Law and Finance in Transition Economies

• Autorzy: Katharina Pistor , Martin Raiser , Stanislaw Gelfer
• Języki publikacji: EN

Abstrakty

EN

This paper offers the first comprehensive analysis of legal change in the protection of shareholder and creditor rights in transition economies and its impact on the propensity of firms to raise external finance. Following La Porta et al. (1998), the paper constructs an expanded set of legal indices to capture a range of potential conflicts between different stakeholders of the firm. It supplements the analysis of the law on the books with an analysis of the effectiveness of legal institutions. The main finding is that the effectiveness of legal institutions has a much stronger impact on external finance than does the law on the books, despite legal change that has substantially improved shareholder and creditor rights. This finding supports the proposition that legal transplants and extensive legal reforms are not sufficient for the evolution of effective legal and market institutions.

Artykuł przedstawia analizę zmian w zakresie ochrony praw akcjonariuszy i wierzycieli w krajach transformacji gospodarczej oraz wpływu tych zmian na wielkość finansowania zewnętrznego w tych krajach

Słowa kluczowe

EN

Financial law; Foreign equity investments; Political and systemic transformations

PL

Prawo finansowe; Inwestycje kapitałowe obce; Przekształcenia ustrojowo-systemowe

• Czasopismo: The Economics of Transition
• Rocznik: 2000
• Tom: 8
• Numer: nr 2
• Strony: 325--368

Twórcy

autor

Katharina Pistor

autor

Martin Raiser

autor

Stanislaw Gelfer