Corporate stakeholders and trust

• Autores: Marc Goergen
• Localización: The Spanish Review of Financial Economics, ISSN 2173-1268, Vol. 11, Nº. 2, 2013, págs. 58-68
• Idioma: español
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• Resumen

  • To my knowledge, this is the first paper that investigates the links between trust, the institutional setting (in terms of employment protection legislation (EPL) and investor rights) and studies the impact of all three on economic performance. In line with the previous literature (e.g. (, )), we find that trust has a positive impact on GDP per capita growth. Our novel results are twofold. First, we find that EPL and investor rights have a negative relationship and that both (although the latter to a lesser extent) are substitutes for trust. Second, all three variables have a positive effect on economic growth.