Finance capitalism in industrializing autocracies: Evidence from corporate balance sheets in imperial Germany and Russia
基于大量企业层面资产负债表数据，研究了俄罗斯和德国在工业化时期威权政体下企业融资的差异，发现这些差异与威权控制企业准入、农业经济及整体发展水平一致，挑战了“经济落后”和“法律与金融”文献的传统观点。
Abstract Russia and Germany both industrialized later than England and the United States, and both countries retained authoritarian autocracies until World War I. On the basis of a large collection of firm‐level balance sheets, this paper presents new evidence revealing the likely impact of these systematic disparities on emerging industry's access to capital. Contrary to the standard ‘economic backwardness’ and ‘law and finance’ literatures, we argue that differences in financing between Russian and German corporations were consistent with authoritarian control of corporate entry as well as Russia's agricultural economy and overall lower level of economic development.