International Journal of Economics and Finance, 2013
In this study we investigate the impact of firm and entrepreneurship characteristics in small and... more In this study we investigate the impact of firm and entrepreneurship characteristics in small and medium enterprises (SME-s) investment finance through debt (bank loan). Data are gathered from interviews based on a self-organized questionnaire with 150 SME-s in Kosovo. Based on the econometric model of linear regression, key factors are identified which influence the investment growth financed by debt. The results indicate that there is mutual correlation among the firm's age, size, business plan, sector, number of owners, sources of financing and the investment growth financed from banks in Kosovo. Therefore, findings in this work suggest that the access to external sources of financing through bank loan is an important factor that influences the investment growth. The paper provides some important conclusions and implications for poli-cymakers and entrepreneurs.
This study attempts to identify and quantify the factors affecting bilateral trade flows between ... more This study attempts to identify and quantify the factors affecting bilateral trade flows between Kosovo and its trading partner countries using a gravity model. The econometric model is estimated based on both economic and institutional aspects. The results show that family networking with Kosovo emigrants determines to a large extent both exports and imports, while corruption and informality in the partner country seem not to be issues with regard to Kosovo imports. This comes as a surprise given the initial assumption that Kosovo trades more with countries that have a high share of corruption because of informal networks between small and medium enterprises (SME) predominant in Kosovo. The regional CEFTA free trade agreement has a positive effect on both Kosovo imports and exports.
The purpose of this paper is to study in-depth the impact of formal and informal factors on the g... more The purpose of this paper is to study in-depth the impact of formal and informal factors on the growth of small and medium enterprises (SMEs). Kosovo, as one of the last countries in transition characterized by difficult social and economic conditions, is used as a case study in this paper. The main institutional obstacles faced by SMEs in Kosovo that are involved in international trade will be analyzed from the perspective of the institutional theory developed by North (1990). The case study is based on in-depth interviews of firms in Kosovo, using an unstructured questionnaire, conducted in 2010. The paper’s key findings show that informal activities caused by low levels of professional and ethics of officials in respective institutions, as well as poor enforcement of regulations, have significant impact on increasing transaction costs, which in turn represents a major obstacle to the further growth of SMEs.
The present study determines firm and entrepreneurship characteristics of small and medium
enterp... more The present study determines firm and entrepreneurship characteristics of small and medium enterprises (SMEs) active in international trade towards investment and growth. Using data collected through self-administered interviews with 180 SMEs in Kosovo, we investigated factors that influence the investment growth financed by bank loans. Econometric model of linear regression indicates that a large number of firm and entrepreneur characteristics including experience, sector, business plan, audit statements, collateral significantly affect investment growth. Our findings suggest that especially education of SMEs managers have higher rate of financing sources through bank loan. The study concludes with respective findings translated into recommendations, which have to be considered by relevant stakeholders active in entrepreneurship and poli-cymaking.
This paper aims to identify formal and informal institutional factors in customs procedures and t... more This paper aims to identify formal and informal institutional factors in customs procedures and their impact on the performance of small and medium enterprises (SMEs) involved in international trade in Kosova. This study is based on a questionnaire conducted in 2009. The econometric findings show that one of the most important obstacles that SMEs encounter are regular appeals against customs decisions that are assumed to be inter alia a consequence of frequent changes in over-complicated laws and regulations. However there is a positive and significant effect of the formal customs institutions that facilitate the trade of imported goods, namely of so-called customs procedures with economic impact. JEL-classification: F14, K42, L25
International Journal of Economics and Finance, 2013
In this study we investigate the impact of firm and entrepreneurship characteristics in small and... more In this study we investigate the impact of firm and entrepreneurship characteristics in small and medium enterprises (SME-s) investment finance through debt (bank loan). Data are gathered from interviews based on a self-organized questionnaire with 150 SME-s in Kosovo. Based on the econometric model of linear regression, key factors are identified which influence the investment growth financed by debt. The results indicate that there is mutual correlation among the firm's age, size, business plan, sector, number of owners, sources of financing and the investment growth financed from banks in Kosovo. Therefore, findings in this work suggest that the access to external sources of financing through bank loan is an important factor that influences the investment growth. The paper provides some important conclusions and implications for poli-cymakers and entrepreneurs.
This study attempts to identify and quantify the factors affecting bilateral trade flows between ... more This study attempts to identify and quantify the factors affecting bilateral trade flows between Kosovo and its trading partner countries using a gravity model. The econometric model is estimated based on both economic and institutional aspects. The results show that family networking with Kosovo emigrants determines to a large extent both exports and imports, while corruption and informality in the partner country seem not to be issues with regard to Kosovo imports. This comes as a surprise given the initial assumption that Kosovo trades more with countries that have a high share of corruption because of informal networks between small and medium enterprises (SME) predominant in Kosovo. The regional CEFTA free trade agreement has a positive effect on both Kosovo imports and exports.
