Creditor protection, judicial enforcement and credit access

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dc.contributor.authorMoro, Andrea
dc.contributor.authorMaresch, Daniela
dc.contributor.authorFerrando, Annalisa
dc.date.accessioned2016-09-26T11:11:05Z
dc.date.available2016-09-26T11:11:05Z
dc.date.issued2016-09-09
dc.description.abstractWe investigate the impact of the legal system on whether firms obtain the credit they apply for or not. Data comprise unique information provided directly by 48,590 firms from 11 European countries. We look at the strength of creditor protection, the strength of property rights, the time taken to resolve a dispute, the dispute resolution process’s costs and the number of procedures the plaintiff faces using data provided by the World Bank and the Heritage Foundation. The results suggest that the more efficient the judicial enforcement system is, and the higher the creditor protection is, the lower the probability that the firms are partially or totally denied credit. Our results are robust to selection bias (Heckman selection) as well as different controls and different estimation techniques. We find that these variables have considerable economic impact: the probability of obtaining credit is up to 40% higher in countries with more robust legal systems.en_UK
dc.identifier.citationMoro A, Maresch D, Ferrando A, Creditor protection, judicial enforcement and credit access, European Journal of Finance, Vol. 24, Issue 3, 2018, pp. 250-281
dc.identifier.issn1351-847X
dc.identifier.urihttp://dx.doi.org/10.1080/1351847X.2016.1216871
dc.identifier.urihttp://dspace.lib.cranfield.ac.uk/handle/1826/10592
dc.language.isoenen_UK
dc.publisherTaylor & Francis (Routledge): SSH Titlesen_UK
dc.rightsAttribution-NonCommercial 4.0 International
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/
dc.subjectcredit accessen_UK
dc.subjectjudicial systemen_UK
dc.subjectproperty rightsen_UK
dc.subjectcreditor protectionen_UK
dc.titleCreditor protection, judicial enforcement and credit accessen_UK
dc.typeArticleen_UK

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