Inward FDI and financial constraints in central and east European countries

Emerging Markets Finance and Trade

Volumn 42, Issue 5, 2006, Pages 28-60

  Rutkowski, Aleksander ^a  

^a AARHUS SCHOOL OF BUSINESS   (Denmark)

Author keywords

Business Environment and Enterprise Performance Survey; Financial constraints; Foreign direct investment; Transition economies

Indexed keywords

EID: 33749563104     PISSN: 1540496X     EISSN: None     Source Type: Journal    
DOI: 10.2753/REE1540-496X420502     Document Type: Article

References (45)

1. Acemoglu, D. 2001. "Credit Market Imperfections and Persistent Unemployment." European Economic Review 45, nos. 4-6: 665-679.
2. Aghion, P.; P. Bacchetta; and A. Banerjee. 2004. "Philippe Financial Development and the Instability of Open Economies." Journal of Monetary Economics 51, no. 6: 1077-1106.
3. Akbar, Y.H., and J.B. McBride. 2004. "Multinational Enterprise Strategy, Foreign Direct Investment and Economic Development: The Case of the Hungarian Banking Industry." Journal of World Business 39, no. 1: 89-105.
4. BEEPS II Dataset. 2002. Washington, DC: European Bank for Reconstruction and Development and World Bank (available at www.ebrd.com/pubs/econo/beeps02. dta).
5. BEEPS II Gateway. 2005. "The BEEPS II Interactive Dataset: Enterprise Survey in Transition." Washington, DC: European Bank for Reconstruction and Development and World Bank (available at info.worldbank.org/ governance/beeps2002/).
6. BEEPS II Questionnaire. 2002. "Business Environment and Enterprise Performance Survey Questionnaire." Washington, DC: European Bank for Reconstruction and Development and World Bank (available at www.ebrd.com/pubs/ econo/beepsq02.pdf).
7. Bellak, C. 2004. "How Performance Gaps Between Domestic Firms and Foreign Affiliates Matter for Economic Policy." Transnational Corporations 13, no. 2: 29-55.
8. Blanchard, O., and M. Kremer. 1997. "Disorganization." Quarterly Journal of Economics 112, no. 4: 1091-1126.
9. Bond, S., and C. Meghir. 1994. "Dynamic Investment Models and the Firms Financial Policy." Review of Economic Studies 61, no. 207: 197-222.
10. Budina, N.; H. Garretsen; and E. de Jong. 2000. "Liquidity Constraints and Investment in Transition Economies." Economics of Transition 8, no. 2: 453-475.
11. Buigues, P., and A. Jacquemin. 1994. "Foreign Direct Investment and Exports to the European Union." In Does Ownership Matter? Japanese Multinational Enterprises in Europe, ed. M. Mason and D. Encarnation, pp. 163-204. Oxford: Oxford University Press.
12. Carpenter, R.E., and B.C. Petersen. 2002. "Capital Market Imperfections, High-Tech Investment, and New Equity Financing." Economic Journal 112, no. 477: F54-F72.
13. Danielson, M.G., and J.A. Scott. 2004. "Bank Loan Availability and Trade Credit Demand." Financial Review 39, no. 4: 579-600.
14. Desai, M.A.; C.F. Foley; and J.R. Hines. 2004. "A Multinational Perspective on Capital Structure Choice and Internal Capital Markets." Journal of Finance 59, no. 6: 2451-2487.
15. Eswaran, M., and A. Kotwal. 1990. "Implications of Credit Constraints for Risk Behaviour in Less Developed Economies." Oxford Economic Papers 42, no. 2: 473-482.
16. Feldstein, M. 2001. "Aspekte der weltwirtschaftlichen Integration: Ein Ausblick auf die Zukunft" [Aspects of Global Economic Integration: Outlook for the Future]. Wirtschaftspolitische Blättert 48, no. 1: 3-11.
17. Galetovic, A. 1996. "Specialization, Intermediation, and Growth." Journal of Monetary Economics 38, no. 3: 549-559.
18. Global Market Information Database (GMID). No date. Euromonitor International (available at www.gmid.euromonitor.com).
19. Grossman, G.M., and J.A. Levinsohn. 1989. "Import Competition and the Stock Market Return to Capital." American Economic Review 79, no. 5: 1065-1087.
20. Guiso, L. 1998. "High-Tech Firms and Credit Rationing." Journal of Economic Behavior and Organization 35, no. 1: 39-59.
21. Gutierrez, R., and G.M. Drukker. 2005. "Citing References for Stata's Cluster-Correlated Robust Variance Estimates." StataCorp, Resources and Support, Frequently Asked Questions, College Station, TX (available at www.stata.com/support/faqs/stat/robust_ref.html).
