Governance and financial development: A cross-country analysis

被引：9

作者：

Li, Jialong ^{[1
]}

Maung, Min ^{[2
]}

Wilson, Craig ^{[2
]}

机构：

[1] Hunan Univ, Ctr Econ Finance & Management Studies, Changsha, Hunan, Peoples R China

[2] Univ Saskatchewan, Edwards Sch Business, Saskatoon, SK, Canada

来源：

JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY | 2018年 / 52卷

关键词：

Financial market development; Anti-director rights; Creditor rights; Legal origins; CREDITOR RIGHTS; STOCK MARKETS; GROWTH; LAW;

D O I：

10.1016/j.intfin.2017.09.020

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We provide a comprehensive cross-country analysis of financial development. We propose that anti-director rights (ADRs) and creditor rights could act in concert, or as substitutes, for the development of both equity and debt markets. For equity market development, we find mixed results regarding the effect of ADRs that are consistent with previous research. We also find some support that creditor rights have a positive influence on equity market development. For credit market development, we distinguish between credit provided by deposit-taking banks and that provided by non-bank financial institutions (NBFIs). Bank credit is mainly determined by creditor rights, whereas non-bank credit is mainly determined by anti-director rights. Results from ADRs and creditor rights suggest that NBFIs are more concerned with rights that protect investors from insider expropriation and are less concerned with rights that protect creditors when a firm is bankrupt. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：227 / 239

页数：13

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