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- W2912795563 abstract "We study how financial systems and institutional environments affect investment efficiency using a sample of some 300,000 firm-years from 48 countries. Based on a canonical investment model, we identify two possible channels by which institutional environments may affect investment: firm-level financial frictions and the macro-level require rate of return. We find that a good institutional environment, in particular strong corporate governance, reduces financial frictions and lowers the required rate of return, thereby enhancing efficiency in capital allocation. This result is consistent with the notion that good corporate governance plays an important role in reducing the overall cost of external finance, although the mechanism outlined here is novel." @default.
- W2912795563 created "2019-02-21" @default.
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- W2912795563 date "2010-01-01" @default.
- W2912795563 modified "2023-10-03" @default.
- W2912795563 title "Do Capital Stocks Adjust Faster in Countries with 'Good' Institutions?" @default.
- W2912795563 doi "https://doi.org/10.2139/ssrn.1539743" @default.
- W2912795563 hasPublicationYear "2010" @default.
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