J. David Brown (Heriot-Watt University and CEU Labor Project) John S. Earle () (W.E. Upjohn Institute for Employment Research and Central European University) Dana Lup (CEU Labor Project and University of Chicago)
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Although the development of a new private sector is generally considered crucial to economic transition and development, there has been little empirical research on the determinants of startup firm growth. This paper uses panel data techniques to analyze a survey of 297 new s small enterprises in Romania containing detailed information from the startup date through 2001. We find strong evidence that access to external finance (loans) increases the growth of both employment and sales. Taxes appear to constrain growth. There is some evidence that entrepreneurial skills increase growth, but only weak evidence for the effectiveness of technical assistance, and only when it is provided by foreign partners or international agencies. A wide variety of alternative measures of the business environment (contract enforcement, property rights, and corruption) are tested, but are found to have little or no association with firm growth.
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Paper provided by W.E. Upjohn Institute for Employment Research in its series Staff Working Papers with number
03-94.
Length: Date of creation: May 2003 Date of revision: Handle: RePEc:upj:weupjo:03-94
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Find related papers by JEL classification: M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment O19 - Economic Development, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations P26 - Economic Systems - - Socialist Systems and Transition Economies - - - Political Economy
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Simon Johnson & John McMillan & Christopher Woodruff, 2002.
"Property Rights and Finance,"
NBER Working Papers
8852, National Bureau of Economic Research, Inc.
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