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Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices

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Author Info
Giannetti, M.

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Abstract

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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Publisher Info
Paper provided by Banca Italia - Servizio di Studi in its series Papers with number 376.

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Length: 47 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:fth:banita:376

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Postal: Banca d'Italia-Servizio Studi-Divisione Biblioteca e Pubblicazioni - Via N azionale, 91 -00184 Rome, Italy.
Web page: http://www.bancaditalia.it/
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Related research
Keywords: DEBT CREDIT ACCOUNTING

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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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  1. Fabiano Schivardi, 2000. "Rigidita nel mercato del lavoro, disoccupazione e crescita," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 59(1), pages 117-143, April.
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Cited by:
(explanations, 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. Raquel FONSECA & Natalia UTRERO- GONZALEZ, 2005. "Financial Development, Labor and Market Regulations and Growth," Finance 0509016, EconWPA. [Downloadable!]
    Other versions:
  2. Mike Burkart & Tore Ellingsen, 2004. "In-Kind Finance: A Theory of Trade Credit," American Economic Review, American Economic Association, vol. 94(3), pages 569-590, June. [Downloadable!] (restricted)
  3. Patricia Crifo & Hind Sami, 2006. "Entrepreneurship, technological change and endogenous returns to ability," Post-Print hal-00243037_v1, HAL. [Downloadable!]
  4. Fabio Fornari & Antonio Mele, 2001. "Recovering the Probability Density Function of Asset Prices Using GARCH as Diffusion Approximations," Temi di discussione (Economic working papers) 396, Bank of Italy, Economic Research Department. [Downloadable!]
    Other versions:
  5. Giannetti, Mariassunta, 2001. "Risk sharing and firm size: theory and international evidence," Working Paper Series in Economics and Finance 0472, Stockholm School of Economics, revised 06 Nov 2001. [Downloadable!]
  6. Müller, Elisabeth, 2005. "How Does Owners’ Exposure to Idiosyncratic Risk Influence the Capital Structure of Private Companies?," ZEW Discussion Papers 05-14, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  7. Bartholdy, Jan & Mateus, Cesário, 2006. "Debt and Taxes: Evidence from bank-financed unlisted firms," Finance Research Group Working Papers F-2006-02, University of Aarhus, Aarhus School of Business, Department of Business Studies. [Downloadable!]
  8. Karin Jõeveer, 2006. "Sources of capital structure : evidence from transition countries," Bank of Estonia Working Papers 2006-02, Bank of Estonia, revised 12 Nov 2006. [Downloadable!]
    Other versions:
  9. Luca Dedola & Francesco Lippi, 2000. "The monetary transmission mechanism; evidence from the industries of five OECD countries," Temi di discussione (Economic working papers) 389, Bank of Italy, Economic Research Department. [Downloadable!]
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  10. Giuseppe Grande & Luigi Ventura, 2001. "Labor Income and Risky Assets under Market Incompleteness: Evidence from Italian Data," Temi di discussione (Economic working papers) 399, Bank of Italy, Economic Research Department. [Downloadable!]
    Other versions:
  11. Jun Qian & Philip E. Strahan, 2005. "How Law and Institutions Shape Financial Contracts: The Case of Bank Loans," NBER Working Papers 11052, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  12. Vlachos, Jonas & Svaleryd, Helena, 2001. "Financial Markets, the Pattern of Specialization and Comparative Advantage. Evidence from OECD countries," Working Paper Series in Economics and Finance 449, Stockholm School of Economics, revised 03 Sep 2001. [Downloadable!]
  13. Burkart, Mike & Ellingsen, Tore, 2002. "In-Kind Finance," CEPR Discussion Papers 3536, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
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