How Well Do Institutional Theories Explain Firms’ Perceptions of Property Rights?
The authors examine how well several institutional and firm-level factors and their interactions explain firms' perceptions of property rights protection. Their sample includes private and public firms that vary in size from very small to large in 62 countries. Together, the institutional theor...
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| Format: | Policy Research Working Paper |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2005/09/6650483/well-institutional-theories-explain-firms-perceptions-property-rights http://hdl.handle.net/10986/8474 |
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okr-10986-84742021-04-23T14:02:43Z How Well Do Institutional Theories Explain Firms’ Perceptions of Property Rights? Ayyagari, Meghana Demirgüç-Kunt, Asli Maksimovic, Vojislav ACTS BENCHMARK SPECIFICATION BOARD OF DIRECTORS CIVIL LAW CIVIL LAW SYSTEMS COMMON LAW CONFIDENTIAL INFORMATION CORRUPTION DEMOCRACY DOMINANT POSITION EXECUTIVE DIRECTORS EXPROPRIATION FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL SYSTEMS FIRM OWNERSHIP INDUSTRIAL SECTOR INSTITUTIONAL DETERMINANTS INSTITUTIONAL ENVIRONMENT INSTITUTIONAL VARIABLES JUDICIAL SYSTEM JUDICIAL SYSTEMS JUDICIARY LEGAL INSTITUTIONS LEGAL PROTECTION LEGAL STATUS LEGAL SYSTEM LEGAL SYSTEMS MANUFACTURING SECTOR MINORITY SHAREHOLDERS ORGANIZATIONAL FORMS OWNERSHIP CONCENTRATION OWNERSHIP STRUCTURE POLITICAL INSTITUTIONS PRIVATE INVESTORS PRIVATIZATIONS PROPERTY RIGHTS PROTECTION OF MINORITY SHAREHOLDERS PUBLIC SERVICES SOUTH AMERICA STOCK EXCHANGE TAXATION WEST EUROPEAN WESTERN EUROPE The authors examine how well several institutional and firm-level factors and their interactions explain firms' perceptions of property rights protection. Their sample includes private and public firms that vary in size from very small to large in 62 countries. Together, the institutional theories they investigate account for approximately 70 percent of the country-level variation, indicating that the literature is addressing first-order factors. Firm-level characteristics such as legal organization and ownership structure are comparable to institutional factors in explaining variation in property rights protection. A country's legal origin and formalism index predict property rights variation better than its openness to international trade, its religion, its ethnic diversity, natural endowments or its political system. However, these results are driven by the inclusion of former socialist economies in the sample. When the authors exclude the former socialist economies, legal origin explains considerably less than openness to trade and endowments. Examining a broader set of variables for robustness, they again find that when they exclude former socialist countries, legal origin explains comparatively little of the variation in perceptions of judicial efficiency, corruption, taxes and regulation, street crime, and financing. 2012-06-19T19:56:10Z 2012-06-19T19:56:10Z 2005-09 http://documents.worldbank.org/curated/en/2005/09/6650483/well-institutional-theories-explain-firms-perceptions-property-rights http://hdl.handle.net/10986/8474 English Policy Research Working Paper; No. 3709 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |
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Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACTS BENCHMARK SPECIFICATION BOARD OF DIRECTORS CIVIL LAW CIVIL LAW SYSTEMS COMMON LAW CONFIDENTIAL INFORMATION CORRUPTION DEMOCRACY DOMINANT POSITION EXECUTIVE DIRECTORS EXPROPRIATION FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL SYSTEMS FIRM OWNERSHIP INDUSTRIAL SECTOR INSTITUTIONAL DETERMINANTS INSTITUTIONAL ENVIRONMENT INSTITUTIONAL VARIABLES JUDICIAL SYSTEM JUDICIAL SYSTEMS JUDICIARY LEGAL INSTITUTIONS LEGAL PROTECTION LEGAL STATUS LEGAL SYSTEM LEGAL SYSTEMS MANUFACTURING SECTOR MINORITY SHAREHOLDERS ORGANIZATIONAL FORMS OWNERSHIP CONCENTRATION OWNERSHIP STRUCTURE POLITICAL INSTITUTIONS PRIVATE INVESTORS PRIVATIZATIONS PROPERTY RIGHTS PROTECTION OF MINORITY SHAREHOLDERS PUBLIC SERVICES SOUTH AMERICA STOCK EXCHANGE TAXATION WEST EUROPEAN WESTERN EUROPE |
