The study looked at how Hungarian companies made investment decisions between 1989 and 1999. They wanted to see how changes in rules and regulations affected how companies borrowed money to invest. The researchers found that after financial reforms, private Hungarian companies had to be more careful with their money, especially small ones. Foreign-owned companies had an easier time getting information about borrowing. State-owned companies, however, still had an easy time borrowing money. Overall, small state-owned companies were more affected by financial conditions, while large ones didn't change much.