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| Author: | Hartarska, V. Gonzalez-Vega, C. |
| Title: | What affects new and established firms' expansion? Evidence from small firms in Russia |
| Journal: | Small business economics
2006 : SEP/OCT, VOL. 27, 2-3, p. 195-206 |
| Index terms: | new enterprise small business investment finance property rights Russia |
| Language: | eng |
| Abstract: | This paper provides evidence on the effect of financing constraints (hereafter as: fin-crts.) on the effect of property rights (pr-rgts.) related to business growth. It is found that fin-crts. and pr-rgts. considerations affects differently on investment in firms of different age. Younger firms face higher information costs and their expansion is more dependent on the availability of internal funds than is the expansion of older firms. It is also found that while the financial sector did not channel funds to the most successful businesses, loans were given to firms with more transparent transactions. Results also indicate that the security of pr-rgts. does not influence investment in young firms etc. |
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