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Financing Firm Start-up and Restructuring in Transition Countries: Evidence from Belarus, the Ukraine and Russia

  • Valentijn Bilsen
  • Elena Mitina
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    Investigates how entrepreneurs in Belarus, Russia and Ukraine finance start-up and restructuring. Data from 600 de novo, privatised or state-owned firms shows the critical importance of the personal funds of the main owner(s), with a limited level of support being giving by the state.

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    File URL: http://www.cbr.cam.ac.uk/pdf/WP150.pdf
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    Paper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp150.

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    Date of creation: Dec 1999
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    Handle: RePEc:cbr:cbrwps:wp150
    Note: PRO-1
    Contact details of provider: Web page: http://www.cbr.cam.ac.uk/

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    1. Blanchflower, David G. & Oswald, Andrew J., 2007. "What Makes a Young Entrepreneur?," IZA Discussion Papers 3139, Institute for the Study of Labor (IZA).
    2. Cornelli, F. & Portes, R. & Schaffer, M., 1996. "The Capital Structure of Firms in Central and Eastern Europe," DELTA Working Papers 96-05, DELTA (Ecole normale supérieure).
    3. Valentijn Bilsen & P Van Maldegem, 1999. "Foreign Direct Investment and Enterprise Performance in Transition Countries: Evidence from Russia and Ukraine," ESRC Centre for Business Research - Working Papers wp144, ESRC Centre for Business Research.
    4. Leijonhufvud, Axel & Ruhl, Christof, 1997. "Russian Dilemmas," American Economic Review, American Economic Association, vol. 87(2), pages 344-48, May.
    5. Andrzej Bratkowski & Irena Grosfeld & Jacek Rostowski, 2000. "Investment and Finance in "de novo" private firms: Empirical Results from the Czech Republic, Hungary and Poland," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(1), pages 101-116, March.
    6. Brito, Paulo & Mello, Antonio S., 1995. "Financial constraints and firm post-entry performance," International Journal of Industrial Organization, Elsevier, vol. 13(4), pages 543-565, December.
    7. Hans Van Zon, 1998. "The Mismanaged Integration of Zaporizhzhya with the World Economy: Implications for Regional Development in Peripheral Regions," Regional Studies, Taylor & Francis Journals, vol. 32(7), pages 607-618.
    8. Dunne, Timothy & Roberts, Mark J & Samuelson, Larry, 1989. "The Growth and Failure of U.S. Manufacturing Plants," The Quarterly Journal of Economics, MIT Press, vol. 104(4), pages 671-98, November.
    9. Cressy, Robert, 1996. "Are Business Startups Debt-Rationed?," Economic Journal, Royal Economic Society, vol. 106(438), pages 1253-70, September.
    10. Holtz-Eakin, D. & Joulfaian, D. & Rosen, H.S., 1992. "Entrepreneurial Decisions and Liquidity Constraints," Papers 129, Princeton, Department of Economics - Financial Research Center.
    11. Lubomir Lizal & Jan Svejnar, 1997. "Enterprise Investment During the Transition: Evidence from Czech Panel Data," William Davidson Institute Working Papers Series 60, William Davidson Institute at the University of Michigan.
    12. Evans, David S & Jovanovic, Boyan, 1989. "An Estimated Model of Entrepreneurial Choice under Liquidity Constraints," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 808-27, August.
    13. Binks, Martin R & Ennew, Christine T, 1996. " Growing Firms and the Credit Constraint," Small Business Economics, Springer, vol. 8(1), pages 17-25, February.
    14. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    15. Van Praag, C Mirjam & Van Ophem, Hans, 1995. "Determinants of Willingness and Opportunity to Start as an Entrepreneur," Kyklos, Wiley Blackwell, vol. 48(4), pages 513-40.
    16. K Liuhto, 1999. "The Transformation of the Soviet Enterprise and its Management: A Literature Review," ESRC Centre for Business Research - Working Papers wp146, ESRC Centre for Business Research.
    17. Lindh, T. & Ohlsson, H., 1995. "Self-Employment and Self-Financing," Papers 1995-01, Uppsala - Working Paper Series.
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