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Corporate Debt Maturity Choice in Transition Financial Markets

Stephan, Andreas; Talavera, Oleksandr; Tsapin, Andriy - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008

This paper investigates the determinants of liability maturity choice in transition markets. We formulate a model of firm value maximization that describes managers' choice of optimal debt structure. The theoretical predictions are tested using a unique panel of 4,300 Ukrainian firms during the...

Persistent link: https://www.econbiz.de/10004963773

Persistence and Determinants of Firm Profit in Emerging Markets

Stephan, Andreas; Tsapin, Andriy - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008

The paper studies the persistence of profit and its determinants in emerging markets. We apply Markov chain analysis … empirical results show a moderate level of profit persistence, as well as a relatively low speed of adjustment to the steady …-state profit level, thus providing no support for the hypothesis that there is a lower persistence of profits in emerging markets …

Persistent link: https://www.econbiz.de/10004963898

Foreign Bank Presence and Its Effect on Firm Entry and Exit in Transition Economies

Havrylchyk, Olena - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010

This study investigates the impact of foreign bank penetration in Central and Eastern Europe on firm entry. We demonstrate that the acquisition of domestic banks by foreign investors has led to reduced firm creation, smaller average size of entrants and increased firm exit in opaque industries...

Persistent link: https://www.econbiz.de/10010783951

The Impact of Risk Attitudes on Entrepreneurial Survival

Caliendo, Marco; Fossen, Frank M.; Kritikos, Alexander S. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008

Risk attitudes have an impact on not only the decision to become an entrepreneur but also the survival and failure rates of entrepreneurs. Whereas recent research underpins the theoretical proposition of a positive correlation between risk attitudes and the decision to become an entrepreneur,...

Persistent link: https://www.econbiz.de/10004963639

Venture Capital versus Bank Financing in Innovative German Firms

Schäfer, Dorothea; Talavera, Oleksandr; Zimmermann, Volker - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007

The paper investigates young firms' choice of capital source. Our theoretical model hypothesizes a positive (negative) relation between riskiness of the project (price of venture capital) and receiving informed equity. We test our predictions by employing a unique data set collected by KfW...

Persistent link: https://www.econbiz.de/10004963653

"I Want to, But I also Need to": Start-Ups Resulting from Opportunity and Necessity

Caliendo, Marco; Kritikos, Alexander S. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009

When unemployed persons go into business, they often are characterized as necessity entrepreneurs, because push factors, namely their unemployment, likely prompted their decision. In contrast to this, business founders who have been previously employed represent opportunity entrepreneurs because...

Persistent link: https://www.econbiz.de/10008543460

Is Entrepreneurial Success Predictable?: An Ex-ante Analysis of the Character-Based Approach

Caliendo, Marco; Kritikos, Alexander S. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007

This paper empirically analyzes whether the character-based approach, which is based on the personality structure and the human capital of business founders, allows prediction of entrepreneurial success. A unique data set is used consisting of 414 previously unemployed persons whose personal...

Persistent link: https://www.econbiz.de/10005068664

Businesswomen in Germany and Their Performance by Ethnicity: It Pays to Be Self-Employed

Constant, Amelie - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008

In this paper I assert that the entrepreneurial spirit can also exist in salaried jobs. I study the determinants of wages and the labor market success of two kinds of entrepreneurial women in Germany - self-employed and salaried businesswomen - and investigate whether ethnicity is important in...

Persistent link: https://www.econbiz.de/10005068678

Informed Capital in a Hostile Environment: The Case of Relational Investors in Germany

Schäfer, Dorothea; Schilder, Dirk - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006

Informed capital is a crucial ingredient to a well-functioning market for start-up finance, especially in times of difficult market conditions. For bank-based systems, the question regarding which investors actually supply informed capital has not yet been answered. To fill this gap, we conduct...

Persistent link: https://www.econbiz.de/10005068684

What Makes an Entrepreneur and Does It Pay?: Native Men, Turks, and Other Migrants in Germany

Constant, Amelie; Shachmurove, Yochanan; Zimmermann, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2003

This paper focuses on the entrepreneurial endeavors of immigrants and natives in Germany. We pay closer attention to Turks, since they are the largest immigrant group with a strong entrepreneurial tradition, and the self-employed Turks in Germany represent about 70% of all Turkish entrepreneurs...

Persistent link: https://www.econbiz.de/10005068701