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Publication year
Property Rights and Finance
Resource type
Authors/contributors
- Johnson, Simon (Author)
- McMillan, John (Author)
- Woodruff, Christopher (Author)
Title
Property Rights and Finance
Abstract
Which is the tighter constraint on private sector investment: weak property rights or limited access to external finance? From a survey of new firms in post-communist countries, we find that weak property rights discourage firms from reinvesting their profits, even when bank loans are available. Where property rights are relatively strong, firms reinvest their profits; where they are relatively weak, entrepreneurs do not want to invest from retained earnings.
Publication
American Economic Review
Volume
92
Issue
5
Pages
1335-1356
Date
2002-12
Citation
Johnson, S., McMillan, J., & Woodruff, C. (2002). Property Rights and Finance. American Economic Review, 92, 1335–1356.
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