Property Rights, Political Connections, and Corporate Investment

• Tác giả: Meng Miao
• Ngôn ngữ: eng
• Ký hiệu phân loại: 330 Economics
• Thông tin xuất bản: World Bank, Washington, DC, 2019
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 298280
• Chủ đề: 1. CORRUPTION; 2. INVESTMENT; 3. POLITICAL CONNNECTIONS; 4. POLITICAL ECONOMY; 5. PROPERTY RIGHTS

Tóm tắt

Despite the literature on rural land property rights, studies on urban land property rights are rare. This paper studies the impact of an urban land titling program on firm investment. It finds that the program leads to increased investment rate for titling firms, and the positive effect holds only for politically connected firms. The effects are likely causal, because they are more pronounced for firms that are more likely to benefit from strengthened property rights. Connected titling firms experienced fewer disputes than nonconnected titling firms after the program, and the results remain robust when using instrumental variable estimation.