Purpose - The study extends the debate on finance versus institutions in the promotion of investment documented by … finance and governance as substitutes in their impact on investment implies that good governance fuels private investment and … issues on the other hand. Originality/value - The paper extends the debate on the substitution of finance and institutions in …

intermediary channels of depth, efficiency, activity and size. The findings show that legal origin matters in the finance …

The study extends the debate on finance versus institutions and measurement of property rights institutions. We assess … correlate of private investment than financial intermediary development. The interaction of finance and governance is not …