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Publication type: Article in scientific journal
Type of review: Peer review (publication)
Title: Informal institutions and firm valuation
Authors: Hartwell, Christopher A.
Malinowska, Anna P.
et. al: No
DOI: 10.1016/j.ememar.2019.03.001
Published in: Emerging Markets Review
Volume(Issue): 40
Issue: 100603
Issue Date: 2019
Publisher / Ed. Institution: Elsevier
ISSN: 1566-0141
Language: English
Subjects: Emerging market; Firm valuation; Informal institution; Poland
Subject (DDC): 349: Comparative law and foreign law
658: General Management
Abstract: Research on the effects of the institutional environment on firm market valuation have concentrated on formal institutions and in particular legal frameworks. However, changes in formal institutions may have little to no effect on the deeply ingrained socio-economic processes which determine the way of conducting business in a country. In such a situation, informal institutions may play a much more important role for firms. Using property rights as an example, this paper models the impact of formal and informal institutional changes on the market growth potential of Polish firms. Our examination indicates that Poland's formal and informal institutions diverge significantly, with changes in informal institutions shaping market worth much more than binding formal frameworks. We conclude that firm valuation in an unstable institutional environment is due mostly to developments in informal property rights and other factors external to the firm, with comparatively little effect of firm-specific attributes.
Fulltext version: Accepted version
License (according to publishing contract): CC BY-NC-ND 4.0: Attribution - Non commercial - No derivatives 4.0 International
Departement: School of Management and Law
Organisational Unit: International Management Institute (IMI)
Appears in collections:Publikationen School of Management and Law

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Hartwell, C. A., & Malinowska, A. P. (2019). Informal institutions and firm valuation. Emerging Markets Review, 40(100603).
Hartwell, C.A. and Malinowska, A.P. (2019) ‘Informal institutions and firm valuation’, Emerging Markets Review, 40(100603). Available at:
C. A. Hartwell and A. P. Malinowska, “Informal institutions and firm valuation,” Emerging Markets Review, vol. 40, no. 100603, 2019, doi: 10.1016/j.ememar.2019.03.001.
HARTWELL, Christopher A. und Anna P. MALINOWSKA, 2019. Informal institutions and firm valuation. Emerging Markets Review. 2019. Bd. 40, Nr. 100603. DOI 10.1016/j.ememar.2019.03.001
Hartwell, Christopher A., and Anna P. Malinowska. 2019. “Informal Institutions and Firm Valuation.” Emerging Markets Review 40 (100603).
Hartwell, Christopher A., and Anna P. Malinowska. “Informal Institutions and Firm Valuation.” Emerging Markets Review, vol. 40, no. 100603, 2019,

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