pronounced in countries with better corporate governance standards and education. Buyout investment responds to these factors … more so than foreign direct investment and gross domestic fixed investment …

better corporate governance standards and education. Buyout investment responds to these factors more so than foreign direct … investment and gross domestic fixed investment …

short-term investment similarly. Second, we investigate whether perceived differences in the efficiency of the legal systems …, we find positive correlations between investment in plant and equipment and retained earnings, and negative correlations … between investment in plant and equipment and external financing. We find negative correlations between investment in short …