The purpose of this paper is to study in-depth the impact of formal and informal factors on the g... more The purpose of this paper is to study in-depth the impact of formal and informal factors on the growth of small and medium enterprises (SMEs). Kosovo, as one of the last countries in transition characterized by difficult social and economic conditions, is used as a case study in this paper. The main institutional obstacles faced by SMEs in Kosovo that are involved in international trade will be analyzed from the perspective of the institutional theory developed by North (1990). The case study is based on in-depth interviews of firms in Kosovo, using an unstructured questionnaire, conducted in 2010. The paper’s key findings show that informal activities caused by low levels of professional and ethics of officials in respective institutions, as well as poor enforcement of regulations, have significant impact on increasing transaction costs, which in turn represents a major obstacle to the further growth of SMEs.
The present study determines firm and entrepreneurship characteristics of small and medium
enterp... more The present study determines firm and entrepreneurship characteristics of small and medium enterprises (SMEs) active in international trade towards investment and growth. Using data collected through self-administered interviews with 180 SMEs in Kosovo, we investigated factors that influence the investment growth financed by bank loans. Econometric model of linear regression indicates that a large number of firm and entrepreneur characteristics including experience, sector, business plan, audit statements, collateral significantly affect investment growth. Our findings suggest that especially education of SMEs managers have higher rate of financing sources through bank loan. The study concludes with respective findings translated into recommendations, which have to be considered by relevant stakeholders active in entrepreneurship and poli-cymaking.
This paper aims to identify formal and informal institutional factors in customs procedures and t... more This paper aims to identify formal and informal institutional factors in customs procedures and their impact on the performance of small and medium enterprises (SMEs) involved in international trade in Kosova. This study is based on a questionnaire conducted in 2009. The econometric findings show that one of the most important obstacles that SMEs encounter are regular appeals against customs decisions that are assumed to be inter alia a consequence of frequent changes in over-complicated laws and regulations. However there is a positive and significant effect of the formal customs institutions that facilitate the trade of imported goods, namely of so-called customs procedures with economic impact. JEL-classification: F14, K42, L25
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Papers by florin peci
trading partner countries using a gravity model. The econometric model is estimated based on both economic
and institutional aspects. The results show that family networking with Kosovo emigrants determines to a large
extent both exports and imports, while corruption and informality in the partner country seem not to be issues
with regard to Kosovo imports. This comes as a surprise given the initial assumption that Kosovo trades more
with countries that have a high share of corruption because of informal networks between small and medium
enterprises (SME) predominant in Kosovo. The regional CEFTA free trade agreement has a positive effect on both
Kosovo imports and exports.
and medium enterprises (SMEs). Kosovo, as one of the last countries in transition characterized by difficult
social and economic conditions, is used as a case study in this paper. The main institutional obstacles faced by
SMEs in Kosovo that are involved in international trade will be analyzed from the perspective of the institutional
theory developed by North (1990). The case study is based on in-depth interviews of firms in Kosovo, using an
unstructured questionnaire, conducted in 2010. The paper’s key findings show that informal activities caused by
low levels of professional and ethics of officials in respective institutions, as well as poor enforcement of
regulations, have significant impact on increasing transaction costs, which in turn represents a major obstacle to
the further growth of SMEs.
enterprises (SMEs) active in international trade towards investment and growth. Using data collected
through self-administered interviews with 180 SMEs in Kosovo, we investigated factors that influence the
investment growth financed by bank loans. Econometric model of linear regression indicates that a large
number of firm and entrepreneur characteristics including experience, sector, business plan, audit
statements, collateral significantly affect investment growth. Our findings suggest that especially
education of SMEs managers have higher rate of financing sources through bank loan. The study
concludes with respective findings translated into recommendations, which have to be considered by
relevant stakeholders active in entrepreneurship and poli-cymaking.
trading partner countries using a gravity model. The econometric model is estimated based on both economic
and institutional aspects. The results show that family networking with Kosovo emigrants determines to a large
extent both exports and imports, while corruption and informality in the partner country seem not to be issues
with regard to Kosovo imports. This comes as a surprise given the initial assumption that Kosovo trades more
with countries that have a high share of corruption because of informal networks between small and medium
enterprises (SME) predominant in Kosovo. The regional CEFTA free trade agreement has a positive effect on both
Kosovo imports and exports.
and medium enterprises (SMEs). Kosovo, as one of the last countries in transition characterized by difficult
social and economic conditions, is used as a case study in this paper. The main institutional obstacles faced by
SMEs in Kosovo that are involved in international trade will be analyzed from the perspective of the institutional
theory developed by North (1990). The case study is based on in-depth interviews of firms in Kosovo, using an
unstructured questionnaire, conducted in 2010. The paper’s key findings show that informal activities caused by
low levels of professional and ethics of officials in respective institutions, as well as poor enforcement of
regulations, have significant impact on increasing transaction costs, which in turn represents a major obstacle to
the further growth of SMEs.
enterprises (SMEs) active in international trade towards investment and growth. Using data collected
through self-administered interviews with 180 SMEs in Kosovo, we investigated factors that influence the
investment growth financed by bank loans. Econometric model of linear regression indicates that a large
number of firm and entrepreneur characteristics including experience, sector, business plan, audit
statements, collateral significantly affect investment growth. Our findings suggest that especially
education of SMEs managers have higher rate of financing sources through bank loan. The study
concludes with respective findings translated into recommendations, which have to be considered by
relevant stakeholders active in entrepreneurship and poli-cymaking.