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Investment, Credit Rationing and the Soft Budget Constraint: Evidence from Czech Panel Data

Lizal, Lubomir; Svejnar, Jan - 2001

Strategic restructuring of firms through investment is key to a transition from plan to market. Using data on … rationed. Given the large volume of non-performing bank loans to firms and the high rate of investment of large state owned and …

Persistent link: https://www.econbiz.de/10009477243

Investment, Efficiency, and Credit Rationing: Evidence from Hungarian Panel Data

Maurel, Mathilde - 2001

simultaneously TFP, Total Factor Productivity, identified as efficiency, and the parameters of a model where investment depends upon … internal funds, wages, and sales, as in Prasnikar J. and Svejnar J. (2000). It shows that while real investment is higher in … foreign firms, the improvement in efficiency due to investment is significantly higher in Hungarian domestic firms. We test …

Persistent link: https://www.econbiz.de/10009477514

Ownership Characteristics and Access to Finance: Evidence from a Survey of Large Privatised Companies in Hungary and Poland

Isachenkova, Natalia; Mickiewicz, Tomasz - 2004

We examine financial constraints and forms of finance used for investment, by analysing survey data on 157 large … assets as appropriate types of finance for their investment programmes. Preferences for raising finance in the form of equity …

Persistent link: https://www.econbiz.de/10009476697

Investment Financing in Russian Financial-Industrial Groups

Perotti, Enrico C.; Gelfer, Stanislav - 1998

We study whether Russian Financial-Industrial Groups facilitate access by Russian firms to investment finance. We … control set of large firms categorized by dispersed ownership or/and management and employee control. We find that investment … reallocation hide opportunistic value transfer across firms. Specifically, we assess the quality of the investment process in group …

Persistent link: https://www.econbiz.de/10009477477

Investment and Finance in De Novo Private Firms: Empiracal Results from the Czech Republic, Hungary and Poland

Bratkowski, Andrzej; Grosfeld, Irena; Rostowski, Jacek - 1999

In this paper we use a survey of 281 Czech, Hungarian and Polish newly established small private firms in order to shed some light on the constrains these firms face in the credit market. The results of our survey show that imperfections in capital markets in Central European economies do not...

Persistent link: https://www.econbiz.de/10009477534

Financial Discipline in the Enterprise Sector in Transition Countries: How Does China Compare?

Shumei; Shumei - 1998

This paper makes some selective comparisons of the empirical evidence relating to financial discipline and soft budget constraints in the enterprise sector in China and the transition countries of Central and Eastern Europe and the former Soviet Union (CEEFSU). The paper finds that: (1) in both...

Persistent link: https://www.econbiz.de/10009476838

Ownership Versus Environment: Why are Public Sector Firms Inefficient?

Bartel, Ann P.; Harrison, Ann E. - 1999

In this paper, we disentangle the sources of public sector inefficiency using 1981-1995 panel data on manufacturing firms in Indonesia. We consider two leading hypotheses: (1) public sector enterprises are inefficient due to agency-type problems or (2) public sector enterprises are inefficient...

Persistent link: https://www.econbiz.de/10009477029

Three Essays on China's Economic Reform

Li, Lixing - 2008

This dissertation contains three essays. In Chapter 2, I investigate the causal factors of the soft budget constraint (SBC) problem. Based on a panel dataset from a survey of Chinese enterprises, the test results support the policy burden hypothesis but not the ownership hypothesis. The findings...

Persistent link: https://www.econbiz.de/10009450902

The Economic Case for Fiscal Federalism in Scotland

MacDonald, Ronald; Hallwood, Paul - 2004

In this paper we consider the case for assigning tax revenues to Scotland, by which we mean that taxes levied on Scottish tax bases should be returned to the Scottish budget. The budget, however, would continue to be supplemented by transfers from the Westminster budget. This arrangement differs...

Persistent link: https://www.econbiz.de/10009430062

The Aggregate Dynamics of Capital Structure and Macroeconomic Risk

Bhamra, Harjoat S.; Kuehn, Lars-Alexander; Strebulaev, … - 2008

We study the impact of time-varying macroeconomic conditions on optimal dynamic capital structure and the aggregate dynamics of firms in a cross-section. Our structural-equilibrium framework embeds a contingent-claim corporate financing model within a standard consumption-based asset- pricing...

Persistent link: https://www.econbiz.de/10009441273

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