Jump to ContentJump to Main Navigation
Show Summary Details
More options …

The B.E. Journal of Economic Analysis & Policy

Editor-in-Chief: Jürges, Hendrik / Ludwig, Sandra

Ed. by Auriol, Emmanuelle / Brunner, Johann / Fleck, Robert / Mastrobuoni, Giovanni / Mendola, Mariapia / Requate, Till / de Vries, Frans / Zulehner, Christine

4 Issues per year


IMPACT FACTOR 2017: 0.306
5-year IMPACT FACTOR: 0.492

CiteScore 2017: 0.50

SCImago Journal Rank (SJR) 2017: 0.414
Source Normalized Impact per Paper (SNIP) 2017: 0.531

Online
ISSN
1935-1682
See all formats and pricing
More options …
Ahead of print

Issues

Volume 6 (2006)

Volume 4 (2004)

Volume 2 (2002)

Volume 1 (2001)

Do Firms Supported by Credit Guarantee Schemes Report Better Financial Results 2 Years After the End of Intervention?

Ondřej DvouletýORCID iD: http://orcid.org/0000-0001-9151-2033 / Jan Čadil
  • Department of Managerial Economics, Faculty of Business Administration, University of Economics, Prague, W. Churchill Sq. 4, 130 67 Prague 3, Czech Republic
  • Email
  • Other articles by this author:
  • De Gruyter OnlineGoogle Scholar
/ Karel Mirošník
  • Department of Regional Studies, Faculty of Economics, University of Economics, Prague, W. Churchill Sq. 4, 130 67 Prague 3, Czech Republic
  • Email
  • Other articles by this author:
  • De Gruyter OnlineGoogle Scholar
Published Online: 2018-10-26 | DOI: https://doi.org/10.1515/bejeap-2018-0057

Abstract

The study contributes to underdeveloped knowledge on effects of SME policies in Central and Eastern Europe. We evaluate two Czech credit guarantee schemes funded from EU funds during years 2007–2013. We conduct micro-econometric firm-level impact evaluation based on propensity score matching approach. We estimate average treatment effect on the treated (ATET) for six financial outcome variables (total assets, tangible fixed assets, personnel costs, sales, price-cost-margin and return on assets) measuring firm´s competitiveness. Two years after the programme, no statistically conclusive results were obtained for the most of the outcome variables. We found only a positive change in tangible fixed assets for the programme participants. However, we cannot say, that the supported firms would be better off, compared to those non-supported in a short-term. Our analysis shows that without reliable data gathered by public sector authorities, no rigorous evaluations can be made and thus no evidence driven policies can be formed.

Keywords: entrepreneurship policy evaluation; credit guarantees; loan guarantee schemes; access to financial capital; European Regional Development Fund (ERDF); firms’ financial performance; counterfactual analysis; the Czech Republic

JEL Classification: L53; L26; L38

References

  • Abadie, A. 2005. “Semiparametric Difference-In-Differences Estimators.” The Review of Economic Studies 72 (1): 1–19.Google Scholar

  • Abadie, A., D. Drukker, J. L. Herr, and G. W. Imbens. 2004. “Implementing Matching Estimators for Average Treatment Effects in Stata.” Stata journal 4: 290–311. http://doi.org/10.1.1.387.4537.

  • Abadie, A., and G. Imbens. 2002. Simple and Bias-Corrected Matching Estimators for Average Treatment Effects (No. 0283). National Bureau of Economic Research, Inc. CrossrefGoogle Scholar

  • Abadie, A., and G. Imbens. 2012. “Bias-Corrected Matching Estimators for Average Treatment Effects.” Journal of Business & Economic Statistics 29 (1): 1–11. .CrossrefGoogle Scholar

  • Acs, Z., T. Åstebro, D. Audretsch, and D. T. Robinson. 2016. “Public Policy to Promote Entrepreneurship: A Call to Arms.” Small Business Economics 47 (1): 35–51. .CrossrefGoogle Scholar

