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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.
|Published in:||Emerging Markets Review|
|Publisher / Ed. Institution:||Elsevier|
|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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|2019_Hartwell-Malinowska_Informal-institutions-and-firm-valuation.pdf||Accepted Version||905.43 kB||Adobe PDF|
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Hartwell, C. A., & Malinowska, A. P. (2019). Informal institutions and firm valuation. Emerging Markets Review, 40(100603). https://doi.org/10.1016/j.ememar.2019.03.001
Hartwell, C.A. and Malinowska, A.P. (2019) ‘Informal institutions and firm valuation’, Emerging Markets Review, 40(100603). Available at: https://doi.org/10.1016/j.ememar.2019.03.001.
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., and Anna P. Malinowska. “Informal Institutions and Firm Valuation.” Emerging Markets Review, vol. 40, no. 100603, 2019, https://doi.org/10.1016/j.ememar.2019.03.001.
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