Having a Market- or Bank-Based System Matter?
The authors find no evidence for the superiority of either market-based or bank-based financial systems for industries dependent on external financing. But they find overwhelming evidence that industries heavily dependent on external finance grow faster in economies with higher levels of financial development, and with better legal protection for outside investors - including strong creditor and shareholder rights and strong contract enforcement mechanisms. Financial development also stimulates the establishment of new firms, which is consistent with the Schumpeterian view of creative destruction. Financial development matters. That the financial system is bank-based on market-based offers little additional information.
id |
dig-okr-1098619840 |
---|---|
record_format |
koha |
spelling |
dig-okr-10986198402024-08-08T18:11:00Z New Firm Formation and Industry Growth : Does Having a Market- or Bank-Based System Matter? Levine, Ross Beck, Thorsten ACCOUNTING STANDARDS ANNUAL GROWTH ANNUAL GROWTH RATE BANK CREDIT BANKING SECTOR BANKS BOARDS OF DIRECTORS CAPITAL ACCUMULATION CAPITAL EXPENDITURES CAPITALIZATION CASH FLOWS CIVIL LAW COMMON LAW COMPARATIVE ADVANTAGE COMPARATIVE ADVANTAGES CONTRACT ENFORCEMENT CORPORATE PROFITS COUNTRY DATA COUNTRY GROWTH REGRESSIONS COUNTRY VARIATION DEBT DEPENDENT VARIABLE DESCRIPTIVE STATISTICS ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC PERFORMANCE EMPIRICAL RESULTS ENTREPRENEURSHIP EXTERNAL FINANCE FINANCIAL DEVELOPMENT FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICES FINANCIAL STRUCTURE FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS GDP GROSS DOMESTIC PRODUCT GROWTH RATE GROWTH RATES INCOME INDEPENDENT VARIABLES INSTITUTIONAL DEVELOPMENT LARGE SHAREHOLDERS LEGAL ORIGIN LEGAL SYSTEMS LIQUID MARKETS LIQUIDATION LIQUIDITY MARKET CAPITALIZATION NATIONAL OUTPUT NEGATIVE SIGN POLICY RESEARCH PRIVATE CREDIT PRIVATE SECTOR REORGANIZATION RESOURCE ALLOCATION REVERSE CAUSALITY RULE OF LAW SECTOR ACTIVITY SHAREHOLDERS SIGNIFICANT IMPACT STOCK MARKET STOCK MARKETS STOCK PRICES TAKEOVER TRANSACTION COSTS TRANSACTIONS COSTS VALUE ADDED The authors find no evidence for the superiority of either market-based or bank-based financial systems for industries dependent on external financing. But they find overwhelming evidence that industries heavily dependent on external finance grow faster in economies with higher levels of financial development, and with better legal protection for outside investors - including strong creditor and shareholder rights and strong contract enforcement mechanisms. Financial development also stimulates the establishment of new firms, which is consistent with the Schumpeterian view of creative destruction. Financial development matters. That the financial system is bank-based on market-based offers little additional information. 2014-08-28T18:49:36Z 2014-08-28T18:49:36Z 2000-06 http://documents.worldbank.org/curated/en/2000/06/437118/new-firm-formation-industry-growth-having-market--or-bank-based-system-matter https://hdl.handle.net/10986/19840 English en_US Policy Research Working Paper;No. 2383 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ application/pdf text/plain World Bank, Washington, DC |
institution |
Banco Mundial |
collection |
DSpace |
country |
Estados Unidos |
countrycode |
US |
component |
Bibliográfico |
access |
En linea |
databasecode |
dig-okr |
tag |
biblioteca |
region |
America del Norte |
libraryname |
Biblioteca del Banco Mundial |
language |
English en_US |
topic |
