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Surse de finantare a investitiilor intreprinderilor central si est europene: aspecte comparative si factori de impact - Sources of Funding Business Investments in Central and Eastern European Countries: Comparative Aspects and Impact Factors (Romanian version)


  • Lecturer Ph.D. Mihaela DIACONU

    () (Faculty of Economy within „Petre Andrei” University from Iasi)


In this paper I analyze the proportions of capital formation for financing investments of the enterprises that operate in several countries in Central and Eastern Europe: Bulgaria, Czech Republic, Poland, Romania, Slovakia, Slovenia and Hungary, using Enterprise Surveys data recently compiled by the World Bank. The statistical analysis, taking into account the firms size, in 2005 and 2009, reflects mainly the usage of internal resources, more tnan 45%, to finance investments in all countries. Loans are another important source for funding, but the proportion does not exceed 40%. The equity funds are the least practiced for financing investments. Such ratios for financing investment are consistent with the peckong-order theory of financial structure, emphasizing the low cost of self-financing, followed by the loans, respectively, by the new contributions from shareholders.

Suggested Citation

  • Lecturer Ph.D. Mihaela DIACONU, 2011. "Surse de finantare a investitiilor intreprinderilor central si est europene: aspecte comparative si factori de impact - Sources of Funding Business Investments in Central and Eastern European Countrie," Logos Universalitate Mentalitate Educatie Noutate - Sectiunea Stiinte Economice si Administrative/ Logos Universality Mentality Education Novelty - Section: Economical and Administrative Sciences, Editura Lumen, Department of Economics, vol. 1, pages 103-116, February.
  • Handle: RePEc:lum:rev14e:v:1:y:2011:i::p:103-116

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    References listed on IDEAS

    1. Dewatripont, Mathias & Legros, Patrick, 2005. "Public-private partnerships: contract design and risk transfer," EIB Papers 5/2005, European Investment Bank, Economics Department.
    2. Eva I. Hoppe & Patrick W. Schmitz, 2013. "Public-private partnerships versus traditional procurement: Innovation incentives and information gathering," RAND Journal of Economics, RAND Corporation, vol. 44(1), pages 56-74, March.
    3. Tahir Nisar, 2007. "Risk Management in Public–Private Partnership Contracts," Public Organization Review, Springer, vol. 7(1), pages 1-19, March.
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    More about this item


    enterprise; structure of financing investments; internal funds; long-term loans; interest rate; theories of financial structure; cost of capital.;

    JEL classification:

    • A23 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Graduate
    • F2 - International Economics - - International Factor Movements and International Business


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