Financing of young knowledge-based companies after the financial crisis: the case of Kazakhstan

Abstract

Following the financial crisis of 2008, more attention is paid to access to finance for young knowledge-based firms. A study conducted before the crisis showed that it was more difficult for knowledge-based firms to gain access to finance. However, none of the studies considered the differential effect of the crisis on young knowledge-based firms. This document examines this gap using the data set of 1155 firms in Kazakhstan for various sectors of the economy. The analysis was carried out in the context of the years before the crisis of 2002-2005 and after the crisis, when the economy significantly stabilized for 2014-2017. We believe that young knowledge-based firms are more likely to be rejected for financing than other firms, and this has significantly worsened in the post-crisis period. However, regressions that control a variety of characteristic characteristics show that the deterioration in the general conditions for financing. The results show that there are two questions in the financial system. The first is a structural problem that restricts access to finance for young knowledgebased firms. Secondly, the cyclical problem was caused by the financial crisis and significantly affected the young knowledge-based firms of various sectors of the economy.

Linking Critical Thinking and Knowledge Management: A Conceptual Analysis

“…Knowledge management is described in the literature as "a popular challenge to today's organizations" [3] (p. 153), "the most critical ingredient in recipes for organizational success" [3] (p. 153), "strategic for today's company life" [4] (p. 1797), or a source of success in a sustainable organization [5,6]. Thus, the dissemination of knowledge and information and the use of co-created knowledge is directly linked to the emergence of innovative business models and the potential for sustainable business development [7][8][9].…”

The Impact of the 2008-2009 Global Crisis on Manufacturing Firms’ Bank Accounts, Overdraft Facilities, And Loans

“…They show that young firms sought debt more but they had difficulties in obtaining debt financing while doing better in equity financing. Isatayeva et al (2019) examine young knowledge-based firms in Kazakhstan and show that these firms were more likely to be rejected when applying for loans compared to other firms. These firms' rejection possibilities went up even more after the global crisis.…”

The Impact of the 2008-2009 Global Crisis on Loan Applications and Access to Finance

“…Kaya (2016) shows that after the 2008-2009 Crisis, stock market trading was more concentrated in just a few firms which is a sign of deterioration in "access to finance". Isatayeva et al (2019) show that loan rejection rates went up for young Kazakhstan firms after the global crisis. Saiedi and Broström (2019) show a similar result for young European firms.…”