Property Rights, Political Connections, and Corporate Investment
Despite the literature on rural land property rights, studies on urban land property rights are rare. This paper studies the impact of an urban land titling program on firm investment. It finds that the program leads to increased investment rate fo...
| Main Authors: | , , |
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| Format: | Working Paper |
| Language: | English |
| Published: |
World Bank, Washington, DC
2019
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/734901565612391204/Property-Rights-Political-Connections-and-Corporate-Investment http://hdl.handle.net/10986/32266 |
| Summary: | Despite the literature on rural land
property rights, studies on urban land property rights are
rare. This paper studies the impact of an urban land titling
program on firm investment. It finds that the program leads
to increased investment rate for titling firms, and the
positive effect holds only for politically connected firms.
The effects are likely causal, because they are more
pronounced for firms that are more likely to benefit from
strengthened property rights. Connected titling firms
experienced fewer disputes than nonconnected titling firms
after the program, and the results remain robust when using
instrumental variable estimation. |
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