  • Aguinis, H., R. K. Gottfredson, and H. Joo. 2013. “Best-Practice Recommendations for Defining, Identifying, and Handling Outliers.” Organizational Research Methods 16 (2): 270–301.Google Scholar

  • Aiginger, K. 2006. “Competitiveness: From a Dangerous Obsession to a Welfare Creating Ability with Positive Externalities.” Journal of Industry, Competition and Trade 6 (2): 161–77.Google Scholar

  • Arping, S., G. Lóránth, and A. D. Morrison. 2010. “Public Initiatives to Support Entrepreneurs: Credit Guarantees versus Co-Funding.” Journal of Financial Stability 6 (1): 26–35. .CrossrefGoogle Scholar

  • Arráiz, I., M. Meléndez, and R. Stucchi. 2014. “Partial Credit Guarantees and Firm Performance: Evidence from Colombia.” Small Business Economics 43 (3): 711–24.Google Scholar

  • Asdrubali, P., and S. Signore. 2015. The Economic Impact of EU Guarantees on Credit to SMEs Evidence from CESEE Countries (No. 002). Directorate General Economic and Financial Affairs (DG ECFIN), European Commission. CrossrefGoogle Scholar

  • Åstebro, T. 2016. “The Private Financial Gains to Entrepreneurship: Is It a Good Use of Public Money to Encourage Individuals to Become Entrepreneurs?” Small Business Economics 1–7 (in print). .CrossrefGoogle Scholar

  • Bach, L. 2014. “Are Small Businesses Worthy of Financial Aid? Evidence from a French Targeted Credit Program.” Review of Finance 18 (3): 877–919. .CrossrefGoogle Scholar

  • Barney, J., M. Wright, and Jr, D. J Ketchen. 2001. “The Resource-Based View of the Firm: Ten Years after 1991.” Journal of Management 27 (6): 625–41.Google Scholar

  • Beck, T., and A. Demirguc-Kunt. 2006. “Small and Medium-Size Enterprises: Access to Finance as a Growth Constraint.” Journal of Banking & Finance 30 (11): 2931–43. .CrossrefGoogle Scholar

  • Becker, S. O., and A. Ichino. 2002. “Estimation of Average Treatment Effects Based on Propensity Scores.” Stata journal 2 (4): 358–77. http://doi.org/10.1.1.623.1691.

  • Biagi, F., D. Bondonio, and A. Martini. 2015. Counterfactual Impact Evaluation of Enterprise Support Programs. Evidence from a Decade of Subsidies to Italian Firm. Lisbon, Portugal: European Regional Science Association.Google Scholar

  • Billor, N., A. S. Hadi, and P. F. Velleman. 2000. “BACON: Blocked Adaptive Computationally Efficient Outlier Nominators.” Computational Statistics & Data Analysis 34 (3): 279–98.Google Scholar

  • Bisnode,. 2018. MagnusWeb. Bisnode Česká republika, a.s. [Online] Accessed 2018, June 06 https://magnusweb.bisnode.cz/.

  • Blažková, I. 2016. “The Impact of the Public Support for R & D on the Economic Performance of SMEs.” Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 64 (1): 213–22. .CrossrefGoogle Scholar

  • Blažková, I., and O. Dvouletý. 2018. “The Causes of Firm Performance Variation in the Czech Food Processing Industry in the Context of the Outlier Effect.” Management Research Review 41 (8): 968–86.Google Scholar

  • Bondonio, D., and R. T. Greenbaum. 2014. “Revitalizing Regional Economies through Enterprise Support Policies: An Impact Evaluation of Multiple Instruments.” European Urban and Regional Studies 29 (1): 79–103. .CrossrefGoogle Scholar

  • Boschi, M., A. Girardi, and M. Ventura. 2014. “Partial Credit Guarantees and SMEs Financing.” Journal of Financial Stability 15: 182–94. .CrossrefGoogle Scholar

  • Bosma, N. S., F. C. Stam, and S. A. Terjesen. 2016. “Advancing Public Policy for High-Growth, Female, and Social Entrepreneurs.” Public Administration 76 (2): 230–39. .CrossrefGoogle Scholar

