Working Paper No. 191. Legal Origin and Firm Size Effects Around the World
PublikationWorking paper
Bjuggren, P-O. & Högberg, A. (2012). Legal Origin and Firm Size Effects Around the World. Ratio Working Paper No. 191.
Bjuggren, P-O. & Högberg, A. (2012). Legal Origin and Firm Size Effects Around the World. Ratio Working Paper No. 191.
We propose that the legal origin explanation of differences in financial indicators lacks the ability to satisfyingly describe investment performance and firm size effects. In this paper we investigate the impact of legal origin and firm size on investment performance for 20 111 firms in 58 countries between 2001 and 2010. Anglo Saxon (common law), German, French as well as Scandinavian (civil law) variants of legal systems are covered by the countries included in the study. In addition, we include a category of “old socialist countries”. We find little support for the supposed superiority of common law systems over civil law systems. In fact, the average investor performance is lower in the Anglo Saxon countries than countries with German and Scandinavian legal origin, yet higher than in French legal origin and old socialist countries. Even though limit to firm size is frequently discussed in the theoretical literature there are few empirical studies addressing this issue. In this study we specifically investigate how investment performance is affected by increasing size. We find that irrespective of legal origin a negative impact of firm size appears after a threshold size has been passed.
Bjuggren, P-O. & Högberg, A.
2012
Ratio Working Paper
2024
Ekonomisk Debatt.
Synen på äganderätt som den uppfattas av ekonomer har förändrats över tid. På Adam Smiths tid sågs äganderätt som en exklusiv rätt till en sak/egendom som gällde mot alla. Under början av 1900-talet skedde en förändring mot att se äganderätt som en rättslig relation mellan personer. Med en sådan syn försvinner den tidigare distinktionen mellan äganderätt och kontrakt. Ekonomer har kommit att anamma den nya synen. Under senare tid har det vuxit fram en kritik mot ekonomer som visar att den nya synen förbiser viktiga aspekter av äganderätt och har implikationer för transaktioner, stordriftsfördelar och opersonlig handel.
2022
Ekonomisk debatt, 2022(6).
Long, V. & Bjuggren, P-O. (2022). Artificiell intelligens data – att dela eller inte dela? Ekonomisk debatt, 2022(6).
2022
Bjuggren, P.O. & Long, V.
This paper decomposes the factors that govern the access and sharing of machine-generated industrial data in the artificial intelligence era. Through a mapping of the key technological, institutional, and firm-level factors that affect the choice of governance structures, this study provides a synthesised view of AI data-sharing and coordination mechanisms. The question to be asked here is whether the hitherto de facto control—bilateral contracts and technical solution-dominating industrial practices in data sharing—can handle the long-run exchange needs or not.
