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Informal Investment in Transition Economies: Individual Characteristics and Clusters

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Author Info
László Szerb ()
Gábor Rappai
Zsolt Makra
Siri Terjesen ()

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Abstract

This paper investigates the factors driving informal investment in Croatia, Hungary and Slovenia. Using Global Entrepreneurship Monitor (GEM) data, we find that the low rates of informal investment activity and the small amounts of investments in these countries are driven by entrepreneurial behaviors consistent with limited market economy experience. We extend prior studies by investigating the role of business ownership, and identify significant differences between individuals with and without business ownership experience in terms of having start-up skills, knowing an entrepreneur and fearing failure. Cluster analysis identifies seven distinct groups of informal investors, and reveals the heterogeneity in terms of investors’ age, gender, level of education, amount of investment, start-up skills, ownership status, income, opportunity perception and country of residence. Copyright Springer Science+Business Media, LLC 2007

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File URL: http://hdl.handle.net/10.1007/s11187-006-9019-9
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Publisher Info
Article provided by Springer in its journal Small Business Economics.

Volume (Year): 28 (2007)
Issue (Month): 2 (March)
Pages: 257-271
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Handle: RePEc:kap:sbusec:v:28:y:2007:i:2:p:257-271

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Related research
Keywords: informal investment; entrepreneurship; Global Entrepreneurship Monitor; CEE; transition economies; G24; G28; L26; M13; P20;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Klapper, Leora & Sarria-Allende, Virginia & Sulla, Victor, 2002. "Small and medium size enterprise financing in Eastern Europe," Policy Research Working Paper Series 2933, The World Bank. [Downloadable!]
  2. Mike Wright, Judit Karsai, Zbigniew Dudzinski, Jan Morovic, 1999. "Transition and Active Investors: Venture Capital in Hungary, Poland and Slovakia," Post-Communist Economies, Taylor and Francis Journals, vol. 11(1), pages 27-46, March. [Downloadable!] (restricted)
  3. Mike Wright, 1998. "Venture Capital and Private Equity: A Review and Synthesis," Journal of Business Finance & Accounting, Blackwell Publishing, vol. 25(5&6), pages 521-570. [Downloadable!] (restricted)
  4. Markku Maula & Erkko Autio & Pia Arenius, 2005. "What Drives Micro-Angel Investments?," Small Business Economics, Springer, vol. 25(5), pages 459-475, December. [Downloadable!] (restricted)
  5. Kornai, Janos, 1990. "The Affinity between Ownership Forms and Coordination Mechanisms: The Common Experience of Reform in Socialist Countries," Journal of Economic Perspectives, American Economic Association, vol. 4(3), pages 131-47, Summer. [Downloadable!] (restricted)
  6. Zoltan Acs & Colm O’Gorman & Laszlo Szerb & Siri Terjesen, 2007. "Could the Irish Miracle be Repeated in Hungary?," Small Business Economics, Springer, vol. 28(2), pages 123-142, March. [Downloadable!] (restricted)
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  7. Tyson, Laura d'Andrea & Petrin, Tea & Rogers, F Halsey, 1994. " Promoting Entrepreneurship in Eastern Europe," Small Business Economics, Springer, vol. 6(3), pages 165-84, June.
  8. Hector Rocha, 2004. "Entrepreneurship and Development: The Role of Clusters," Small Business Economics, Springer, vol. 23(5), pages 363-400, October. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. José Ernesto Amorós & Miguel Atienza & Gianni Romaní, 2008. "Formal and Informal Equity Funding in Chile," Estudios de Economia, University of Chile, Department of Economics, vol. 35(2 Year 20), pages 179-194, December. [Downloadable!]
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