Ownership, investment climate and firm performance

Mary C. Hallward-Driemeier · Scott Wallsten · Lixin Colin Xu

123 citations0/0 files storedEconomics of Transition

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International Business and FDI Economic Growth and Productivity Corruption and Economic Development

Abstract

Abstract The importance of a country's ‘investment climate’ for economic growth has recently received much attention. In this paper we use a new survey of 1,500 Chinese enterprises in five cities to measure more precisely components of the investment climate and their effects on firm performance. Our firm‐level analysis reveals that both ownership and investment climate measures matter for investment, productivity and growth. In particular, firm performance is positively correlated with foreign and domestic private ownership, light regulatory burdens, limited corruption, technological infrastructure and labour market flexibility. In contrast, gains from improving banking access and physical infrastructure are quite limited.

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References

1986Large Shareholders and Corporate Control 2005Law, finance, and economic growth in China 2000The Regulation of Entry 2001From State to Market: A Survey of Empirical Studies on Privatization 1997How Taxing is Corruption on International Investors?1993Fiscal policy and economic growth 2000Dodging the grabbing hand: the determinants of unofficial activity in 69 countries 2005Institutions, ownership, and finance: the determinants of profit reinvestment among Chinese firms

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