Analysis of the Situation and Factors for Development of SMEs in Bulgaria: SMEs in the Crisis Context

Simeonova‐Ganeva, Ralitsa; Vladimirov, Zhelyu; Boeva, Margarita; Panayotova, Natalia; Ganev, Kaloyan; Peneva, Roza

doi:10.2139/ssrn.2290717

Cited by 1 publication

(2 citation statements)

References 35 publications

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“…67 percent of small-and medium-sized firms had no access to bank financing (Simeonova-Ganeva et al, 2011 (BSMEPA, 2004). In a study by Pissarides et al (2003) on principal constraints of small and medium enterprises in Bulgaria and Russia, top managers also identified the lack of external financing as a particularly serious constraint.…”

Section: The Demand For Creditmentioning

confidence: 99%

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Microfinance beyond self-employment: Evidence for firms in Bulgaria

Erhardt¹

2017

Labour Economics

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This paper provides new evidence on the impact of microfinance on job creation beyond selfemployment. We examine wage-employment effects for a typical program in Eastern Europe with average loan sizes that are considerably above what has been studied so far. We apply propensity score matching extended by a difference-in-differences estimator to panel data from an individuallending program to firms in Bulgaria. Our results indicate that microcredit has very positive effects on job creation. Participating firms have on average 2.5 (or 33 percent) more employees two years after receiving a microcredit than matched non-participants. This strong effect seems to be related to a certain loan size threshold necessary for positive impacts to unfold. Effects are largest for the smallest firms, supporting findings from other studies that small firms are more constrained by credit than large firms. Investigating dynamic effects for up to six years after treatment, we furthermore show that effects are long lasting.

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Section: The Demand For Creditmentioning

confidence: 99%

“…Only about one third of micro, small and medium-sized firms in Bulgaria indicated any access to formal finance in 2002 before start of the program (Simeonova-Ganeva et al, 2011). Access to loans for micro-and small firms is assumed to be even much lower (e.g.…”

Section: The Supply Of Creditmentioning

confidence: 99%

Microfinance beyond self-employment: Evidence for firms in Bulgaria

Erhardt¹

2017

Labour Economics

View full text Add to dashboard Cite

show abstract

Analysis of the Situation and Factors for Development of SMEs in Bulgaria: SMEs in the Crisis Context

Cited by 1 publication

References 35 publications

Microfinance beyond self-employment: Evidence for firms in Bulgaria

Microfinance beyond self-employment: Evidence for firms in Bulgaria

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