Quality of enforcement and investment decisions. Firm-level evidence from Spain
Autor
Fecha de publicación
19-jul-2019
Descripción física
34 p.
Resumen
Las decisiones de inversión son generalmente irreversibles y podrían verse afectadas por
problemas de cautividad y oportunismo. Un marco de inversión estable necesita, por tanto,
de instituciones de ejecución sólidas. Este documento analiza datos a nivel de empresa para
estudiar el impacto de la eficacia de funcionamiento del sistema judicial en España, como
representativa de la calidad institucional, en las decisiones de inversión empresarial. Más en
concreto, esta investigación mide los efectos de la congestión en la jurisdicción civil a nivel
local, tanto en los juicios ordinarios como en las ejecuciones (cuando un juez obliga
forzosamente al pago de una deuda o al cumplimiento de una obligación), y encuentra
una relación negativa y significativa entre la ineficacia judicial y la ratio de inversión bruta.
El efecto se mantiene tras realizar diversas pruebas de robustez. Este documento también
analiza la eficacia de la jurisdicción administrativa, inspirado por la hipótesis de Acemoglu y
Johnson (2005), pero no encuentr
Investment decisions are generally irreversible and could be affected by holdup problems and opportunism. Thus, investment may need sound enforcement institutions. This paper analyzes firm level data to identify the impact of judicial system efficacy, as representative of the institutional quality, in business investment decisions. More specifically, this research measures the effects of congestion in the Spanish civil (private) jurisdiction at the local level, both when solving ordinary trials and executions (when a judge forces the debtor to pay or to fulfill an obligation) and finds a negative and significant relationship between judicial inefficacy and the gross investment ratio. The effect holds after running several robustness checks. This paper also analyzes the efficacy of the administrative jurisdiction, inspired by the hypothesis of Acemoglu and Johnson (2005), but it does not have a significant impact on investment in our sample.
Investment decisions are generally irreversible and could be affected by holdup problems and opportunism. Thus, investment may need sound enforcement institutions. This paper analyzes firm level data to identify the impact of judicial system efficacy, as representative of the institutional quality, in business investment decisions. More specifically, this research measures the effects of congestion in the Spanish civil (private) jurisdiction at the local level, both when solving ordinary trials and executions (when a judge forces the debtor to pay or to fulfill an obligation) and finds a negative and significant relationship between judicial inefficacy and the gross investment ratio. The effect holds after running several robustness checks. This paper also analyzes the efficacy of the administrative jurisdiction, inspired by the hypothesis of Acemoglu and Johnson (2005), but it does not have a significant impact on investment in our sample.
Publicado en
Documentos de Trabajo / Banco de España, 1927
Materias
Decisiones de inversión; Justicia; Ejecución; Investment decisions; Justice; Enforcement; Teoría de la empresa; Capital e inversión; Política de inversiones en las empresas; Derecho mercantil; España
Aparece en las colecciones: