In principle, a company incorporated in a group is legally independent and is a company like others, having its own legal personality, and participating in the legal life as any entity. This legal principle of independence hardly consistent with the reality characterized by the control exercised...

In 50 years, Africa has seen little progress in development. Our work analyzes a factor able to explain this singular path: the structure of financial systems. After deepening the concept of financial development and providing a better understanding of the relationship between the real and...