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| Tekijä: | Du, Q. Vertinsky, I. |
| Otsikko: | International patterns of ownership structure choices of stat-ups: does the quality of law matter? |
| Lehti: | Small business economics
2011 : SEP, VOL. 37:2, p. 235-254 |
| Asiasana: | entrepreneurship companies stakeholders debt equities surveys legal systems |
| Kieli: | eng |
| Tiivistelmä: | The concentration of enterprise ownership varies substantially among countries. This paper examines the role that differences in legal systems across nations play in molding founders' preferences with respect to the ownership structure of their start-ups. An economic framework is developed, articulating the impact that the protection quality offered to shareholders and debt holders has on the debt supply and equity financing and the incentives of the founders to recruit partners or opt for sole ownership. The theoretical analysis predicts a positive relationship likely existing between the quality of the legal system and the ownership concentration of start-ups. This is contrary to the findings on relationships in large publicly traded firms. Utilizing data from the Adult Population Survey of the Global Entrepreneurship Monitor project in 2001-2004 about ownership preference patterns, the prediction is confirmed. |
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