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Legal Determinants of External Finance Revisited: The Inverse Relationship Between Investor Protection and Societal Well-Being |
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| Authors: | David Collison Stuart Cross John Ferguson David Power Lorna Stevenson |
| Institution: | 1. School of Business, University of Dundee, Dundee, DD1 4HN, Scotland, UK 2. School of Law, University of Dundee, Dundee, DD1 4HN, Scotland, UK 3. Department of Accounting & Finance, University of Strathclyde, Curran Building, 100 Cathedral Street, Glasgow, G4 0LN, Scotland, UK |
| Abstract: | This article investigates relationships between countries?? legal traditions and their quality of life as measured by a number of widely reported social indicators; in so doing it also offers a critique of a highly influential body of work which is widely cited in the literatures of corporate governance, economics and finance. That body of work has shown, inter alia, statistically significant relationships between legal traditions and various proxies for investor protection. We show statistically significant relationships between legal traditions and various proxies for societal health. Our comparative evidence suggests that the interests of investors are not congruent with the interests of wider society, and that the criteria for judging the effectiveness of approaches to corporate governance should be broadened. |
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