Financing Firms in India

We examine the legal and business environments, financing channels and governance mechanisms of various types of firms in India, and compare them to those from other countries. Despite its English commonlaw origin, strong legal protection provided by the law and a democratic government, corruption w...

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Bibliografski detalji
Glavni autor: Franklin Allen etal
Format: Printed Book
Izdano: World Bank Policy Research Working Paper 3975, August 2006 2006
Online pristup:http://10.26.1.76/ks/001188.pdf
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520 |a We examine the legal and business environments, financing channels and governance mechanisms of various types of firms in India, and compare them to those from other countries. Despite its English commonlaw origin, strong legal protection provided by the law and a democratic government, corruption within India's legal system and government significantly weakens investor protection in practice. External financing of firms has been dominated by non-market sources of financing, while the characteristics of listed firms are similar to those from countries with weak investor protection. Our evidence, including results based on a survey of smalland medium-scale private firms, shows that alternative financing channels provide the most important source of funds. We also find that informal governance mechanisms, such as those based on reputation, trust and relationships, are more important than formal mechanisms (e.g., courts) in resolving disputes, overcoming corruption and supporting growth. 
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