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An Empirical Examination of Firms' Financing Conditions in Transition Countries

Volz, Ulrich

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Abstract

The paper uses survey data to analyse the financing conditions of firms in transition countries. The results show that small firms have considerably more problems with access to and cost of finance than larger firms. Small firms also display markedly different financing patterns than large firms, relying to a much greater extent on internal financing sources and less on bank credit or other sources of formal finance than large firms. To examine the determinants of access to and cost of finance the survey data are combined with macro and financial variables in an ordered logit model. The results indicate that a heavy reliance on foreign and state-owned banks has adverse effects on the average firm’s financing condition.

Citation

Volz, U. (2011). An Empirical Examination of Firms' Financing Conditions in Transition Countries. The international journal of emerging and transition economies, 3(1-2), 167-193

Journal Article Type Article
Publication Date Jan 1, 2011
Deposit Date Apr 16, 2013
Publicly Available Date Mar 12, 2025
Print ISSN 1308-2701
Peer Reviewed Peer Reviewed
Volume 3
Issue 1-2
Pages 167-193
Keywords Access to and Cost of Finance, SME Finance, Transition Countries
Publisher URL https://dergipark.org.tr/en/pub/deuijete/issue/4617/63003
Related Public URLs http://dergipark.ulakbim.gov.tr/deuijete/article/viewFile/5000033917/5000033823

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