22. Harrison, A.E., and M.S. McMillan. 2003. "Does Direct Foreign Investment Affect Domestic Credit Constraints?" Journal of International Economics 61, no. 1: 73-100.
23. Harrison, A.E.; I. Love; and M.S. McMillan. 2004. "Global Capital Flows and Financing Constraints." Journal of Development Economics 75, no. 1: 269-301.
24. Higson, C., and J. Briginshaw. 2000. "Valuing Internet Businesses." Business Strategy Review 11, no. 1: 10-20.
25. Hittle, L.C., and K. Haddad. 1992. "Over-the-Counter Firms, Asymmetric Information, and Financing Preferences." Review of Financial Economics 2, no. 1: 81-92.
26. Horvath, J. 2001. "The Real Meaning of Underdevelopment." Telepolis, January 16 (available at www.heise.de/tp/r4/artikel/4/4694/1.html).
27. Konings, J.; M. Rizov; and H. Vandenbussche. 2003. "Investment and Financial Constraints in Transition Economies: Micro Evidence from Poland, the Czech Republic, Bulgaria and Romania." Economics Letters 78, no. 2: 253-258.
28. Kumar Das, P. 2004. "Credit Rationing and Firms' Investment and Production Decisions." International Review of Economics and Finance 13, no. 1: 87-114.
29. Marin, D., and M. Schnitzer. 1999. "Disorganization and Financial Collapse." Centre for Economic Policy Research Discussion Paper 2245, London.
30. MEMRB (Middle East Marketing Research Bureau) Custom Research Worldwide. 2002. "The Business Environment and Enterprise Performance Survey - 2002: A Brief Report on Observations, Experiences and Methodology from the Survey." UNECE, Geneva (available at www.ebrd.com/pubs/econo/beepsr02.pdf).
31. Modigliani, F., and M.H. Miller. 1958. "The Cost of Capital, Corporation Finance and the Theory of Investment." American Economic Review 48, no. 3: 261-297.
32. Myers, S.C., and N.S. Majluf. 1984. "Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have." Journal of Financial Economics 13, no. 2: 187-221.
33. Nesporova, A. 2002. "Unemployment in the Transition Economies." Economic Survey of Europe, no. 2: 75-98 (available at www.unece.org/ead/pub/ surv_022.htm).
34. Nunnenkamp, P., and J. Spatz. 2004. "FDI and Economic Growth in Developing Countries: How Relevant Are Host-Country and Industry Characteristics?" Transnational Corporations 13, no. 3: 53-86.
35. Ogawa, K., and K. Suzuki. 2000. "Demand for Bank Loans and Investment Under Borrowing Constraints: A Panel Study of Japanese Firm Data." Journal of the Japanese and International Economies 14, no. 1: 1-21.
36. Paulson, A.L., and R. Townsend. 2004. "Entrepreneurship and Financial Constraints in Thailand." Journal of Corporate Finance 10, no. 2: 229-262.
37. Resmini, L. 2000. "The Determinants of Foreign Direct Investment in the CEECs: New Evidence from Sectoral Patterns." Economics of Transition 8, no. 3: 665-689.
38. Rizov, M. 2004a. "Credit Constraints and Profitability: Evidence from a Transition Economy." Emerging Markets Finance and Trade 40, no. 4 (July-August): 63-83.
39. _. 2004b. "Firm Investment in Transition." Economics of Transition 12, no. 4: 721-746.
40. Russo, P.F., and P. Rossi. 2001. "Credit Constraints in Italian Industrial Districts." Applied Economics 33, no. 11: 1469-1477.
41. Shane, S., and D. Cable. 2002. "Network Ties, Reputation, and the Financing of New Ventures." Management Science 48, no. 3: 364-381.
42. Shibakawa, R., and H. Iwaki. 1992. "Agency Costs, Financing and Corporate Investment." Hitotsubashi Journal of Commerce and Management 27, no. 1: 1-13.
43. Terra, M.C.T. 2003. "Credit Constraints in Brazilian Firms: Evidence from Panel Data." Revista Brasileira de Economia 57, no. 2: 443-464.
44. Tong, J. 2000. "Quality Competition, Market Structure and Endogenous Growth." STICERD Economics of Industry Group Discussion Paper EI/25, London School of Economics and Political Science, London.
45. United Nations Conference on Trade and Development (UNCTAD). 2005. "World Investment Directory." New York (available at http://unctad.org/Templates/Page.asp?intItemID= 3198&lang=1).