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Legal Determinants of External Finance

RAFAEL LA PORTA; Florencio López‐de‐Silanes; Andrei Shleifer; Robert W. Vishny · The Journal of Finance · 1997

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Author / responsible party
RAFAEL LA PORTA; Florencio López‐de‐Silanes; Andrei Shleifer; Robert W. Vishny
Publisher
The Journal of Finance
Year
1997
Language
English

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ABSTRACT Using a sample of 49 countries, we show that countries with poorer investor protections, measured by both the character of legal rules and the quality of law enforcement, have smaller and narrower capital markets. These findings apply to both equity and debt markets. In particular, French civil law countries have both the weakest investor protections and the least developed capital markets, especially as compared to common law countries.

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APA 7

PORTA, R. L, López‐de‐Silanes, F, Shleifer, A, & Vishny, R. W. (1997). Legal Determinants of External Finance. https://doi.org/10.1111/j.1540-6261.1997.tb02727.x

MLA

PORTA, RAFAEL LA, et al. "Legal Determinants of External Finance." 1997. https://doi.org/10.1111/j.1540-6261.1997.tb02727.x.

Chicago

PORTA, RAFAEL LA, Florencio López‐de‐Silanes, Andrei Shleifer, and Robert W. Vishny. 1997. "Legal Determinants of External Finance.". https://doi.org/10.1111/j.1540-6261.1997.tb02727.x.

Harvard

PORTA, R. L. et al. 1997, Legal Determinants of External Finance, The Journal of Finance, available at: https://doi.org/10.1111/j.1540-6261.1997.tb02727.x [Accessed 7 Aug. 2026].

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Title
Legal Determinants of External Finance
Author / contributors
RAFAEL LA PORTA; Florencio López‐de‐Silanes; Andrei Shleifer; Robert W. Vishny
Publisher
The Journal of Finance
Publication year
1997
Language
English

Subjects

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Capital market; Equity (law); Debt; Enforcement; Business; Sample (material); Investor protection; Emerging markets; Quality (philosophy); Financial system; Economics; Finance
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