  • Brealey, R., S. Myers, and F. Allen. 2017. Principles of Corporate Finance, 12th ed. Boston, USA: McGraw-Hill Education.Google Scholar

  • Briozzo, A., and C. Cardone-Riportella. 2016. “Spanish SMEs’ Subsidized and Guaranteed Credit during Economic Crisis: A Regional Perspective.” Regional Studies 50 (3): 496–512. .CrossrefGoogle Scholar

  • Brüggemann, J., and T. Proeger. 2017. “The Effectiveness of Public Subsidies for Private Innovations. An Experimental Approach.” The BE Journal of Economic Analysis & Policy 17 (4): 20160089.Google Scholar

  • Bruhn, M., and D. McKenzie. 2017. Can Grants to Consortia Spur Innovation and Science-Industry Collaboration? Regression-Discontinuity Evidence from Poland. Washington, USA: The World Bank.Google Scholar

  • Čadil, V. 2014. “Methodological Weaknesses of the Current R&D&I Programmes Evaluation in the Czech Republic.” Ergo 9 (2): 11–16.Google Scholar

  • Caliendo, M., and S. Kopeinig. 2008. “Some Practical Guidance for the Implementation of Propensity Score Matching.” Journal of Economic Surveys 22 (1): 31–72. .CrossrefGoogle Scholar

  • Chabé-Ferret, S. 2017. Should We Combine Difference In Differences with Conditioning on Pre-Treatment Outcomes?(No. 17-824). Toulouse School of Economics (TSE).Google Scholar

  • Cho, Y., and M. Honorati. 2014. “Entrepreneurship Programs around the Developing World: A Meta Analysis.” Labour Economics 28: 110–30. .CrossrefGoogle Scholar

  • Cowling, M. 2010. “The Role of Loan Guarantee Schemes in Alleviating Credit Rationing in the UK.” Journal of Financial Stability 6 (1): 36–44. .CrossrefGoogle Scholar

  • Cowling, M. 2016. “You Can Lead a Firm to R&D but Can You Make It Innovate? UK Evidence from SMEs.” Small Business Economics 46 (4): 565–77.Google Scholar

  • Cowling, M., C. Matthews, and W. Liu. 2017. “The Role of Loan Commitment Terms in Credit Allocation on the UK Small Firms Loan Guarantee Scheme.” International Review of Entrepreneurship 15 (1): 15–28.Google Scholar

  • Cowling, M., E. Ughetto, and N. Lee. 2018a. “The Innovation Debt Penalty: Cost of Debt, Loan Default, and the Effects of a Public Loan Guarantee on High-Tech Firms.” Technological Forecasting and Social Change 127: 166–76. .CrossrefGoogle Scholar

  • Cowling, M., P. Robson, I. Stone, and G. Allinson. 2018b. “Loan Guarantee Schemes in the UK: The Natural Experiment of the Enterprise Finance Guarantee and the 5 Year Rule.” Applied Economics 50 (20): 2210–18.Google Scholar

  • Credit Info Solutions. 2016. Database SSV. Available from Accessed on 5 August 2016. https://creditinfosolutions.com/.

  • Czech-Moravian Guarantee and Development Bank. 2016. Czech-Moravian Guarantee and Development Bank. Accessed on 5 August 2016. http://www.cmzrb.cz/?lang=2/.

  • De Meza, D. 2002. “Overlending?” The Economic Journal 112 (477): F17–F31. .CrossrefGoogle Scholar

  • Dehejia, R. H., and S. Wahba. 1999. “Causal Effects in Nonexperimental Studies: Reevaluating the Evaluation of Training Programs.” Journal of the American Statistical Association 94 (448): 1053–62. .CrossrefGoogle Scholar

  • Dvouletý, O. 2017a. “Determinants of Nordic Entrepreneurship.” Journal of Small Business and Enterprise Development 24 (1): 12–33. .CrossrefGoogle Scholar

  • Dvouletý, O. 2017b. “Can Policy Makers Count with Positive Impact of Entrepreneurship on Economic Development of the Czech Regions?” Journal of Entrepreneurship in Emerging Economies 9 (3): 286–99. .CrossrefGoogle Scholar

