Financial Development, Property Rights, and Growth
نویسندگان
چکیده
This paper analyzes how property rights affect the allocation of firms’ available resources among different types of assets. In particular, we investigate empirically for a large number of countries whether firms in environments with more secure property rights allocate available resources more towards intangible assets and consequentially grow faster. We 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. JEL Classifications: G31, G32, K10, O34, and O4
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