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

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.

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Length: 47 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:fth:banita:376
Contact details of provider: 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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  1. Rafael La porta & Florencio Lopez-De-Silanes & Andrei Shleifer & Robert Vishny, 2002. "Investor Protection and Corporate Valuation," Journal of Finance, American Finance Association, vol. 57(3), pages 1147-1170, 06.
  2. Demirguc-Kunt, Asl1 & Maksimovic, Vojislav, 1996. "Institutions, financial markets, and firms'choice of debt maturity," Policy Research Working Paper Series 1686, The World Bank.
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