Advanced Search
MyIDEAS: Login to save this paper or follow this series

Finance and Investment in Transition: Czech Enterprises, 1993-1994


Author Info

  • Ronald Anderson and Chantal Kegels
  • Ronald Anderson and Chantal Kegels
Registered author(s):


    We use enterprise data to study the determinants of investment in Czech industry during the period from 1993 through 1994, a period when the transition toward a market economy was rapidly gaining momentum. We investigate accelerator type models modified to include financial variables intended to reflect the possibility of credit rationing. Overall, we find that finance is an important determinant of investment for firms in a transition economy. In particular we find that de novo private firms and firms privatized early invested heavily during 1993 and that they were financially constrained in 1993 and even more so in 1994. In contrast, state owned enterprises including those that were privatized in the course of 1994 invested relatively little in 1993 and were less financially constrained in 1994 than in 1993. This evidence is consistent with a pattern that state owned enterprises were placed under financial discipline relatively early in the Czech transition and that their financial access improved with the approach of their privatization.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL:
    Download Restriction: no

    Bibliographic Info

    Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number 164.

    as in new window
    Length: pages
    Date of creation: 01 Sep 1997
    Date of revision:
    Handle: RePEc:wdi:papers:1997-164

    Contact details of provider:
    Postal: 724 E. University Ave, Wyly Hall 1st Flr, Ann Arbor MI 48109
    Phone: 734 763-5020
    Fax: 734 763 5850
    Web page:
    More information through EDIRC

    Related research


    This paper has been announced in the following NEP Reports:


    No references listed on IDEAS
    You can help add them by filling out this form.


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as in new window

    Cited by:
    1. Hartarska, Valentina M., 2001. "Investments And Property Rights In Russia: Evidence From Small Firms In Samara," 2001 Annual meeting, August 5-8, Chicago, IL, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 20739, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Hartarska, Valentina M., 2002. "Investment in Young and Established Microenterprises in Russia," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain, European Association of Agricultural Economists 24857, European Association of Agricultural Economists.
    3. Anthony Bende-Nabende & Jim Slater, 2003. "Private capital formation: Short- and long-run crowding-in (out) effects in ASEAN, 1971-99," Economics Bulletin, AccessEcon, vol. 3(28), pages 1-16.


    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.


    Access and download statistics


    When requesting a correction, please mention this item's handle: RePEc:wdi:papers:1997-164. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Laurie Gendron).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.