  • Dvouletý, O. 2017c. “Effects of Soft Loans and Credit Guarantees on Performance of Supported Firms: Evidence from the Czech Public Programme START.” Sustainability 9 (12): 2293.Google Scholar

  • Dvouletý, O., and I. Blažková. 2018. “Assessing the Microeconomic Effects of Public Subsidies on the Performance of Firms in the Czech Food Processing Industry: A Counterfactual Impact Evaluation.” Agribusiness: An International Journal in print.Google Scholar

  • Dvouletý, O., M. C. Longo, I. Blažková, M. Lukeš, and M. Andera. 2018. “Are Publicly Funded Czech Incubators Effective? the Comparison of Performance of Supported and Non-Supported Firms.” European Journal of Innovation Management 21 (4): 543–63.Google Scholar

  • Dvouletý, O., and M. Lukeš. 2016. “Review of Empirical Studies on Self-Employment Out of Unemployment: Do Self-Employment Policies Make a Positive Impact?” International Review of Entrepreneurship 14 (3): 361–76.Google Scholar

  • European Commission. 2016a. Operational Program Entrepreneurship and Innovation. Accessed on 5 January 2017. http://ec.europa.eu/regional_policy/en/atlas/programs/2007-2013/czech-republic/operational-program-enterprises-and-innovations.

  • European Commission. 2016b. European Regional Development Fund. Accessed on 5 January 2017. http://ec.europa.eu/regional_policy/EN/funding/erdf/.

  • European Commission. 2016c. Cohesion Policy in the Czech Republic. Accessed on 5 January 2017 http://ec.europa.eu/regional_policy/sources/docgener/evaluation/pdf/expost2013/wp1_cz_factsheet_en.pdf/.

  • Eurostat. 2016. Nominal Exchange Rate CZK/EUR. Accessed on 5 January 2017. http://ec.europa.eu/eurostat/data/database.

  • Fotopoulos, G., and D. J. Storey. 2018. “Public Policies to Enhance Regional Entrepreneurship: Another Programme Failing to Deliver?” Small Business Economics: 1–21. https://doi.org/10.1007/s11187-018-0021-9.

  • Gai, L., F. Ielasi, and M. Rossolini. 2016. “SMEs, Public Credit Guarantees and Mutual Guarantee Institutions.” Journal of Small Business and Enterprise Development 23 (4): 1208–28. .CrossrefGoogle Scholar

  • Gao, Y., J. Sun, and Q. Zhou. 2017. “Forward Looking Vs Backward Looking: An Empirical Study on the Effectiveness of Credit Evaluation System in China’s Online P2P Lending Market.” China Finance Review International 7 (2): 228–48. .CrossrefGoogle Scholar

  • Garcia-Tabuenca, A., and J. L. Crespo-Espert. 2010. “Credit Guarantees and SME Efficiency.” Small Business Economics 35 (1): 113–28. .CrossrefGoogle Scholar

  • Grilli, L., and S. Murtinu. 2015. “New Technology-Based Firms in Europe: Market Penetration, Public Venture Capital, and Timing of Investment.” Industrial and Corporate Change 24 (5): 1109–48. .CrossrefGoogle Scholar

  • Grimm, M., and A. L. Paffhausen. 2015. “Do Interventions Targeted at Micro-Entrepreneurs and Small and Medium-Sized Firms Create Jobs? A Systematic Review of the Evidence for Low and Middle Income Countries.” Labour Economics 32: 67–85. .CrossrefGoogle Scholar

  • Gubert, F., and F. Roubaud. 2011. The Impact of Microfinance Loans on Small Informal Enterprises in Madagascar: A Panel Data Analysis. World Bank. .CrossrefGoogle Scholar

  • Hájek, P., and J. Stejskal. 2018. “R&D Cooperation and Knowledge Spillover Effects for Sustainable Business Innovation in the Chemical Industry.” Sustainability 10 (4): 1064.Google Scholar

