This paper examines how firm characteristics, the legal system and financial development affect corporate finance decisions using a novel and unexpored data set containing balance sheet information for listed and unlisted companies. Contrary to the previous literature, by using data on unlisted companbies of small dimension, the paper shows that institutions play an important role in determining the extent of agency problems in corporate finance decisions.
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Paper provided by Banca Italia - Servizio di Studi in its series Papers with number
376.
Find related papers by JEL classification: G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
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