Tags → firm
- Theory of the Firm under Uncertainty: Financing, Attitude to Risk and Output Behavior
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May 15, 2007 09:51
The paper examines the risk behavior of a competitive firm under price uncertainty.
- Financial Accelerator Effects in the Balance Sheets of Czech Firms
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May 15, 2007 09:51
This paper examines a financial accelerator hypothesis analyzing the determinants of firm-level interest rates.
- Bankruptcy in Russia: External Management Performance
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May 15, 2007 09:53
The paper examines the performance of the external management procedure on the data set from the arbitration court of the Udmurt Republic and the unique data set of politically connected firms that went bankrupt 1995–2004 in Russia.
- Firm-paid vs. worker-paid on-the-job training in Russia: Determinants and returns
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May 15, 2007 09:53
Main objective of this research was to study the factors that affect incentives of firms and workers to invest into employee training in Russia.
- Relative property rights in transition economies: Can the oligarchs be productive
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May 15, 2007 09:53
The paper examines how ownership affects enterprise performance, focusing on how oligarchs— the politically and economically strong conglomerates — affect the firms they own.
- Do Institutions, Ownership, Exporting and Competition Explain Firm Performance? Evidence from 26 Transition Countries
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May 15, 2007 09:53
This paper carries out an econometric analysis of a large firm-level survey dataset that includes measures of performance, structural variables related to ownership, competition and export orientation, and each firm’s top manager’s perception of the business environment that his/her firm faces.
- The dynamic adjustment towards target capital structures of firms in transition economies
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May 15, 2007 09:54
This paper studies the capital structure dynamics of central and eastern European firms to better understand the quantitative and qualitative development of financial systems in this region. The dynamic model used endogenises the target leverage as well as the adjustment speed towards these targets. It is applied to microeconomic data for 10 countries. We find that during the transition process firms generally increased their leverage, lowering the gap between actual and target leverage. Profitability and age of firms are the most robust determinants of their capital structure targets. Older firms attract more bank debt, whereas profitability decreases firms’ leverage targets. While banking system development has in general enabled firms to get closer to their leverage targets, information asymmetries between firms and banks are still important. As a result, firms prefer internal finance above bank debt (pecking order behaviour) and adjust leverage only slowly.
- Trust in transition: cross-country and firm evidence
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May 15, 2007 09:54
This paper uses data from a large survey of firms across 26 transition countries to examine the determinants of trust in the transition process. We first introduce a new measure of trust between firms: the level of prepayment demanded by suppliers from their customers in advance of delivery. Using this new measure, we confirm earlier findings that trust is higher where firms have confidence in third party enforcement through the legal system. However, the fairness and honesty of the courts are more important determinants of inter-firm trust than the courts’ efficiency or ability to enforce decisions.
- Bank performance in transition economies
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May 15, 2007 09:54
This paper examines the performance of 515 banks in 16 transition economies for the years 1994-99 based on their public financial accounts. We first examine lending behaviour and probability distribution of bank profitability to determine whether these banks exhibit behaviour and performance associated with excessive risk-taking. While we do not find evidence of excessive risk-taking on average where there is significant progress in banking and related enterprise reforms, there may be a minority of poorly capitalised banks that do take excessive risks, particularly where progress in reform is less advanced.
- Competition and enterprise performance in transition economies: evidence from a cross-country survey
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May 16, 2007 14:41
This paper uses a survey of 3,300 firms in 25 transition countries to shed light on the factors that influence restructuring by firms and their subsequent performance as measured by growth in sales and in sales per employee over a three-year period. We begin by surveying what a decade of transition has taught us about the factors that determine how firms respond to the new market environment. We go on to analyse the impact on performance of ownership, soft budget constraints, the general business environment and a range of measures of the intensity of competition as perceived by a firm.
