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Financing Firm Start-up and Restructuring in Transition Countries: Evidence from Belarus, the Ukraine and Russia

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  • Valentijn Bilsen
  • Elena Mitina
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    Abstract

    Investigates how entrepreneurs in Belarus, Russia and Ukraine finance start-up and restructuring. Data from 600 de novo, privatised or state-owned firms shows the critical importance of the personal funds of the main owner(s), with a limited level of support being giving by the state.

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    File URL: http://www.cbr.cam.ac.uk/pdf/WP150.pdf
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    Bibliographic Info

    Paper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp150.

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    Date of creation: Dec 1999
    Date of revision:
    Handle: RePEc:cbr:cbrwps:wp150

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    Web page: http://www.cbr.cam.ac.uk/

    Related research

    Keywords: finance; entrepreneurship; CIS countries; survey; firm behaviour;

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    References

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    1. Lindh, T. & Ohlsson, H., 1995. "Self-Employment and Self-Financing," Papers 1995-01, Uppsala - Working Paper Series.
    2. Evans, David S & Jovanovic, Boyan, 1989. "An Estimated Model of Entrepreneurial Choice under Liquidity Constraints," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 808-27, August.
    3. Douglas Holtz-Eakin & David Joulfaian & Harvey S. Rosen, 1994. "Entrepreneurial Decisions and Liquidity Constraints," RAND Journal of Economics, The RAND Corporation, vol. 25(2), pages 334-347, Summer.
    4. 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.
    5. Leijonhufvud, Axel & Ruhl, Christof, 1997. "Russian Dilemmas," American Economic Review, American Economic Association, vol. 87(2), pages 344-48, May.
    6. Blanchflower, D. & Oswald, A., 1990. "What Makes A Young Entrepreneur?," Papers 373, London School of Economics - Centre for Labour Economics.
    7. Van Praag, C Mirjam & Van Ophem, Hans, 1995. "Determinants of Willingness and Opportunity to Start as an Entrepreneur," Kyklos, Wiley Blackwell, vol. 48(4), pages 513-40.
    8. Brito, Paulo & Mello, Antonio S., 1995. "Financial constraints and firm post-entry performance," International Journal of Industrial Organization, Elsevier, vol. 13(4), pages 543-565, December.
    9. Dunne, Timothy & Roberts, Mark J & Samuelson, Larry, 1989. "The Growth and Failure of U.S. Manufacturing Plants," The Quarterly Journal of Economics, MIT Press, vol. 104(4), pages 671-98, November.
    10. Lubomir Lizal & Jan Svejnar, 1997. "Enterprise Investment During the Transition: Evidence from Czech Panel Data," William Davidson Institute Working Papers Series 60, William Davidson Institute at the University of Michigan.
    11. Hans Van Zon, 1998. "The Mismanaged Integration of Zaporizhzhya with the World Economy: Implications for Regional Development in Peripheral Regions," Regional Studies, Taylor & Francis Journals, vol. 32(7), pages 607-618.
    12. Cornelli, F. & Portes, R. & Schaffer, M., 1996. "The Capital Structure of Firms in Central and Eastern Europe," DELTA Working Papers 96-05, DELTA (Ecole normale supérieure).
    13. Cressy, Robert, 1996. "Are Business Startups Debt-Rationed?," Economic Journal, Royal Economic Society, vol. 106(438), pages 1253-70, September.
    14. Valentijn Bilsen & P Van Maldegem, 1999. "Foreign Direct Investment and Enterprise Performance in Transition Countries: Evidence from Russia and Ukraine," ESRC Centre for Business Research - Working Papers wp144, ESRC Centre for Business Research.
    15. 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.
    16. K Liuhto, 1999. "The Transformation of the Soviet Enterprise and its Management: A Literature Review," ESRC Centre for Business Research - Working Papers wp146, ESRC Centre for Business Research.
    17. Binks, Martin R & Ennew, Christine T, 1996. " Growing Firms and the Credit Constraint," Small Business Economics, Springer, vol. 8(1), pages 17-25, February.
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    Cited by:
    1. Warzynski, Frederic, 2003. "Managerial change, competition, and privatization in Ukraine," Journal of Comparative Economics, Elsevier, vol. 31(2), pages 297-314, June.
    2. László Szerb & Gábor Rappai & Zsolt Makra & Siri Terjesen, 2007. "Informal Investment in Transition Economies: Individual Characteristics and Clusters," Small Business Economics, Springer, vol. 28(2), pages 257-271, March.

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