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dc.contributor.authorOwolabi, Oluwarotimien
dc.contributor.authorPal, Sarmisthaen
dc.date.accessioned2011-10-05-
dc.date.accessioned2011-11-23T11:42:09Z-
dc.date.available2011-11-23T11:42:09Z-
dc.date.issued2011-
dc.identifier.piurn:nbn:de:101:1-201106013883en
dc.identifier.urihttp://hdl.handle.net/10419/52016-
dc.description.abstractThe paper argues that networked firms are likely to have an advantage in securing external finance in countries with weak legal and judicial institutions since it helps financial institutions to minimize the underlying agency costs of lending. An analysis of recent BEEPS data from fifteen Central and Eastern European (CEE) countries lends some support to this hypothesis. Even after controlling for other factors, firms affiliated to business associations are more likely to secure bank finance. Importance of being associated with business networks is particularly evident among firms who borrow from private domestic and foreign banks, as these new banks attempt to minimize costs of adverse selection. Networking however discriminates against the small and medium sized firms' access to bank loans in the CEE regions. Results are robust in both single cross-section and panel data analyses.en
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x5738en
dc.subject.jelG21en
dc.subject.jelG30en
dc.subject.jelL14en
dc.subject.jelM20en
dc.subject.jelP21en
dc.subject.ddc330en
dc.subject.keywordbusiness networksen
dc.subject.keywordagency costsen
dc.subject.keywordexternal firm financingen
dc.subject.keywordbank loansen
dc.subject.keywordtransition economiesen
dc.subject.keywordendogeneityen
dc.titleThe value of business networks in emerging economies: An analysis of firms' external financing opportunities-
dc.typeWorking Paperen
dc.identifier.ppn669374199en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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