caa a22 4500 445877774 CHVBK 20180317145532.0 cr unu---uuuuu 170323e20110901xx s 000 0 eng 10.1007/s11187-009-9237-z doi (NATIONALLICENCE)springer-10.1007/s11187-009-9237-z International patterns of ownership structure choices of start-ups: does the quality of law matter? [Elektronische Daten] [Qianqian Du, Ilan Vertinsky] The concentration of ownership of enterprises varies significantly among countries. In this paper we investigate the role that differences in legal systems among nations play in molding founders' preferences with respect to the ownership structure of their start-ups. We develop an economic framework which articulates the impact that the quality of protection offered to shareholders and debt holders has on the supply of debt and equity financing and the incentives of the founders to recruit partners or opt for sole ownership. The theoretical analysis predicts that a positive relationship is likely to exist between the quality of the legal system and the ownership concentration of start-ups. This prediction is in contrast to the findings on relationships in large publicly traded firms. Using data obtained from the Adult Population Survey of the Global Entrepreneurship Monitor project from 2001 to 2004 about ownership preference patterns, we confirm the prediction. Springer Science+Business Media, LLC., 2009 Legal system nationallicence Ownership concentration nationallicence Start-ups nationallicence Entrepreneurship nationallicence Du Qianqian Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University, Zhong Yuan Building, 1954 Huashan Road, 200030, Shanghai, China aut Vertinsky Ilan Sauder School of Business, University of British Columbia, 2053 Main Mall, V6T 1Z2, Vancouver, BC, Canada aut Small Business Economics Springer US; http://www.springer-ny.com 37/2(2011-09-01), 235-254 0921-898X 37:2<235 2011 37 11187 https://doi.org/10.1007/s11187-009-9237-z text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11187-009-9237-z text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Du Qianqian Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University, Zhong Yuan Building, 1954 Huashan Road, 200030, Shanghai, China aut NATIONALLICENCE 700 1- Vertinsky Ilan Sauder School of Business, University of British Columbia, 2053 Main Mall, V6T 1Z2, Vancouver, BC, Canada aut NATIONALLICENCE 773 0- Small Business Economics Springer US; http://www.springer-ny.com 37/2(2011-09-01), 235-254 0921-898X 37:2<235 2011 37 11187 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer