Reconsidering the Argument about Legal Origins and the Development of Financial Market

本研究的目的是通过从日本学术律师的角度批判性地审视LLSV提出的“法律事务”论文，重新考虑关于法律起源与金融市场发展之间关系的争论。在本研究中，我首先整理了之前经济学家和律师的研究，然后我搜索了几个国家股权结构的演变历史和保护小股东的法律。本文的结论是，公司治理类型取决于股权结构，用LLSV衡量中小股东保护水平有其局限性。

The purpose of this study is to reconsider the argument about therelationship between legal origins and the development of financial markets by critically examining the “Law Matters” Thesis proposed by LLSV from the Japanese academic lawyer’s point of view. In this study, I first organized the preceding studies conducted by economists and lawyers and then I searched the history of the evolution of share ownership structure and laws for minority shareholder protection in several countries. I conclude that the type of corporate governance depends on the ownership structure and the LLSV measurement of the levels of minority shareholder protection has its limitations.