Financial and Legal Constraints to Growth: Does Firm Size Matter?
基于54国企业调查数据，研究发现金融、法律和腐败问题对企业增长的制约程度取决于企业规模，小企业受约束最大，而金融和制度发展能缓解这些制约，小企业受益最多。
ABSTRACT Using a unique firm‐level survey database covering 54 countries, we investigate the effect of financial, legal, and corruption problems on firms' growth rates. Whether these factors constrain growth depends on firm size. It is consistently the smallest firms that are most constrained. Financial and institutional development weakens the constraining effects of financial, legal, and corruption obstacles and it is again the small firms that benefit the most. There is only a weak relation between firms' perception of the quality of the courts in their country and firm growth. We also provide evidence that the corruption of bank officials constrains firm growth.