Common Law Vs. Civil Law: Which System Provides More Protection To Shareholders And Promotes Financial Development
AbstractAbstract This study re–examines the theory of legal–origin on the basis of a new longitudinal dataset for four OECD countries (UK, USA, France and Germany) over a long time span 1970–2005. It observes that the civil law countries (France and Germany) provided better minority shareholder protection. Through dynamic panel data modelling our study shows that minority shareholder protection has a long–term favourable effect only on stock market listing of firms. Thus, our study questions the proposition that common–law countries provide more protection to their shareholders; it also casts doubt on the related proposition that shareholder protection promotes stock market development.
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Bibliographic InfoArticle provided by ASERS Publishing in its journal Journal of Advanced Research in Law and Economics.
Volume (Year): II (2010)
Issue (Month): 2 (December)
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Web page: http://www.asers.eu/journals/jarle.html
shareholder protection; investor protection; Corporate Governance; Law and Finance.;
Find related papers by JEL classification:
- G30 - Financial Economics - - Corporate Finance and Governance - - - General
- G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
- K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
- K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General
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