Unbundling Institutions for External Finance : Worldwide Firm-Level Evidence

The empirical literature on institutions and development has been challenged on grounds of reverse causality, measurement error in institutional indicators, and heterogeneity. This paper uses firm-level data across countries to confront these chall...

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Bibliographic Details
Main Authors:	Knack, Steve, Xu, Lixin Colin
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2015
Subjects:	DEPOSIT BORROWER CONTRACT RIGHTS ECONOMIC GROWTH TRADE CREDIT CHECKS PEOPLE DEFAULTS CONFLICT OF INTEREST FINANCING STOCK BRIBES MICRO-ENTERPRISES INTEREST CORPORATE INSIDERS BIAS PROPERTY RIGHTS PRIVATE CREDIT EXCHANGE STOCK MARKET EQUITY MARKET DEBTOR BANKING SYSTEMS ACCESS TO EXTERNAL FINANCE DEPOSIT MONEY BANKS REINVESTMENT RATES LOAN CREDIT ALLOCATION FORMAL FINANCE ENDOWMENT BORROWERS PRIVATE PROPERTY CORRUPTION BANKRUPTCY CENTRAL BANKS INTERNATIONAL BANK CREDITORS INFLATION CREDITOR LENDER CREDIT BANK CAPITAL FINANCE INSTRUMENTS DISPUTE RESOLUTION CREDIBILITY ACCESS TO INVESTMENT EXTERNAL FINANCE BIASES SMALL BUSINESS JUDICIAL INDEPENDENCE SAVINGS EQUAL TREATMENT MARKET DEVELOPMENT GROWTH OPPORTUNITIES CONTRACTS INFORMAL FINANCE CORPORATE FINANCE INVESTMENT FUNDS PAYMENT FINANCIAL INSTITUTIONS MARKETS DEBT FINANCIAL REGULATIONS INFLATION RATE CREDITOR RIGHTS LENDERS LOCAL STOCK MARKET INCOME LEVELS FIXED ASSET ENTERPRISES BANK CREDIT GROSS DOMESTIC PRODUCT RULE OF LAW FINANCIAL SYSTEM LEGAL FRAMEWORK BANK FINANCING FINANCE MICRO ENTERPRISES BANKS INFORMATION ASYMMETRY JUDICIAL SYSTEM TRANSACTIONS MINORITY SHAREHOLDER PROTECTION BANKRUPTCY LAWS EQUITY INVESTORS HUMAN CAPITAL PROPERTY RIGHT GOOD CAPITAL TRANSPARENCY COUNTRY RISK ACCESS TO FINANCE EXPROPRIATION RISK BANK RETURNS CREDIT ACCESSIBILITY WORKING CAPITAL CONTRACT EXTERNAL FUNDS FINANCIAL PERFORMANCE ENTERPRISE PROPERTY PRIVATE PARTIES JOB CREATION MINORITY SHAREHOLDER SHARES FINANCIAL ACCESS MARKET STOCK MARKET DEVELOPMENT MINORITY SHAREHOLDERS FINANCIAL SERVICE SECURITIES SHAREHOLDERS DEVELOPMENT OF BANKING ACCESS TO CREDIT EXPROPRIATION ECONOMIC DEVELOPMENT INTERESTS FINANCING OBSTACLES INVESTOR PROTECTIONS INVESTOR CORPORATE DEBT GOODS FIXED ASSETS LEGAL SYSTEM FINANCIAL DEVELOPMENT DURABLE EQUITY MARKETS INVESTMENT FINANCIAL INTERMEDIATION LEGAL PROTECTION FINANCIAL INTERMEDIARIES SHARE INVESTOR PROTECTION COLLATERAL JUDICIAL SYSTEMS INTERNAL FUNDS SALES GROWTH FINANCIAL MARKETS FINANCIAL CAPACITY FINANCIAL ASSETS INSTITUTIONAL DEVELOPMENT REINVESTMENT EARNINGS INVESTMENTS LENDING SHAREHOLDER EXTERNAL FINANCING INSTRUMENT MICRO DATA FINANCIAL SYSTEMS LIABILITIES PROPERTY RIGHTS PROTECTION STOCK MARKETS PROTECTION OF MINORITY SHAREHOLDERS FINANCIAL DEPTH MICROENTERPRISES DEBT MATURITY EMPLOYEES
Online Access:	http://documents.worldbank.org/curated/en/2015/06/24578640/unbundling-institutions-external-finance-worldwide-firm-level-evidence http://hdl.handle.net/10986/22160

Internet

http://documents.worldbank.org/curated/en/2015/06/24578640/unbundling-institutions-external-finance-worldwide-firm-level-evidence
http://hdl.handle.net/10986/22160

Unbundling Institutions for External Finance : Worldwide Firm-Level Evidence

Internet

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