I analyze the impact of three institutional factors(legal origin perceived corruption level andownership structures) on the cash flow sensitivity ofinvestment in ten emerging markets (Hong KongIndonesia India Korea Malaysia PhilippinesSingapore Taiwan Thailand and Turkey.). Common Laworigin countries and countries which reveal a lowlevel of perceived corruption indicate economicallyand statistically lower sensitivities. The impact ofownership is less conclusive which is likely to be aconsequence of complex structure.
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