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| Author: | Masso, J. |
| Title: | Financing constraints as determinants of the investment behaviour of Estonian firms |
| Journal: | Baltic journal of economics
2002 : VOL. 3:1, p. 8-30 |
| Index terms: | Finance Investments Companies Small business Transition economies Baltic countries Estonia Europe |
| Freeterms: | SME |
| Language: | eng |
| Abstract: | The main obstacle of making profitable investments in transition economies is lack of financing. This paper investigates whether there is underinvestment due to financing constraints in Estonian manufacturing firms. Firm level panel data btw. 1995 and 1998 is used. The existence of liquidity constraints is tested with estimating regression coefficients of inside-firm financing from reduced form investment regressions and using the investment Euler equation. Results show among others that internal finance played bigger role for investments made by small firms and firms owned by domestic capital. |
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