Citation

Discussion Paper Details

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Title: Objectives and Constraints of Entrepreneurs: Evidence from Small and Medium-Size Enterprises in Russia and Bulgaria

Author(s): Francesca Pissarides, Miroslav Singer and Jan Svejnar

Publication Date: December 2003

Keyword(s):

Programme Area(s): Institutions and Economic Performance and Transition Economics

Abstract: We analyse the principal objectives and constraints of small and medium enterprises (SMEs), using data from a survey of 437 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, while payments for licenses or government services (insecure property rights) are not. Our analysis indicates that characteristics of the entrepreneur, the firm and the firm?s environment are important but determinants of which constraints are most important vary. The nature of both the disruption of production and the financial constraints after the fall of planning also appears to have been more ubiquitous in Russia than in Bulgaria.

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Bibliographic Reference

Pissarides, F, Singer, M and Svejnar, J. 2003. 'Objectives and Constraints of Entrepreneurs: Evidence from Small and Medium-Size Enterprises in Russia and Bulgaria'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=4142