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Are Inventories a Buffer Against Weak Legal Systems?

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Author Info
Angara V. Raja
Hans-Bernd Schaefer

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Abstract

Weak legal enforcement of contracts leads to inefficient breach and an overall increase in breaches for firms and individuals. We suggest that firms use inventory holdings as a means to counteract weak contract enforcement. We test the hypothesis that firms operating in weak legal environments have a higher ratio of inventories to net sales than firms operating in strong legal environments. Empirical evidence in support of the hypothesis using data from over three hundred comparable firms from fourteen product groups across thirty-nine countries is presented. Copyright © 2007 Blackwell Publishing Ltd..

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File URL: http://www.blackwell-synergy.com/links/doi/10.1111/j.1467-6435.2007.00378.x/enhancedabs
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Publisher Info
Article provided by Blackwell Publishing in its journal Kyklos.

Volume (Year): 60 (2007)
Issue (Month): 3 (08)
Pages: 415-439
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Handle: RePEc:bla:kyklos:v:60:y:2007:i:3:p:415-439

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0023-5962

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. George Baker & Robert Gibbons & Kevin J. Murphy, 2002. "Relational Contracts And The Theory Of The Firm," The Quarterly Journal of Economics, MIT Press, vol. 117(1), pages 39-84, February. [Downloadable!] (restricted)
  2. Kahn, James A, 1987. "Inventories and the Volatility of Production," American Economic Review, American Economic Association, vol. 77(4), pages 667-79, September. [Downloadable!] (restricted)
  3. Bental, Benjamin & Eden, Benjamin, 1993. "Inventories in a Competitive Environment," Journal of Political Economy, University of Chicago Press, vol. 101(5), pages 863-86, October. [Downloadable!] (restricted)
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This page was last updated on 2008-8-12.

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