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Common Law Vs Civil Law Which System Provides More Protection To Shareholders And Promotes Financial Development

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  • Prabirjit SARKAR

    (Jadavpur University Kolkata India)

Abstract

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

Suggested Citation

  • Prabirjit SARKAR, 2011. "Common Law Vs Civil Law Which System Provides More Protection To Shareholders And Promotes Financial Development," Journal of Advanced Research in Law and Economics, ASERS Publishing, vol. 2(4), pages 143-161.
    • Handle: RePEc:srs:jarle0:v:2:y:2011:i:4:p:143-161
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    Cited by:

    1. Iustina Alina Boitan & Ewa Wanda Maruszewska, 2021. "Corporate governance features among European Union countries – an exploratory analysis," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 13(1), pages 79-91, June.
    2. Alfredo Coelho & Victor Manuel Castillo-Girón, 2020. "The Medium of Exchange in Mergers and Acquisitions: The Cases of Travel Agencies and Tour Operators," Administrative Sciences, MDPI, vol. 10(4), pages 1-13, November.
    3. Yibiao Chen & Steven S. Wang & Wilson H. S. Tong & Hui Zhu, 2017. "Economic freedom and IPO underpricing," Frontiers of Business Research in China, Springer, vol. 11(1), pages 1-22, December.

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