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Objectives and constraints of entrepreneurs: evidence from small and medium-sized enterprises in Russia and Bulgaria

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  • Francesca Pissarides

    (European Bank for Reconstruction and Development)

  • Miroslav Singer

    (Expandia and CERGE-EI)

  • Jan Svejnar

    (University of Michigan and CERGE-EI)

Abstract

We analyse the principal objectives and constraints of small and medium-sized enterprises (SMEs), using data from a survey of 437 owners and 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 and the SMEs use internal finance as a fall-back option. Our econometric analysis indicates that characteristics of the entrepreneur, firm and the firm’s environment are important but varying determinants of which constraints are identified as the most important ones. Our results also suggest that the nature of disruption of are identified as the most important ones. Our results also suggest that the nature of disruption of production and of the financial constraints after the fall of central planning was more ubiquitous and allencompassing in Russia than in Bulgaria.

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Bibliographic Info

Paper provided by European Bank for Reconstruction and Development, Office of the Chief Economist in its series Working Papers with number 59.

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Length: 27 pages
Date of creation: Nov 2000
Date of revision:
Handle: RePEc:ebd:wpaper:59

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Keywords: small and medium-sized enterprises; transition; firm constraints;

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