Enterprise Adjustment and the Role of Bank Credit in Russia: Evidence from a 420 Firm's Qualitative Survey
AbstractThis paper is based on a 1996 industrial survey of 420 Russian firms' actual position, as opposed to their expectations and declared intentions. Factor analysis and ordered Probit techniques are used to test relationships between the various responses. The main conclusions are: 1) profit depends upon real productive performances, and, to a lesser extent, on financial discipline; 2) the demand for credit comes mainly from the worst-off firms or those already indebted; 3) the actual distribution of bank credit is allocated mostly to distressed firms, with poor performance and weak financial position.
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Bibliographic InfoPaper provided by CEPII research center in its series Working Papers with number 1999-06.
Date of creation: Apr 1999
Date of revision:
finance; Credit; adjustment; multiple choice analysis;
Other versions of this item:
- Sophie Brana & Mathilde Maurel & J�r�me Sgard, 1999. "Enterprise Adjustment and the Role of Bank Credit in Russia: Evidence from a 420 Firms Qualitative Survey," Comparative Economic Studies, Palgrave Macmillan, vol. 41(4), pages 47-69, December.
- G30 - Financial Economics - - Corporate Finance and Governance - - - General
- L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
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