Legitimacy and the Benefits of Firm Formalization

The authors thank Jim Baron, Richard Breen, Rodrigo Canales, Constança Esteves-Sorenson, Greta Hsu, Marissa King, Mushfiq Mobarak, Tavneet Suri, Chris Udry, three anonymous reviewers, and seminar participants at London Business School, the Stanford Graduate School of Business, the Whitman School of Management, the Leitner Seminar in Political Economy, and the School of Management at Yale University for helpful comments.