Financing of young knowledge-based companies after the financial crisis: the case of Kazakhstan

Gulzhan Isatayeva (), Velena Seitova, Gulzhamal Koptayeva, Altynai Turlybekova and Aigul Mutaliyeva
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Gulzhan Isatayeva: South Kazakhstan State Pedagogical Institute, Kazakhstan
Velena Seitova: Turan University, Kazakhstan
Gulzhamal Koptayeva: Miras University, Kazakhstan
Altynai Turlybekova: Regional Social and Innovation University, Kazakhstan
Aigul Mutaliyeva: International Humanitarian and Technical University, Kazakhstan

Entrepreneurship and Sustainability Issues, 2019, vol. 6, issue 3, 1226-1234

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 (search for similar items in EconPapers)
JEL-codes: O16 O21 O31 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ssi:jouesi:v:6:y:2019:i:3:p:1226-1234

DOI: 10.9770/jesi.2019.6.3(12)

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