| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3323 |
| DP3323 Firms Agglomeration and Unions | |
| Pierre Picard; Eric Toulemonde | |
| 发表日期 | 2002-04-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | This Paper investigates how the legal framework not only affects the amount of external financing available, but also firms? resource allocation among different types of assets. Using a simple model, we show that in a weaker legal environment a firm will get less financing, and thus invest less, but also invest less in intangible assets. Empirically, these two effects appear to be equally important drivers of growth in sectoral value added for a large number of countries and using a number of robustness tests. Using individual firm data, we find further supporting evidence as weaker legal frameworks are associated with relatively more fixed assets, but less long-term financing for a given amount of fixed assets. |
| 主题 | Financial Economics |
| 关键词 | Economic growth Intangible assets Financial development Property rights |
| URL | https://cepr.org/publications/dp3323 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532347 |
| 推荐引用方式 GB/T 7714 | Pierre Picard,Eric Toulemonde. DP3323 Firms Agglomeration and Unions. 2002. |
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