The aim of this study is to confirm empirically the implications of the theory about the law-finance-growth 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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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
9558.
Find related papers by JEL classification: G20 - Financial Economics - - Financial Institutions and Services - - - General K4 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior
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