Exporting, capital investment and financial constraints

Vlad Manole () and Mariana Spatareanu ()
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Vlad Manole: The Conference Board
Mariana Spatareanu: Rutgers University

Review of World Economics (Weltwirtschaftliches Archiv), 2010, vol. 146, issue 1, No 2, 23-37

Abstract: Abstract Many firms cite financial constraints as some of the most important impediments to their investment and growth. Using a unique data set from the Czech Republic this paper investigates the importance of financing constraints in the context of exporters. It finds that exporters are less financially constrained than non-exporters. However, after carefully correcting for possible endogeneity and selection issues, the evidence points to less constrained firms self-selecting into exporting rather than exporting alleviating firms’ financial constraints.

Keywords: Exporting; Cash flow; Financial constraints (search for similar items in EconPapers)
JEL-codes: F21 F23 F36 (search for similar items in EconPapers)
Date: 2010
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DOI: 10.1007/s10290-009-0040-3

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