Shareholder Protection and Stock Market Development: An Empirical Test of the Legal Origins Hypothesis

John H. Armour · Simon F. Deakin · Prabirjit Sarkar · Mathias Siems · Ajit Singh

215 citations0/0 files storedJournal of Empirical Legal Studies

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Corporate Finance and Governance Corporate Governance and Law Finance, Markets, and Regulation

Abstract

Using a panel data set covering a range of developed and developing countries, we show that common‐law systems were more protective of shareholder interests than civil‐law ones in the period 1995–2005. However, civilian systems were catching up, suggesting that legal origin was not much of an obstacle to formal convergence in shareholder protection law. We find no evidence of a positive impact of these legal changes on stock market development. Possible explanations are that laws have been overly protective of shareholders and that transplanted laws have not worked well in contexts for which they were not suited.

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1990Institutions, Institutional Change and Economic Performance 1998Law and Finance 1999Corporate Ownership Around the World 1997Legal Determinants of External Finance 2000The Regulation of Entry 2003The great reversals: the politics of financial development in the twentieth century 2008The Economic Consequences of Legal Origins 1999Financial Development and Economic Growth: Views and Agenda

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