ACCOUNTING STANDARDS ANNUAL GROWTH ANNUAL GROWTH RATE BANK CREDIT BANKING SECTOR BANKS BOARDS OF DIRECTORS CAPITAL ACCUMULATION CAPITAL EXPENDITURES CAPITALIZATION CASH FLOWS CIVIL LAW COMMON LAW COMPARATIVE ADVANTAGE COMPARATIVE ADVANTAGES CONTRACT ENFORCEMENT CORPORATE PROFITS COUNTRY DATA COUNTRY GROWTH REGRESSIONS COUNTRY VARIATION DEBT DEPENDENT VARIABLE DESCRIPTIVE STATISTICS ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC PERFORMANCE EMPIRICAL RESULTS ENTREPRENEURSHIP EXTERNAL FINANCE FINANCIAL DEVELOPMENT FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICES FINANCIAL STRUCTURE FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS GDP GROSS DOMESTIC PRODUCT GROWTH RATE GROWTH RATES INCOME INDEPENDENT VARIABLES INSTITUTIONAL DEVELOPMENT LARGE SHAREHOLDERS LEGAL ORIGIN LEGAL SYSTEMS LIQUID MARKETS LIQUIDATION LIQUIDITY MARKET CAPITALIZATION NATIONAL OUTPUT NEGATIVE SIGN POLICY RESEARCH PRIVATE CREDIT PRIVATE SECTOR REORGANIZATION RESOURCE ALLOCATION REVERSE CAUSALITY RULE OF LAW SECTOR ACTIVITY SHAREHOLDERS SIGNIFICANT IMPACT STOCK MARKET STOCK MARKETS STOCK PRICES TAKEOVER TRANSACTION COSTS TRANSACTIONS COSTS VALUE ADDED ACCOUNTING STANDARDS ANNUAL GROWTH ANNUAL GROWTH RATE BANK CREDIT BANKING SECTOR BANKS BOARDS OF DIRECTORS CAPITAL ACCUMULATION CAPITAL EXPENDITURES CAPITALIZATION CASH FLOWS CIVIL LAW COMMON LAW COMPARATIVE ADVANTAGE COMPARATIVE ADVANTAGES CONTRACT ENFORCEMENT CORPORATE PROFITS COUNTRY DATA COUNTRY GROWTH REGRESSIONS COUNTRY VARIATION DEBT DEPENDENT VARIABLE DESCRIPTIVE STATISTICS ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC PERFORMANCE EMPIRICAL RESULTS ENTREPRENEURSHIP EXTERNAL FINANCE FINANCIAL DEVELOPMENT FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICES FINANCIAL STRUCTURE FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS GDP GROSS DOMESTIC PRODUCT GROWTH RATE GROWTH RATES INCOME INDEPENDENT VARIABLES INSTITUTIONAL DEVELOPMENT LARGE SHAREHOLDERS LEGAL ORIGIN LEGAL SYSTEMS LIQUID MARKETS LIQUIDATION LIQUIDITY MARKET CAPITALIZATION NATIONAL OUTPUT NEGATIVE SIGN POLICY RESEARCH PRIVATE CREDIT PRIVATE SECTOR REORGANIZATION RESOURCE ALLOCATION REVERSE CAUSALITY RULE OF LAW SECTOR ACTIVITY SHAREHOLDERS SIGNIFICANT IMPACT STOCK MARKET STOCK MARKETS STOCK PRICES TAKEOVER TRANSACTION COSTS TRANSACTIONS COSTS VALUE ADDED |
spellingShingle |
ACCOUNTING STANDARDS ANNUAL GROWTH ANNUAL GROWTH RATE BANK CREDIT BANKING SECTOR BANKS BOARDS OF DIRECTORS CAPITAL ACCUMULATION CAPITAL EXPENDITURES CAPITALIZATION CASH FLOWS CIVIL LAW COMMON LAW COMPARATIVE ADVANTAGE COMPARATIVE ADVANTAGES CONTRACT ENFORCEMENT CORPORATE PROFITS COUNTRY DATA COUNTRY GROWTH REGRESSIONS COUNTRY VARIATION DEBT DEPENDENT VARIABLE DESCRIPTIVE STATISTICS ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC PERFORMANCE EMPIRICAL RESULTS ENTREPRENEURSHIP EXTERNAL FINANCE FINANCIAL DEVELOPMENT FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICES FINANCIAL STRUCTURE FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS GDP GROSS DOMESTIC PRODUCT GROWTH RATE GROWTH RATES INCOME INDEPENDENT VARIABLES INSTITUTIONAL DEVELOPMENT LARGE SHAREHOLDERS LEGAL ORIGIN LEGAL SYSTEMS LIQUID MARKETS LIQUIDATION LIQUIDITY MARKET CAPITALIZATION NATIONAL OUTPUT NEGATIVE SIGN POLICY RESEARCH PRIVATE CREDIT PRIVATE SECTOR REORGANIZATION RESOURCE ALLOCATION REVERSE CAUSALITY RULE OF LAW SECTOR ACTIVITY SHAREHOLDERS SIGNIFICANT IMPACT STOCK MARKET STOCK MARKETS STOCK PRICES TAKEOVER TRANSACTION COSTS TRANSACTIONS COSTS VALUE ADDED ACCOUNTING STANDARDS ANNUAL GROWTH ANNUAL GROWTH RATE BANK CREDIT BANKING SECTOR BANKS BOARDS OF DIRECTORS CAPITAL ACCUMULATION CAPITAL EXPENDITURES CAPITALIZATION CASH FLOWS CIVIL LAW COMMON LAW COMPARATIVE ADVANTAGE COMPARATIVE ADVANTAGES CONTRACT ENFORCEMENT CORPORATE PROFITS COUNTRY DATA COUNTRY GROWTH REGRESSIONS COUNTRY VARIATION DEBT DEPENDENT VARIABLE DESCRIPTIVE STATISTICS ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC PERFORMANCE EMPIRICAL RESULTS ENTREPRENEURSHIP EXTERNAL FINANCE FINANCIAL DEVELOPMENT FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICES FINANCIAL STRUCTURE FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS GDP GROSS DOMESTIC PRODUCT GROWTH RATE GROWTH RATES INCOME INDEPENDENT VARIABLES INSTITUTIONAL DEVELOPMENT LARGE SHAREHOLDERS LEGAL ORIGIN LEGAL SYSTEMS LIQUID MARKETS LIQUIDATION LIQUIDITY MARKET CAPITALIZATION NATIONAL OUTPUT NEGATIVE SIGN POLICY RESEARCH PRIVATE CREDIT PRIVATE SECTOR REORGANIZATION RESOURCE ALLOCATION REVERSE CAUSALITY RULE OF LAW SECTOR ACTIVITY SHAREHOLDERS SIGNIFICANT IMPACT STOCK MARKET STOCK MARKETS STOCK PRICES TAKEOVER TRANSACTION COSTS TRANSACTIONS COSTS VALUE ADDED Levine, Ross Beck, Thorsten New Firm Formation and Industry Growth : Does Having a Market- or Bank-Based System Matter? |
description |
The authors find no evidence for the
superiority of either market-based or bank-based financial
systems for industries dependent on external financing. But
they find overwhelming evidence that industries heavily
dependent on external finance grow faster in economies with
higher levels of financial development, and with better
legal protection for outside investors - including strong
creditor and shareholder rights and strong contract
enforcement mechanisms. Financial development also
stimulates the establishment of new firms, which is
consistent with the Schumpeterian view of creative
destruction. Financial development matters. That the
financial system is bank-based on market-based offers little
additional information. |
topic_facet |
ACCOUNTING STANDARDS ANNUAL GROWTH ANNUAL GROWTH RATE BANK CREDIT BANKING SECTOR BANKS BOARDS OF DIRECTORS CAPITAL ACCUMULATION CAPITAL EXPENDITURES CAPITALIZATION CASH FLOWS CIVIL LAW COMMON LAW COMPARATIVE ADVANTAGE COMPARATIVE ADVANTAGES CONTRACT ENFORCEMENT CORPORATE PROFITS COUNTRY DATA COUNTRY GROWTH REGRESSIONS COUNTRY VARIATION DEBT DEPENDENT VARIABLE DESCRIPTIVE STATISTICS ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC PERFORMANCE EMPIRICAL RESULTS ENTREPRENEURSHIP EXTERNAL FINANCE FINANCIAL DEVELOPMENT FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICES FINANCIAL STRUCTURE FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS GDP GROSS DOMESTIC PRODUCT GROWTH RATE GROWTH RATES INCOME INDEPENDENT VARIABLES INSTITUTIONAL DEVELOPMENT LARGE SHAREHOLDERS LEGAL ORIGIN LEGAL SYSTEMS LIQUID MARKETS LIQUIDATION LIQUIDITY MARKET CAPITALIZATION NATIONAL OUTPUT NEGATIVE SIGN POLICY RESEARCH PRIVATE CREDIT PRIVATE SECTOR REORGANIZATION RESOURCE ALLOCATION REVERSE CAUSALITY RULE OF LAW SECTOR ACTIVITY SHAREHOLDERS SIGNIFICANT IMPACT STOCK MARKET STOCK MARKETS STOCK PRICES TAKEOVER TRANSACTION COSTS TRANSACTIONS COSTS VALUE ADDED |
author |
Levine, Ross Beck, Thorsten |
author_facet |
Levine, Ross Beck, Thorsten |
author_sort |
Levine, Ross |
title |
New Firm Formation and Industry Growth : Does Having a Market- or Bank-Based System Matter? |
title_short |
New Firm Formation and Industry Growth : Does Having a Market- or Bank-Based System Matter? |
title_full |
New Firm Formation and Industry Growth : Does Having a Market- or Bank-Based System Matter? |
title_fullStr |
New Firm Formation and Industry Growth : Does Having a Market- or Bank-Based System Matter? |
title_full_unstemmed |
New Firm Formation and Industry Growth : Does Having a Market- or Bank-Based System Matter? |
title_sort |
new firm formation and industry growth : does having a market- or bank-based system matter? |
publisher |
World Bank, Washington, DC |
publishDate |
2000-06 |
url |
http://documents.worldbank.org/curated/en/2000/06/437118/new-firm-formation-industry-growth-having-market--or-bank-based-system-matter https://hdl.handle.net/10986/19840 |
work_keys_str_mv |
AT levineross newfirmformationandindustrygrowthdoeshavingamarketorbankbasedsystemmatter AT beckthorsten newfirmformationandindustrygrowthdoeshavingamarketorbankbasedsystemmatter |
_version_ |
1807158090149134336 |