  • Harrison, R. T., and C. M. Mason. 1986. “The Regional Impact of the Small Firms Loan Guarantee Scheme in the United Kingdom.” Regional Studies 20 (6): 535–49. .CrossrefGoogle Scholar

  • Heshmati, A. 2015. “The Effect of Credit Guarantees on SMEs’ R&D Investments in Korea.” Asian Journal of Technology Innovation 23 (3): 407–21. .CrossrefGoogle Scholar

  • Hirano, K., G. W. Imbens, and G. Ridder. 2003. “Efficient Estimation of Average Treatment Effects Using the Estimated Propensity Score.” Econometrica 71 (4): 1161–89. .CrossrefGoogle Scholar

  • Holton, S., F. McCann, K. Prendergast, and D. Purdue. 2013. “Policy Measures to Improve Access to Credit for SMEs: A Survey.” Quarterly Bulletin Articles 4: 91–110.Google Scholar

  • Huber, M., M. Lechner, and A. Steinmayr. 2015. “Radius Matching on the Propensity Score with Bias Adjustment: Tuning Parameters and Finite Sample Behaviour.” Empirical Economics 49 (1): 1–31.Google Scholar

  • Humbatova, S., and N. Hajiyev. 2016. “External Financing of Azerbaijan´S Agriculture.” Bulgarian Journal of Agricultural Science 22 (6): 875–92.Google Scholar

  • Imbens, G. W. 2004. “Nonparametric Estimation of Average Treatment Effects under Exogeneity: A Review.” Review of Economics and Statistics 86 (1): 4–29. .CrossrefGoogle Scholar

  • Irwin, T. 2007. Government Guarantees: Allocating and Valuing Risk in Privately Financed Infrastructure Projects. Washington, USA: The World Bank.Google Scholar

  • Janda, K., and O. Kravtsov. 2018. “Micro-Level Evidences of Moral Hazard in the European Financial Institutions.” In The Impact of Globalization on International Finance and Accounting, edited by David Procházka, 89–98. Springer: Cham.Google Scholar

  • Kang, J. W., A. Heshmati, and G. G. Choi 2006. The Effect of Credit Guarantees on Survival and Performance of SMEs in Korea. RATIO Working Paper (92).Google Scholar

  • Kersten, R., J. Harms, K. Liket, and K. Maas. 2017. “Small Firms, Large Impact? A Systematic Review of the SME Finance Literature.” World Development 97: 330–48.Google Scholar

  • Khandker, S. R., G. B. Koolwal, and H. A. Samad. 2010. Handbook on Impact Evaluation: Quantitative Methods and Practices. World Bank Publications. .CrossrefGoogle Scholar

  • Korosteleva, J., and T. Mickiewicz. 2011. “Start-Up Financing in the Age of Globalization.” Emerging Markets Finance and Trade 47 (3): 23–49.Google Scholar

  • Kösters, S. 2010. “Subsidizing Start-Ups: Policy Targeting and Policy Effectiveness.” Journal of Industry, Competition and Trade 10 (3–4): 199–225. .CrossrefGoogle Scholar

  • Krugman, P. 1994. “Competitiveness: A Dangerous Obsession.” Foreign Affairs 73 (2): 28–44.Google Scholar

  • Květoň, V., and P. Horák. 2018. “The Effect of Public R&D Subsidies on Firms’ Competitiveness: Regional and Sectoral Specifics in Emerging Innovation Systems.” Applied Geography 94: 119–29.Google Scholar

  • Lechner, M. 1999. “Earnings and Employment Effects of Continuous Gff-The-Job Training in East Germany after Unification.” Journal of Business & Economic Statistics 17 (1): 74–90. .CrossrefGoogle Scholar

  • Lelarge, C., D. Sraer, and D. Thesmar. 2010. “Entrepreneurship and Credit Constraints: Evidence from a French Loan Guarantee Program.” In International Differences in Entrepreneurship, edited by Josh Lerner and Antoinette, 243–73. Chicago, USA: University of Chicago Press.Google Scholar

