Financial Development, Property Rights, and Growth
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 se...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2002/11/2072637/financial-development-property-rights-growth http://hdl.handle.net/10986/19201 |
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okr-10986-192012021-04-23T14:03:42Z Financial Development, Property Rights, and Growth Claessens, Stijn Laeven, Luc 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 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. 2014-08-01T18:21:37Z 2014-08-01T18:21:37Z 2002-11 http://documents.worldbank.org/curated/en/2002/11/2072637/financial-development-property-rights-growth http://hdl.handle.net/10986/19201 English en_US Policy Research Working Paper;No. 2924 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
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 |
| spellingShingle |
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 Claessens, Stijn Laeven, Luc Financial Development, Property Rights, and Growth |
| relation |
Policy Research Working Paper;No. 2924 |
| description |
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. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Claessens, Stijn Laeven, Luc |
| author_facet |
Claessens, Stijn Laeven, Luc |
| author_sort |
Claessens, Stijn |
| title |
Financial Development, Property Rights, and Growth |
| title_short |
Financial Development, Property Rights, and Growth |
| title_full |
Financial Development, Property Rights, and Growth |
| title_fullStr |
Financial Development, Property Rights, and Growth |
| title_full_unstemmed |
Financial Development, Property Rights, and Growth |
| title_sort |
financial development, property rights, and growth |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2002/11/2072637/financial-development-property-rights-growth http://hdl.handle.net/10986/19201 |
| _version_ |
1764439552821297152 |