Abstract

http://ssrn.com/abstract=301039
 
 

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Budget Constraints And Profitability: Evidence From A Transition Economy


Marian Rizov


Middlesex University Business School


LICOS Working Paper; EFA 2002 Berlin Meetings Presented Paper

Abstract:     
A conceptual framework for analyzing the credit rationing and the link between credit access and profitability is developed. The empirical analysis using data from manufacturing firms in Bulgaria, provides direct estimates of credit rationing and its impact on profitability in transition economies. The results from the switching regression suggest that the presence of credit market constraints does impinge on profitability of credit rationed firms and support the credit crunch hypothesis for periods following the financial market collapse as a result of previous soft budget constraints.

Number of Pages in PDF File: 22

Keywords: credit rationing, profitability, economies in transition, manufacturing, Bulgaria

JEL Classification: G3, L2, P2

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Date posted: February 20, 2002  

Suggested Citation

Rizov, Marian, Budget Constraints And Profitability: Evidence From A Transition Economy. LICOS Working Paper; EFA 2002 Berlin Meetings Presented Paper. Available at SSRN: http://ssrn.com/abstract=301039 or http://dx.doi.org/10.2139/ssrn.301039

Contact Information

Marian Rizov (Contact Author)
Middlesex University Business School ( email )
The Burroughs
London, NW4 4BT
United Kingdom
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