  • Lerner, J. 2002. “When Bureaucrats Meet Entrepreneurs: The Design of Effective Public Venture Capital’ Programs.” The Economic Journal 112 (477): F73–F84. .CrossrefGoogle Scholar

  • Leuven, E., and B. Sianesi. 2018. PSMATCH2: Stata Module to Perform Full Mahalanobis and Propensity Score Matching, Common Support Graphing, and Covariate Imbalance Testing. Boston, USA: Statistical Software Components from Boston College Department of Economics Boston College.Google Scholar

  • Loi, M., and M. Rodrigues. 2012. A note on the impact evaluation of public policies: the counterfactual analysis. Accessed on 5 January 2017. http://publications.jrc.ec.europa.eu/repository/bitstream/JRC74778/lbna25519enn.pdf/.

  • Lukeš, M. 2013. “Entrepreneurs as Innovators: A Multi-Country Study on Entrepreneurs’ Innovative Behaviour.” Prague Economic Papers 22 (1): 72–84. .CrossrefGoogle Scholar

  • Lukeš, M., M. Jakl, and J. Zouhar. 2014. Podnikatelská aktivita v České republice. Accessed on 17 December 2016 http://www.mpo.cz/dokument149362.html.

  • Lunt, M. 2013. “Selecting an Appropriate Caliper Can Be Essential for Achieving Good Balance with Propensity Score Matching.” American Journal of Epidemiology 179 (2): 226–35.Google Scholar

  • Mason, C., and R. Brown. 2013. “Creating Good Public Policy to Support High-Growth Firms.” Small Business Economics 40 (2): 211–25. .CrossrefGoogle Scholar

  • McCann, P., and R. Ortega-Argilés. 2016. “Smart Specialisation, Entrepreneurship and SMEs: Issues and Challenges for a Results-Oriented EU Regional Policy.” Small Business Economics 46 (4): 537–52.Google Scholar

  • McKenzie, D. 2017. “Identifying and Spurring High-Growth Entrepreneurship: Experimental Evidence from a Business Plan Competition.” American Economic Review 107 (8): 2278–307.Google Scholar

  • Mikołajczak, P., and J. Pawlak. 2017. “Factors Affecting Outcomes of EU-supported Investments in Innovation among SMEs in the Greater Poland (Wielkopolska) Region, Poland.” Journal of Research in Marketing and Entrepreneurship 19 (2): 140–60.Google Scholar

  • Ministry of Industry and Trade. 2016a. Program START. Accessed on 5 August 2016 http://www.mpo-oppi.cz/start/.

  • Ministry of Industry and Trade. 2016b. Program ZÁRUKA.. Accessed on 5 August 2016 http://www.mpo-oppi.cz/zaruka/.

  • Ministry of Industry and Trade. 2016c. List of Supported Companies. Accessed on 5 August 2016 http://www.mpo.cz/dokument141459.html>.

  • Ministry of Industry and Trade. 2016d. Program ZÁRUKA. Accessed on 5 August 2016 http://www.mpo-oppi.cz/document.file.php?idDocument=511.

  • Ministry of Justice of the Czech Republic. 2018. Veřejný rejstřík a Sbírka listin. [Onlne]. Accessed 2018, June 05 https://or.justice.cz/ias/ui/rejstrik.

  • Mirošník, K., J. Čadil, and K. Čermáková. 2016. “Small Business and Cohesion Policy-Statistical Evidence from the Czech Republic.” International Journal of Entrepreneurship and Small Business 29 (3): 398–415. .CrossrefGoogle Scholar

  • Munari, F., and L. Toschi. 2015. “Assessing the Impact of Public Venture Capital Programmes in the United Kingdom: Do Regional Characteristics Matter?” Journal of Business Venturing 30 (2): 205–26. .CrossrefGoogle Scholar

  • Nitani, M., and A. Riding. 2005. “Promoting Enterprise Development or Subsidizing Tradition? the Japan Credit Supplementation System.” International Small Business Journal 23 (1): 48–71. .CrossrefGoogle Scholar

