The paper argues that networked firms are likely to have an advantage in securing external finance in countries with weak legal and judicial institutions since it helps financial institutions to minimize the underlying agency costs of lending. An analysis of recent BEEPS data from fifteen...

The paper argues that the networked firms have an advantage in securing bank finance in countries with weak legal and judicial institutions. An analysis of recent BEEPS data from sixteen CEE transition countries lends some support to this hypothesis. Firms affiliated to business associations are...

Ten years into the transition, newly emerging private enterprises in transition economies, usually described as small and medium-sized enterprises (SMEs) in the international context, have come to play an increasingly important role as the driving engines of economic growth and employment...

Das vorliegende Buch untersucht die Finanzierung neuer Privatunternehmen in den Transformationsländern. Im Mittelpunkt stehen dabei kleine und mittelständische Unternehmen und ihre Möglichkeiten auf den Kapitalmärkten. Ob und in welchem Umfang der Staat diesen Unternehmen durch Kredite und...