Journal of Corporate Law Studies ( IF 1.093 ) Pub Date : 2021-09-13 , DOI: 10.1080/14735970.2021.1973712 Alvaro Pereira 1
ABSTRACT
The World Bank's Doing Business project encourages the reduction of business registration requirements to stimulate entrepreneurship and economic development. Over the last two decades, it has contributed to the harmonisation of these requirements worldwide, but the rates of newly registered firms have not always followed through. Its unparalleled influence and emphasis on procedural reforms shadowed the development and comparative evaluation of alternative incentives to entrepreneurship.
This article contributes to filling this gap, by empirically examining the impact of simplified corporations, legal forms designed to stimulate entrepreneurial activity in Chile and Colombia. These new corporate forms provide not only abbreviated registration and operation rules, but also single ownership and the ability to issue classes of shares, two features that remain unavailable in many jurisdictions. The results confirm that company law reforms – both procedural and substantive – are insufficient to significantly increase the annual number of newly registered firms. Still, simplified corporations have quickly become entrepreneurs’ preferred legal form in those countries, contributing to expanding new businesses’ access to external finance.
中文翻译:
简化的公司和企业家精神
摘要
世界银行的营商环境项目鼓励降低商业登记要求,以刺激企业家精神和经济发展。在过去的二十年里,它为全球范围内这些要求的协调做出了贡献,但新注册公司的比率并不总是能跟上。它无与伦比的影响力和对程序改革的重视掩盖了创业替代激励措施的发展和比较评估。
本文有助于填补这一空白,通过实证检验简化公司的影响,旨在刺激智利和哥伦比亚的创业活动的法律形式。这些新的公司形式不仅提供了简化的注册和运营规则,还提供了单一所有权和发行股票类别的能力,这两个功能在许多司法管辖区仍然不可用。结果证实,公司法改革——无论是程序上的还是实质性的——都不足以显着增加每年新注册公司的数量。尽管如此,简化公司已迅速成为这些国家企业家首选的法律形式,有助于扩大新企业获得外部融资的机会。