- Objectives and constraints of entrepreneurs: evidence from small and medium-sized enterprises in Russia and Bulgaria
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May 16, 2007 14:41
The paper analyses the principal objectives and constraints of small and medium-sized enterprises (SMEs), using data from a survey of 437 owners and top managers (CEOs) of SMEs in Russia and Bulgaria. The CEOs display similar views and identify a small number of specific constraints as being the most important ones. The constraint on external financing is a particularly serious one and the SMEs use internal finance as a fall-back option.
- Intervention, corruption and capture: the nexus between enterprises and the state
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May 16, 2007 14:41
We study the nexus between enterprises and the state in transition countries, using new enterprise survey data. We examine the quality of governance, state intervention in enterprise decision-making, state benefits to firms and corruption payments.
- Taxes, competition and finance for Albanian enterprises: evidence from a field study
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May 16, 2007 14:41
This paper analyses the results from a survey conducted in 1999 of more than 100 enterprises in Albania. The main finding of the survey is that registered businesses regard competition from the informal sector as the most important problem they face in doing business. Unregistered firms have a significant advantage because they are able to evade the relatively high tax burden.
- Measuring governance and state capture: the role of bureaucrats and firms in shaping the business environment
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November 23, 2007 11:45
This paper summarises the results of the Business Environment and Enterprise Performance Survey BEEPS) across 20 transition economies, providing an assessment of governance and corruption from the perspective of firms. The BEEPS is part of the global World Business Environment Survey being carried out by the World Bank.
- Barter and non-monetary transactions in transition economies: Evidence from a cross-country survey
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November 23, 2007 11:48
This paper reports the findings of a survey of more than 3,000 firms in 20 transition countries. It shows that barter and other non-monetary transactions (including the use of bills of exchange, debt swaps, barter chains, and the redemption of debt in goods) are an important phenomenon in Russia and Ukraine. Contrary to what is commonly believed, they are not negligible in central and eastern Europe.
- Law and finance in transition economies
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November 23, 2007 11:53
This paper offers a first comprehensive analysis of legal change in shareholder and creditor rights protection in transition economies and its impact on the propensity of firms to raise external finance.
- Entrepreneurs and the ordering of institutional reform: Poland, Romania, Russia, the Slovak Republic and Ukraine compared
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November 23, 2007 11:55
We use survey data to examine new firms in Poland, Romania, Russia, the Slovak Republic and Ukraine. By measures of job growth, security of property and market development, our countries fall into two groups: an advanced group of Poland, Romania and the Slovak Republic, with the Slovak Republic falling somewhat behind the other two; and a backward group of Russia and Ukraine. Macroeconomic stability is not sufficient for private sector growth. A lack of bank finance does not seem to prevent private sector growth. More inhibiting than inadequate finance are insecure property rights.
- Property rights, finance and entrepreneurship
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November 23, 2007 11:56
Is investment constrained more by insecure property rights or by limited external finance? For five transition economies in eastern Europe and the former Soviet Union we find that weak property rights limit the reinvestment of profits in start-up manufacturing firms. Access to credit does not appear to explain differences in investment. At least in the early stages of post-communist reform, retained earnings appear to have been enough to finance the investments that managers wanted to make.
- Why do firms hide? Bribes and unofficial activity after Communism
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November 23, 2007 11:57
Our survey of private manufacturing firms finds the size of hidden “unofficial” activity to be much larger in Russia and Ukraine than in Poland, the Slovak Republic and Romania. A comparison of crosscountry averages shows that managers in Russia and Ukraine face higher effective tax rates, worse bureaucratic corruption, greater incidence of mafia protection, and have less faith in the court system. Our firm-level regressions for the three east European countries find that bureaucratic corruption is significantly associated with hiding output.
- Measuring progress in transition and towards EU accession: a comparison of manufacturing firms in Poland, Romania and Spain
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November 23, 2007 12:35
This paper provides new evidence on progress in transition and the ‘readiness’ of enterprises for accession to the EU using a detailed survey administered to approximately 200 manufacturing firms in each of Poland, Romania and Spain. A major innovation is the use of a market economy and member country of the EU – Spain – as a benchmark against which to measure progress in transition.
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