Enterprise Financing in the Context of Macroeconomic Instability. Evidence from CEE Countries

Through this paper we aim to identify the main obstacles faced by the enterprises when taking the financing decisions in the context of the present macroeconomic instability at the European Union level. The easy access to finance is important for enterprises, because it conditions their creation, survival and development and, eventually, the economic growth and the creation of workplaces. For this purpose we analyze enterprises from seven emerging countries in Central and Eastern Europe (Bulgaria, Estonia, Latvia, Lithuania, Poland, Romania and Hungary). Using multiple linear regression models we want to observe the changes that appear in the use of various sources of financing as a result of modification of the main macroeconomic factors from each analyzed country. The results show that the changes in the chosen macroeconomic variables have a significant influence on the financing decision of the analyzed companies causing significant changes.