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Objectives and constraints of entrepreneurs: evidence from small and medium-sized enterprises in Russia and Bulgaria

Author

Listed:
  • Francesca Pissarides

    (European Bank for Reconstruction and Development)

  • Miroslav Singer

    (Expandia and CERGE-EI)

  • Jan Svejnar

    (University of Michigan and CERGE-EI)

Abstract
We analyse the principal objectives and constraints of small and medium-sized enterprises (SMEs), using data from a survey of 437 owners and top managers (CEOs) of SMEs in Russia and Bulgaria. The CEOs display similar views and identify a small number of specific constraints as being the most important ones. The constraint on external financing is a particularly serious one and the SMEs use internal finance as a fall-back option. Our econometric analysis indicates that characteristics of the entrepreneur, firm and the firm’s environment are important but varying determinants of which constraints are identified as the most important ones. Our results also suggest that the nature of disruption of are identified as the most important ones. Our results also suggest that the nature of disruption of production and of the financial constraints after the fall of central planning was more ubiquitous and allencompassing in Russia than in Bulgaria.

Suggested Citation

  • Francesca Pissarides & Miroslav Singer & Jan Svejnar, 2000. "Objectives and constraints of entrepreneurs: evidence from small and medium-sized enterprises in Russia and Bulgaria," Working Papers 59, European Bank for Reconstruction and Development, Office of the Chief Economist.
    • Handle: RePEc:ebd:wpaper:59
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    More about this item

    Keywords

    small and medium-sized enterprises; transition; firm constraints;
    All these keywords.

    JEL classification:

    • D2 - Microeconomics - - Production and Organizations
    • G3 - Financial Economics - - Corporate Finance and Governance
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • L5 - Industrial Organization - - Regulation and Industrial Policy
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies

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