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

Author

Listed:
  • Valentijn Bilsen
  • Elena Mitina

Abstract

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.

Suggested Citation

  • Valentijn Bilsen & Elena Mitina, 1999. "Financing Firm Start-up and Restructuring in Transition Countries: Evidence from Belarus, the Ukraine and Russia," Working Papers wp150, Centre for Business Research, University of Cambridge.
    • Handle: RePEc:cbr:cbrwps:wp150
    Note: PRO-1
    as

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    References listed on IDEAS

    as
    1. 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.
    2. 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.
    3. Cressy, Robert, 1996. "Are Business Startups Debt-Rationed?," Economic Journal, Royal Economic Society, vol. 106(438), pages 1253-1270, September.
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    5. Douglas Holtz-Eakin & David Joulfaian & Harvey S. Rosen, 1994. "Entrepreneurial Decisions and Liquidity Constraints," RAND Journal of Economics, The RAND Corporation, vol. 25(2), pages 334-347, Summer.
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    7. Lindh, T. & Ohlsson, H., 1995. "Self-Employment and Self-Financing," Papers 1995-01, Uppsala - Working Paper Series.
    8. 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.
    9. Valentijn Bilsen & P Van Maldegem, 1999. "Foreign Direct Investment and Enterprise Performance in Transition Countries: Evidence from Russia and Ukraine," Working Papers wp144, Centre for Business Research, University of Cambridge.
    10. repec:bla:kyklos:v:48:y:1995:i:4:p:513-40 is not listed on IDEAS
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    13. 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 808-827, August.
    14. Binks, Martin R & Ennew, Christine T, 1996. "Growing Firms and the Credit Constraint," Small Business Economics, Springer, vol. 8(1), pages 17-25, February.
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    Citations

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    Cited by:

    1. László Szerb & Gábor Rappai & Zsolt Makra & Siri Terjesen, 2007. "Informal Investment in Transition Economies: Individual Characteristics and Clusters," Small Business Economics, Springer, vol. 28(2), pages 257-271, March.
    2. Warzynski, Frederic, 2003. "Managerial change, competition, and privatization in Ukraine," Journal of Comparative Economics, Elsevier, vol. 31(2), pages 297-314, June.

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    More about this item

    Keywords

    finance; entrepreneurship; CIS countries; survey; firm behaviour;
    All these keywords.

    JEL classification:

    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance
    • P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior

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