  • Nuhanovic, A., J. Okicic, A. Delic, and E. Smajlovic. 2016. “The Study of the Current Obstacles to the Development of Women’s Entrepreneurship in the Function of Reducing Unemployment in Bosnia and Herzegovina.” International Business Research 9 (11): 90–104.Google Scholar

  • Nyikos, G. 2016. Research for Regi Committee – Financial Instruments in the 2014–20 Programming Period: First Experiences of Member States. Publications Office of the European Union: Luxembourg. .CrossrefGoogle Scholar

  • Oh, I., J. D. Lee, A. Heshmati, and G. G. Choi. 2009. “Evaluation of Credit Guarantee Policy Using Propensity Score Matching.” Small Business Economics 33 (3): 335–51. .CrossrefGoogle Scholar

  • Ouyang, M., and Y. Peng. 2015. “The Treatment-Effect Estimation: A Case Study of the 2008 Economic Stimulus Package of China.” Journal of Econometrics 188 (2): 545–57. .CrossrefGoogle Scholar

  • Pělucha, M., and V. Květoň. 2017. “Evaluation Culture within Institutional and Methodological Context: The Case of EU Structural Funds in the Czech Republic.” Evaluation Theory and Practice 5 (2): 1–26.Google Scholar

  • Pergelova, A., and F. Angulo-Ruiz. 2014. “The Impact of Government Financial Support on the Performance of New Firms: The Role of Competitive Advantage as an Intermediate Outcome.” Entrepreneurship & Regional Development 26 (9–10): 663–705. .CrossrefGoogle Scholar

  • Pissarides, F. 1999. “Is Lack of Funds the Main Obstacle to Growth? EBRD’s Experience with Small-And Medium-Sized Businesses in Central and Eastern Europe.” Journal of Business Venturing 14 (5): 519–39. .CrossrefGoogle Scholar

  • Polok, D., P. Michalski, D. Szewczyk, D. Keil, S. Wieczore, P. Kaciakova, Z. Incze, et al. 2016. Future of the Visegrad Group. Accessed on 17 December 2016. http://paga.org.pl/projekty/raport-future-of-the-visegrad-group/future-of-the-visegrad-group/report?lang=en. .Crossref

  • Potluka, O., and J. Brůha. 2013. “Zkušenosti s kontrafaktuální dopadovou evaluací v České republice.” Evaluační teorie a praxe 1 (1): 53–68.Google Scholar

  • Potluka, O., J. Brůha, M. Špaček, and J. Loun. 2013. “The Impacts of Subsidies on Czech Firms.” Statistika: ekonomicko-statistický časopis 50 (4): 56–62.Google Scholar

  • Preuss, L. 2011. “On the Contribution of Public Procurement to Entrepreneurship and Small Business Policy.” Entrepreneurship & Regional Development 23 (9–10): 787–814. .CrossrefGoogle Scholar

  • Prokop, V., J. Stejskal, and P. Hajek. 2018. “The Influence of Financial Sourcing and Collaboration on Innovative Company Performance: A Comparison of Czech, Slovak, Estonian, Lithuanian, Romanian, Croatian, Slovenian, and Hungarian Case Studies.” In Knowledge Spillovers in Regional Innovation Systems, edited by Jan Stejskal, Petr Hajek, Oto Hudec, 219–52. Springer: Cham.Google Scholar

  • Riding, A. L., and G. Haines. 2001. “Loan Guarantees: Costs of Default and Benefits to Small Firms.” Journal of Business Venturing 16 (6): 595–612. .CrossrefGoogle Scholar

  • Rodríguez-Gulías, M. J., D. Rodeiro-Pazos, S. Fernández-López, C. Corsi, and A. Prencipe. 2017. “The Role of Venture Capitalist to Enhance the Growth of Spanish and Italian University Spin-Offs.” International Entrepreneurship and Management Journal: 1–20. .CrossrefGoogle Scholar

  • Roman, A., I. Bilan, and C. Ciumaș. 2017. “What Drives the Creation of New Businesses? A Panel-Data Analysis for EU Countries.” Emerging Markets Finance and Trade in print. .CrossrefGoogle Scholar

