Received:
2018-06-15 | Accepted:
2018-12-15 | Published:
2019-03-30
Title
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 knowledge-based 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.
Keywords
knowledge-based economy, financial instruments, financing knowledge, Kazakhstan
JEL classifications
O16
, O21
, O31
URI
http://jssidoi.org/jesi/article/281
DOI
Pages
1226-1234
This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License
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