IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

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

Listed author(s):
  • 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.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: no

Article provided by ASERS Publishing in its journal Journal of Advanced Research in Law and Economics.

Volume (Year): II (2010)
Issue (Month): 2 (December)
Pages: 143-161

in new window

Handle: RePEc:srs:jarle1:6:v:2:y:2011:i:2:p:143-161
Contact details of provider: Web page:

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:srs:jarle1:6:v:2:y:2011:i:2:p:143-161. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Madalina Constantinescu)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.