| spellingShingle |
ACTS BENCHMARK SPECIFICATION BOARD OF DIRECTORS CIVIL LAW CIVIL LAW SYSTEMS COMMON LAW CONFIDENTIAL INFORMATION CORRUPTION DEMOCRACY DOMINANT POSITION EXECUTIVE DIRECTORS EXPROPRIATION FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL SYSTEMS FIRM OWNERSHIP INDUSTRIAL SECTOR INSTITUTIONAL DETERMINANTS INSTITUTIONAL ENVIRONMENT INSTITUTIONAL VARIABLES JUDICIAL SYSTEM JUDICIAL SYSTEMS JUDICIARY LEGAL INSTITUTIONS LEGAL PROTECTION LEGAL STATUS LEGAL SYSTEM LEGAL SYSTEMS MANUFACTURING SECTOR MINORITY SHAREHOLDERS ORGANIZATIONAL FORMS OWNERSHIP CONCENTRATION OWNERSHIP STRUCTURE POLITICAL INSTITUTIONS PRIVATE INVESTORS PRIVATIZATIONS PROPERTY RIGHTS PROTECTION OF MINORITY SHAREHOLDERS PUBLIC SERVICES SOUTH AMERICA STOCK EXCHANGE TAXATION WEST EUROPEAN WESTERN EUROPE Ayyagari, Meghana Demirgüç-Kunt, Asli Maksimovic, Vojislav How Well Do Institutional Theories Explain Firms’ Perceptions of Property Rights? |
| relation |
Policy Research Working Paper; No. 3709 |
| description |
The authors examine how well several institutional and firm-level factors and their interactions explain firms' perceptions of property rights protection. Their sample includes private and public firms that vary in size from very small to large in 62 countries. Together, the institutional theories they investigate account for approximately 70 percent of the country-level variation, indicating that the literature is addressing first-order factors. Firm-level characteristics such as legal organization and ownership structure are comparable to institutional factors in explaining variation in property rights protection. A country's legal origin and formalism index predict property rights variation better than its openness to international trade, its religion, its ethnic diversity, natural endowments or its political system. However, these results are driven by the inclusion of former socialist economies in the sample. When the authors exclude the former socialist economies, legal origin explains considerably less than openness to trade and endowments. Examining a broader set of variables for robustness, they again find that when they exclude former socialist countries, legal origin explains comparatively little of the variation in perceptions of judicial efficiency, corruption, taxes and regulation, street crime, and financing. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Ayyagari, Meghana Demirgüç-Kunt, Asli Maksimovic, Vojislav |
| author_facet |
Ayyagari, Meghana Demirgüç-Kunt, Asli Maksimovic, Vojislav |
| author_sort |
Ayyagari, Meghana |
| title |
How Well Do Institutional Theories Explain Firms’ Perceptions of Property Rights? |
| title_short |
How Well Do Institutional Theories Explain Firms’ Perceptions of Property Rights? |
| title_full |
How Well Do Institutional Theories Explain Firms’ Perceptions of Property Rights? |
| title_fullStr |
How Well Do Institutional Theories Explain Firms’ Perceptions of Property Rights? |
| title_full_unstemmed |
How Well Do Institutional Theories Explain Firms’ Perceptions of Property Rights? |
| title_sort |
how well do institutional theories explain firms’ perceptions of property rights? |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2005/09/6650483/well-institutional-theories-explain-firms-perceptions-property-rights http://hdl.handle.net/10986/8474 |
| _version_ |
1764408196141678592 |