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Institutional environment and firms' sources of financial capital in Central and Eastern Europe

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dc.contributor.authorLi, Dan
dc.contributor.authorFerreira, Manuel Portugal
dc.date.accessioned2021-08-27T13:21:54Z
dc.date.available2021-08-27T13:21:54Z
dc.date.issued2011
dc.description.abstractThe 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 systemand state-owned enterprises are particularly sensitive to the degree of corruption.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.citationLi, D. & Ferreira, M. P. (2011). Institutional environment and firms' sources of financial capital in Central and Eastern Europe. Journal of Business Research, 64(4), 371-376. https://doi.org/10.1016/j.jbusres.2010.08.013pt_PT
dc.identifier.doi10.1016/j.jbusres.2010.08.013pt_PT
dc.identifier.issn0148-2963
dc.identifier.urihttp://hdl.handle.net/10400.8/6165
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherElsevierpt_PT
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/pt_PT
dc.subjectFinancial capitalpt_PT
dc.subjectInstitutional environmentpt_PT
dc.subjectNetworkpt_PT
dc.subjectTransition economiespt_PT
dc.titleInstitutional environment and firms' sources of financial capital in Central and Eastern Europept_PT
dc.typejournal article
dspace.entity.typePublication
oaire.citation.endPage376pt_PT
oaire.citation.issue4pt_PT
oaire.citation.startPage371pt_PT
oaire.citation.titleJournal of Business Researchpt_PT
oaire.citation.volume64pt_PT
person.familyNameFerreira
person.givenNameManuel
person.identifier.ciencia-id2B1A-16D4-80DA
person.identifier.orcid0000-0002-4642-4605
person.identifier.ridA-2322-2012
person.identifier.scopus-author-id7402787382
rcaap.rightsclosedAccesspt_PT
rcaap.typearticlept_PT
relation.isAuthorOfPublication69895f61-97d7-47e5-93e3-ede7fb54631c
relation.isAuthorOfPublication.latestForDiscovery69895f61-97d7-47e5-93e3-ede7fb54631c

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