  • Rosenbaum, P. R., and D. B. Rubin. 1983. “The Central Role of the Propensity Score in Observational Studies for Causal Effects.” Biometrika: 41–55. .CrossrefGoogle Scholar

  • Ruziev, K., and P. Midmore. 2014. “Informal Credit Institutions in Transition Countries: A Study of Urban Money Lenders in Post-Communist Uzbekistan.” Post-Communist Economies 26 (3): 415–35.Google Scholar

  • Schmitz, A., D. Urbano, G. A. Dandolini, J. A. de Souza, and M. Guerrero. 2017. “Innovation and Entrepreneurship in the Academic Setting: A Systematic Literature Review.” International Entrepreneurship and Management Journal 13 (2): 369–95. .CrossrefGoogle Scholar

  • Shane, S. 2009. “Why Encouraging More People to Become Entrepreneurs Is Bad Public Policy.” Small Business Economics 33 (2): 141–49. .CrossrefGoogle Scholar

  • Shane, S. A. 2007. Economic Development through Entrepreneurship: Government, University and Business Linkages. Edward Elgar Publishing. .CrossrefGoogle Scholar

  • Sidorkin, O., and M. Srholec. 2017. Do Direct Subsidies Stimulate New R&D Outputs in Firms?: A Comparison of the IMPULS, TIP and ALFA Programmes. Prague, Czech Republic: Národohospodářský ústav AV ČR, vvi.Google Scholar

  • Stiglitz, J. E., and A. Weiss. 1981. “Credit Rationing in Markets with Imperfect Information.” The American Economic Review 71 (3): 393–410.Google Scholar

  • Ughetto, E., G. Scellato, and M. Cowling. 2017. “Cost of Capital and Public Loan Guarantees to Small Firms.” Small Business Economics 49 (2): 319–37.Google Scholar

  • Valentin, A., and T. Henschel. 2013. “Do Guarantee Banks Mitigate Credit Restrictions for SMEs?” International Journal of Entrepreneurship and Small Business 20 (4): 481–96.Google Scholar

  • Van Stel, A., and D. Storey. 2004. “The Link between Firm Births and Job Creation: Is There a Upas Tree Effect?” Regional Studies 38 (8): 893–909. .CrossrefGoogle Scholar

  • Vitezic, V., S. Srhoj, and M. Peric. 2018. “Investigating Industry Dynamics in a Recessionary Transition Economy.” The South East European Journal of Economics and Business 13 (1): 43–67. http://doi.org/0.2478/jeb-2018-0003.

  • Welter, F., and D. Smallbone, eds. 2011. Handbook of Research on Entrepreneurship Policies in Central and Eastern Europe. Edward Elgar Publishing. .CrossrefGoogle Scholar

  • Wernerfelt, B. 1984. “A Resource‐Based View of the Firm.” Strategic Management Journal 5 (2): 171–80.Google Scholar

  • Wishlade, F., R. Michie, G. Familiari, P. Schneiderwind, and A. Resch. 2016. Ex-Post Evaluation of Cohesion Policy Programs 2007-13, Focusing on the European Regional Development Fund (ERDF) and Cohesion Fund (CF): Work Package 3: Financial Instruments for Enterprise Support. Publications Office of the European Union: Luxembourg. .CrossrefGoogle Scholar

  • Zawalińska, K., N. Tran, and A. Płoszaj. 2018. “R&D in a Post Centrally-Planned Economy: The Macroeconomic Effects in Poland.” Journal of Policy Modeling 40 (1): 37–59.Google Scholar

  • Zecchini, S., and M. Ventura. 2009. “The Impact of Public Guarantees on Credit to SMEs.” Small Business Economics 32 (2): 191–206. .CrossrefGoogle Scholar

About the article

Published Online: 2018-10-26


Citation Information: The B.E. Journal of Economic Analysis & Policy, 20180057, ISSN (Online) 1935-1682, DOI: https://doi.org/10.1515/bejeap-2018-0057.

Export Citation

© 2018 Walter de Gruyter GmbH, Berlin/Boston.Get Permission

Comments (0)

Please log in or register to comment.
Log in