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Objectives and Constraints of Entrepreneurs: Evidence from Small and Medium-Size Enterprises in Russia and Bulgaria

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Author Info
Pissarides, Francesca
Singer, Miroslav
Svejnar, Jan

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Abstract

We analyse the principal objectives and constraints of small and medium enterprises (SMEs), using data from a survey of 437 top managers (CEOs) of SMEs in Russia and Bulgaria. The CEOs display similar views and identify a small number of specific constraints as being the most important ones. The constraint on external financing is a particularly serious one, while payments for licenses or government services (insecure property rights) are not. Our analysis indicates that characteristics of the entrepreneur, the firm and the firm’s environment are important but determinants of which constraints are most important vary. The nature of both the disruption of production and the financial constraints after the fall of planning also appears to have been more ubiquitous in Russia than in Bulgaria.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 4142.

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Date of creation: Dec 2003
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Handle: RePEc:cpr:ceprdp:4142

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Find related papers by JEL classification:
D20 - Microeconomics - - Production and Organizations - - - General
G30 - Financial Economics - - Corporate Finance and Governance - - - General
L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
L50 - Industrial Organization - - Regulation and Industrial Policy - - - General
P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General

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