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Property Rights, Finance, and Entrepreneurship

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Author Info
Johnson, Simon
McMillan, John
Woodruff, Christopher

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Abstract

Is investment constrained more by insecure property rights or by limited external finance? For five transition economies in Eastern Europe and the former Soviet Union we find that weak property rights limit the reinvestment of profits in startup ma nufacturing firms. Access to credit does not appear to explain differences in investment. At least in the early stages of post-communist reform, retained earnings appear to have been enough to finance the investments that managers wanted to make.

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Publisher Info
Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number CESifo Working Paper No. 212.

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Date of creation: 1999
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Handle: RePEc:ces:ceswps:_212

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Find related papers by JEL classification:
M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups
P30 - Economic Systems - - Socialist Institutions and Their Transitions - - - General

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. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June. [Downloadable!] (restricted)
    Other versions:
  2. Johnson, Simon & McMillan, John & Woodruff, Christopher, 1999. "Why do Firms Hide? Bribes and Unofficial Activity After Communism," CEPR Discussion Papers 2105, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  3. 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!]
  4. Mauro, Paolo, 1995. "Corruption and Growth," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 681-712, August. [Downloadable!] (restricted)
  5. Simon Johnson & Daniel Kaufman & Andrei Shleifer, 1997. "The Unofficial Economy in Transition," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 28(1997-2), pages 159-240. [Downloadable!]
  6. Frye, Timothy & Shleifer, Andrei, 1997. "The Invisible Hand and the Grabbing Hand," American Economic Review, American Economic Association, vol. 87(2), pages 354-58, May. [Downloadable!] (restricted)
    Other versions:
  7. Rajan, Raghuram G & Zingales, Luigi, 1998. "Financial Dependence and Growth," American Economic Review, American Economic Association, vol. 88(3), pages 559-86, June. [Downloadable!] (restricted)
    Other versions:
  8. 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)
  9. 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)
  10. 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)
    Other versions:
  11. Shyam-Sunder, Lakshmi & C. Myers, Stewart, 1999. "Testing static tradeoff against pecking order models of capital structure1," Journal of Financial Economics, Elsevier, vol. 51(2), pages 219-244, February. [Downloadable!] (restricted)
  12. Asli Demirgüç-Kunt & Vojislav Maksimovic, 1998. "Law, Finance, and Firm Growth," Journal of Finance, American Finance Association, vol. 53(6), pages 2107-2137, December. [Downloadable!] (restricted)
  13. Jay Pil Choi & Marcel Thum, 1998. "The Economics of Repeated Extortion," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  14. Holmstrom, Bengt, 1996. "Financing of Investment in Eastern Europe: A Theoretical Perspective," Industrial and Corporate Change, Oxford University Press, vol. 5(2), pages 205-37.
  15. Andrei Shleifer, 1996. "Government in Transition," Harvard Institute of Economic Research Working Papers 1783, Harvard - Institute of Economic Research.
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  16. Anna Meyendorff, 1998. "Tax Avoidance and the Allocation of Credit," William Davidson Institute Working Papers Series 150, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  17. Besley, Timothy, 1995. "Property Rights and Investment Incentives: Theory and Evidence from Ghana," Journal of Political Economy, University of Chicago Press, vol. 103(5), pages 903-37, October. [Downloadable!] (restricted)
  18. Anna Meyendorff & Anjan V. Thakor, 1997. "Romanian Financial System Reform," William Davidson Institute Working Papers Series 100, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  19. Shleifer, Andrei & Vishny, Robert W, 1993. "Corruption," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 599-617, August. [Downloadable!] (restricted)
    Other versions:
    • Andrei Shleifer & Robert W. Vishny, 1993. "Corruption," NBER Working Papers 4372, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Full references

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. Hartarska, Valentina, 2001. "Investments And Property Rights In Russia: Evidence From Small Firms In Samara," 2001 Annual meeting, August 5-8, Chicago, IL 20739, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  2. Charles P. Himmelberg & R. Glenn Hubbard & Inessa Love, 2002. "Investment, protection, ownership, and the cost of capital," Research series 200205-6, National Bank of Belgium. [Downloadable!]
  3. Laurila, Juhani & Singh, Rupinder, 2000. "Sequential reform strategy: The case of Azerbaijan," BOFIT Discussion Papers 8/2000, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
  4. Paolo Buccirossi & Giancarlo Spagnolo, 2005. "Leniency Policies and Illegal Transactions," Discussion Papers 74, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
    Other versions:
  5. Paolo Buccirossi & Giancarlo Spagnolo, 2000. "Counterproductive Leniency Programs Against Corruption," Econometric Society World Congress 2000 Contributed Papers 1311, Econometric Society. [Downloadable!]
  6. Susan J. Linz, 2002. "Barriers to Investment by Russian Firms: Property Protection or Credit Constraints?," William Davidson Institute Working Papers Series 469, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  7. Hartarska, Valentina, 2002. "Investment in Young and Established Microenterprises in Russia," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24857, European Association of Agricultural Economists. [Downloadable!]
  8. Daniel Berkowitz & David DeJong, 2001. "Entrepreneurship and Post-Socialist Growth," William Davidson Institute Working Papers Series 406, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
    Other versions:
  9. Groh, Alexander P., 2009. "Private equity in emerging markets," IESE Research Papers D/779, IESE Business School. [Downloadable!]
  10. Abhinay Muthoo, 2000. "On the Foundations of Basic Property Rights, Part I: A Model of the State-of-Nature with Two Players," Econometric Society World Congress 2000 Contributed Papers 0471, Econometric Society. [Downloadable!]
    Other versions:
  11. 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!]
    Other versions:
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This page was last updated on 2009-12-1.

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