Complex Internationalization Strategies and Firm Export Dynamics: Crisis and Recovery
David Córcoles (),
Carmen Diaz-Mora and
Rosario Gandoy ()
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Rosario Gandoy: University of Castilla-La Mancha
No 16-05 Classification-JEL :F14, F60, Working Papers from Asociación Española de Economía y Finanzas Internacionales
The aim of this paper is to investigate the dynamics of the exporting activity of manufacturing firms that are involved in complex internationalization strategies. We consider complex internationalization to be when firms are simultaneously active in exporting, importing intermediates and international production, which are typically associated with participation in GVCs. Our descriptive data show that these triple mode internationalized firms belong to an elite group of firms that exhibit a higher level of labour productivity, are larger and show a higher likelihood of engaging in product innovation. On the basis of the estimation of a random-effects probit model with panel data, we find that once such firm characteristics are controlled for, internationalization complexity plays an important role in continuing to export. Additionally, the results from a dynamic panel data model show that being involved in more sophisticated internationalization modes positively influences the level of exports. Thus, it seems that firms active in a complex mix of internationalization strategies have an added advantage which enables them to confront the uncertainty of foreign markets in better conditions and translates to a lower likelihood of ceasing exporting and to higher export values. We go one step further and investigate whether the impact is different during the trade collapse in 2009 and the following recovery.
Keywords: Export dynamics; firms' characteristics; complex internationalization; trade collapse and recovery (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-cse, nep-int and nep-sbm
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Persistent link: https://EconPapers.repec.org/RePEc:aee:wpaper:1605
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