The aim of this study is to confirm empirically the implications of the theory about the law-financegrowth nexus. In order to verify the predictions of the theory, a panel data including three different types of data is used. All the data are referred to Italian provinces. The empirical analysis shows that between firms’ growth and financial development there is a first-order relationship, while between firms’ growth and legal enforcement as measured by the efficiency of the judicial system there is a second-order relationship.
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Article provided by Spiru Haret University, Faculty of Financial Management and Accounting Craiova in its journal Journal of Applied Economic Sciences.
Volume (Year): 3 (2008) Issue (Month): 3(5)_Fall2008 () Pages: 293-305 Download reference. The following formats are available: HTML
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Find related papers by JEL classification: G2 - Financial Economics - - Financial Institutions and Services K4 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior