We check our results using money growth in 1996 as an alternative macroeconomic control variable. If we drop Turkey, then the legal environment (judiciary, rule of law, and corruption) variables remain significant at close to their original levels (the corruption variable slips slightly) and money growth is not significant. The only variable to lose its significance is the index of anti-director rights. If we include Turkey, all the corporate governance variables, except anti-director rights, remain significant and money growth is significant at the 5% level.