Financial constraints and firm exports: accounting for heterogeneity, self-selection and endogeneity

Angelo Secchi, Federico Tamagni and Chiara Tomasi ()
Additional contact information
Chiara Tomasi: UNITN - Università degli Studi di Trento = University of Trento

PSE-Ecole d'économie de Paris (Postprint) from HAL

Abstract: The article examines the causal effect of financial constraints on firms' exports. We exploit a firm-level proxy of constraints based on credit ratings and available for a large panel of Italian exporting and non-exporting firms. Our estimation strategy allows to cure for self-selection into exports and endogeneity of financial constraints. At the same time, we can control for unobserved firm fixed effects both in the selection and in the export equation, thus identifying the effect on exports of within-firm changes in financial constraints status. We find that financial constraints produce a sizable reduction in the value of a firm's foreign sales.

Keywords: international trade; financial constraints (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Published in Industrial and Corporate Change, 2015, 25 (5), pp.813-827. ⟨10.1093/icc/dtw033⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: Financial constraints and firm exports: accounting for heterogeneity, self-selection, and endogeneity (2016)
Working Paper: Financial constraints and firm exports: accounting for heterogeneity, self-selection and endogeneity (2015)
Working Paper: Financial constraints and firm exports: accounting for heterogeneity, self-selection and endogeneity (2015)
Working Paper: Financial constraints and firm exports: accounting for heterogeneity, self-selection and endogeneity (2014)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:hal-01297118

DOI: 10.1093/icc/dtw033

Access Statistics for this paper

More papers in PSE-Ecole d'économie de Paris (Postprint) from HAL
Bibliographic data for series maintained by Caroline Bauer ().