In this paper we investigate to what extent firm investment in transition countries is sensitive to internal finance. We use accounts data of over 4000 companies in four countries at different stages of transition. We find that firms in Bulgaria and Romania are less sensitive to internal...

The new individual farmers face the necessity to decide on how much of their assets should be allocated to the individual farm, i.e. what should be the size and scale of operation. Starting from the Jovanovic's (1982) learning model we develop a theory an implication of which is that individual...

This study integrates theoretical and empirical models to facilitate understanding of human obesity and the factors contributing to rising obesity in Russia during the transition from a planned to a market economy. Recent individual level data from the Russian Longitudinal Monitoring Survey for...

The paper reviews and interprets capital structure theory in a stylized way and explains the conceptual issues, consequences, and implications for financial management. Firms face an uncertain world that does not co-operate with many of the assumptions of the theory. Specific attention is paid...

This paper examines determinants of the agrarian structure in transition economies with an emphasis on the role of rural households’ human capital. Farm restructuring has resulted in a broad range of farm types, such as co-operatives, partnerships, individual farms and combinations of them. In...

The purpose of this paper is to put into an appropriate theoretical frame the rural development issues in enlarging Europe and to analyse the rural development perspectives in the European Union (EU) accession countries. Based on comparisons of developments in the Common Agricultural Policy...

Achieving optimal diversity at community level is a key in solving the rural development problem. In this essay rural development at community level and the impact of Common Agricultural Policy (CAP) reforms are analyzed in the framework of privately provided public goods models. It is shown...

Accession of Bulgaria to the European Union is expected to result in increases in the prices of all types of real estate, these changes are expected to differ across the segments of the national real estate market. Real estate prices have been inXuenced primarily by local demand, government...

This paper reviews and interprets existing information and transaction costs theories of firm organization and entrepreneur’s role in order to provide a consistent explanation of the farm-sector dynamics in former communist countries. Important determinants of farm restructuring are economic...

Recent technological advances both on the farm and in the lab have made farming more independent form nature than ever before. Arguably, the new and accessible technologies are helping us to better understand and "manage" nature and thus for first time in history farming is becoming as any other...