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Investment in Young and Established Microenterprises in Russia

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Author Info
Hartarska, Valentina
Abstract

This paper shows that imperfections in the credit market and insecurity of property rights affect nonuniformly the investment of younger and established microenterprises in Russia. The empirical analysis of investment is based on the liquidity constraint model but also accounts for the added challenged that the weak institutional structure and the small size of the enterprises pose. Investment in younger firms is most constrained by the availability of funds, while investment in more established microenterprises is affected by the ability of the entrepreneurs to "secure" their property rights by paying bribes. Financial institutions are unable to distinguish good from bad borrowers but lend to firms that have transparent transactions.

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Paper provided by European Association of Agricultural Economists in its series 2002 International Congress, August 28-31, 2002, Zaragoza, Spain with number 24857.

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Date of creation: 2002
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Handle: RePEc:ags:eaae02:24857

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Keywords: Agricultural Finance;

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  1. Grosfeld, I. & Nivet, J. F., 1997. "Wage and Investment Behavior in Transition: Evidence from a Polish Panel Data Set," DELTA Working Papers 97-19, DELTA (Ecole normale supérieure).
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  2. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June. [Downloadable!] (restricted)
  3. Anderson, Ronald & Kegels, Chantal, 1997. "Finance and Investment in Transition : Czech Enterprises, 1993-1994," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1997015, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  4. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  5. Francesca Pissarides & Miroslav Singer & Jan Svejnar, 2000. "Objectives and Constraints of Entrepreneurs: Evidence from Small and Medium Size Enterprises in Russia and Bulgaria," William Davidson Institute Working Papers Series 346, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
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  6. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June. [Downloadable!] (restricted)
  8. Johnson, Simon & McMillan, John & Woodruff, Christopher, 1999. "Property Rights, Finance, and Entrepreneurship," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  9. Nina Budina & Harry Garretsen & Eelke de Jong, 2000. "Liquidity Constraints and Investment in Transition Economies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(2), pages 453-475, July. [Downloadable!] (restricted)
  10. N. Berger, Allen & F. Udell, Gregory, 1998. "The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle," Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 613-673, August. [Downloadable!] (restricted)
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  11. Ronald Anderson and Chantal Kegels & Ronald Anderson and Chantal Kegels, 1997. "Finance and Investment in Transition: Czech Enterprises, 1993-1994," William Davidson Institute Working Papers Series 164, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  12. Lubomir Lizal & Jan Svejnar, 2001. "Investment, Credit Rationing and the Soft Budget Constraint: Evidence from Czech Panel Data," William Davidson Institute Working Papers Series 363, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
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  13. Steven M. Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1988. "Financing Constraints and Corporate Investment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1988-1), pages 141-206. [Downloadable!]
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  14. Andrzej Bratkowski & Irena Grosfeld & Jacek Rostowski, 2000. "Investment and Finance in "de novo" private firms: Empirical Results from the Czech Republic, Hungary and Poland," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(1), pages 101-116, March. [Downloadable!] (restricted)
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