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Comparing the Impact of Credit Constraints on the Growth of SMEs in a Transition Country with an Established Market Economy Author info | Abstract | Publisher info | Download info | Related research | Statistics John Hutchinson ()
Ana Xavier
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In this paper we compare the role of internal finance on the growth of firms between a leading transition country, Slovenia and an established market economy, Belgium. We find that firms in Slovenia are more sensitive to internal financing constraints than their Belgian counterparts. Furthermore, we find that de novo firms and firms with long term debt are most constrained and that micro and SMES can face great difficulties in accessing external sources of finance. Foreign firms, however, are able to raise external finance and consequently their growth is less reliant on the availability of internal finance. Our findings appear to indicate that although Slovenian firms are no longer recipients of soft budget constraints, the financial environment is not yet fully functional. Copyright Springer 2006
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Article provided by Springer in its journal Small Business Economics .
Volume (Year): 27 (2006)
Issue (Month): 2 (October)
Pages: 169-179
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Handle: RePEc:kap:sbusec:v:27:y:2006:i:2:p:169-179Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100338
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Keywords: financial constraints manufacturing transition economics G33 P2 L6 Other versions of this item:
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