How Well Do Institutional Theories Explain Firms' Perceptions of Property Rights?

How Well Do Institutional Theories Explain Firms' Perceptions of Property Rights?

We examine how well several institutional- and firm-level factors explain firms' perceptions of property rights protection. The institutional theories we investigate account for approximately 50% of the country-level variation, indicating that current research addresses first-order factors. Fir...

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Main Authors: Ayyagari, Meghana, Demirguc-Kunt, Asli, Maksimovic, Vojislav
Format: Journal Article
Language:EN
Published: 2012
Subjects:
Organizational Behavior
Transaction Costs
Property Rights D230
Property Law K110
Online Access:http://hdl.handle.net/10986/4817
id okr-10986-4817
recordtype oai_dc
spelling okr-10986-48172021-04-23T14:02:19Z How Well Do Institutional Theories Explain Firms' Perceptions of Property Rights? Ayyagari, Meghana Demirguc-Kunt, Asli Maksimovic, Vojislav Organizational Behavior Transaction Costs Property Rights D230 Property Law K110 We examine how well several institutional- and firm-level factors explain firms' perceptions of property rights protection. The institutional theories we investigate account for approximately 50% of the country-level variation, indicating that current research addresses first-order factors. Firm-level characteristics, such as legal organization and ownership structure, are comparable with institutional factors in explaining variations in property rights protection. A country's legal origin predicts property rights variation better than its religion, ethnic fractionalization, or natural endowments. However, these results are driven by the inclusion of former Socialist economies in the sample. When we exclude the former Socialist economies, legal origin explains considerably less than ethnic fractionalization does. 2012-03-30T07:29:53Z 2012-03-30T07:29:53Z 2008 Journal Article Review of Financial Studies 08939454 http://hdl.handle.net/10986/4817 EN http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Journal Article
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language EN
topic Organizational Behavior
Transaction Costs
Property Rights D230
Property Law K110
spellingShingle Organizational Behavior
Transaction Costs
Property Rights D230
Property Law K110
Ayyagari, Meghana
Demirguc-Kunt, Asli
Maksimovic, Vojislav
How Well Do Institutional Theories Explain Firms' Perceptions of Property Rights?
relation http://creativecommons.org/licenses/by-nc-nd/3.0/igo
description We examine how well several institutional- and firm-level factors explain firms' perceptions of property rights protection. The institutional theories we investigate account for approximately 50% of the country-level variation, indicating that current research addresses first-order factors. Firm-level characteristics, such as legal organization and ownership structure, are comparable with institutional factors in explaining variations in property rights protection. A country's legal origin predicts property rights variation better than its religion, ethnic fractionalization, or natural endowments. However, these results are driven by the inclusion of former Socialist economies in the sample. When we exclude the former Socialist economies, legal origin explains considerably less than ethnic fractionalization does.
format Journal Article
author Ayyagari, Meghana
Demirguc-Kunt, Asli
Maksimovic, Vojislav
author_facet Ayyagari, Meghana
Demirguc-Kunt, Asli
Maksimovic, Vojislav
author_sort Ayyagari, Meghana
title How Well Do Institutional Theories Explain Firms' Perceptions of Property Rights?
title_short How Well Do Institutional Theories Explain Firms' Perceptions of Property Rights?
title_full How Well Do Institutional Theories Explain Firms' Perceptions of Property Rights?
title_fullStr How Well Do Institutional Theories Explain Firms' Perceptions of Property Rights?
title_full_unstemmed How Well Do Institutional Theories Explain Firms' Perceptions of Property Rights?
title_sort how well do institutional theories explain firms' perceptions of property rights?
publishDate 2012
url http://hdl.handle.net/10986/4817
_version_ 1764392872259354624

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