But causality might also run in the opposite direction. Countries that are more developed, and have political systems that are more accountable to voters and less vulnerable to corporate lobbying, may lead to better corporate governance and investor protection rules.
根据经验我们知道，在经济较发达的国家中，公司治理结构和投资者的保护做的会好一些。这通常被解读为良好的公司治理和投资者保护促使这样的结果。