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Title The Impact of the 2008-2009 Global Crisis on Manufacturing Firms’ Fixed Asset Purchases: The Case of Eastern Europe and Central Asia
Authors Kaya, H.D.
Engkuchik, E.N
Keywords основні засоби
основные средства
fixed assets
дебіторська заборгованість
дебиторская задолженность
receivables
глобальна криза
глобальный кризис
global crisis
виробничі підприємства
производственные предприятия
manufacturing firms
Східна Європа
Восточная Европа
Eastern Europe
Центральна Азія
Центральная Азия
Central Asia
Type Article
Date of Issue 2022
URI https://essuir.sumdu.edu.ua/handle/123456789/88377
Publisher Sumy State University
License Creative Commons Attribution 4.0 International License
Citation Kaya, H.D., Engkuchik, E.N. (2022). The Impact of the 2008-2009 Global Crisis on Manufacturing Firms’ Fixed Asset Purchases: The Case of Eastern Europe and Central Asia. Financial Markets, Institutions and Risks, 6(2), 36-42. http://doi.org/10.21272/fmir.6(2).36-42.2022
Abstract We examine the impact of the 2008-2009 Crisis on two dimensions of manufacturing firms in Eastern Europe and Central Asia, i.e., receivables collection (whether the customers pay after the delivery rather than before or on the date of delivery) and financing of manufacturing firms’ fixed asset purchases (what type of financing they used before and after the 2008-2009 Crisis). We use the Business Environment and Enterprise Performance Survey (BEEPS), i.e., BEEPS IV and BEEPS V data to represent the pre-Crisis and post-Crisis periods respectively. Our analysis indicates that the percentage of purchases paid by the customers of the manufacturing firms significantly decline from the pre-Crisis to the post-Crisis period. This finding suggests that manufacturing firms tighten their payment policies and are not as lenient with their customers post-Crisis. In addition, we find that the percentage of manufacturing firms’ fixed asset purchases paid for by internal financing significantly increases, whereas the percentage of fixed asset purchases paid for by owner’s contribution and supplier credit significantly decline post-Crisis. These findings suggest that as a result of the 2008-2009 Crisis, manufacturing firms in these countries seem to rely more on internal funding which may be due to tighter availability of external sources or drainage of shareholders funds (not enough cash) post-Crisis.
Appears in Collections: Financial Markets, Institutions and Risks (FMIR)

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