کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1018463 940347 2011 6 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Institutional environment and firms' sources of financial capital in Central and Eastern Europe
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
پیش نمایش صفحه اول مقاله
Institutional environment and firms' sources of financial capital in Central and Eastern Europe
چکیده انگلیسی

The external business environment is a major determinant of which sources firms select to obtain financial capital. We examine how the regulatory, political, and financial dimensions of the institutional environment influence the extent to which firms rely on informal sources of financial capital. The analyses of data from 2869 firms in twenty-six transition economies in Central and Eastern Europe (CEE) indicate that ineffective regulatory system, underdeveloped financial system, and government corruption are strong determinants of firms' reliance on informal channels for financial capital. We also find that smaller firms are more vulnerable when the local financial system is underdeveloped and the regulatory institutions are less effective in these transition economies. A subgroup analysis of firms' forms of establishment shows that private firms are sensitive to the level of development of the local financial system and state-owned enterprises are particularly sensitive to the degree of corruption.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Business Research - Volume 64, Issue 4, April 2011, Pages 371–376
نویسندگان
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