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заместитель директора по академическим вопросам Замков Олег Олегович
Заместитель директора по по науке Никитин Максим Игоревич

Публикация студента магистратуры МИЭФ в Journal of Chinese Entrepreneurship

Поздравляем студента первого курса магистратуры МИЭФ Артема Гудова с публикацией в Journal of Chinese Entrepreneurship >>

Поздравляем студента первого курса магистратуры МИЭФ Артема Гудова с публикацией в Journal of Chinese Entrepreneurship статьи “Combining formal and informal financial sources: Russian early entrepreneurs' and established firms' structure of external financing”.
 
Интервью с Артемом Гудовым: «Наша лаборатория интегрирована в международные исследования» >>

Тезисы статьи:
Purpose – The aim of the paper is to analyze quantitatively and qualitatively requirements of Russian micro- and small-firms in financial sources, along with opportunities and restrictions in the mobilization of investment at the different stages of a firm's life cycle.
 
Design/methodology/approach – In this paper the determinants of the propensity to invest and the supply of funding are investigated by using the Global Entrepreneurship Monitor (GEM) data set for Russia in the time period from 2006 to 2011.
 
Findings – The paper provides the analysis of Russian early entrepreneurs' and established business owners' decisions about the preferred structure of financial sources, comprising both statistical and logistic regression approaches for this investigation. The findings indicate that in Russia the structure of financial sources of start-up entrepreneurs is predominated by “love capital” (mainly private and family savings), meanwhile, the percentage of business angels' financing is low in comparison with innovation-driven countries. Moreover, there are merely extra-economic factors, which influence informal investors' decision making on funding: personal relations with a borrower, an optimistic view on macroeconomic perspective and high status of an entrepreneur.
 
Practical implications – The findings in this paper suggest that this research can help the officials to formulate a program of SMEs' support at different stages of the financial chain in Russia.
 
Originality/value – In this paper the early and middle stages of a firm's life cycle are examined and some practical advice on a company's development and expansion are given.