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The Determinants of Competitiveness of the Portuguese Defense Industry

Roxanne Merenda ()

No 159, GEE Papers from Gabinete de Estratégia e Estudos, Ministério da Economia

Abstract: This paper exploits a panel data ranging from 2010 to 2019 to investigate firm-level determinants of export intensity in the Portuguese defense industry, using a fixed effects model. As in any study exploiting corporate finance panel data, it is likely that some variables are endogenous due to reverse causality. Although we address this issue, the interpretation of our results cannot be fully causal. We find evidence that learning economies, proxied by export persistence, are the largest determinants associated with export intensity at firm level. Worker productivity and firm size also play a positive and significant role. Financial indicators such as financial pressure and leverage ratio negatively correlate with export intensity, albeit not always significantly. Finally, and contrary to the literature, we cannot find evidence that the Portuguese defense industry’s competitiveness rely on investment and R&D, nor is it impacted by geographical agglomeration.

Keywords: Exports; Competitiveness; Firm-level data; Defense industry (search for similar items in EconPapers)
JEL-codes: D22 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2021-11, Revised 2021-11
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-cse, nep-eff, nep-int and nep-sbm
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http://www.gee.gov.pt//RePEc/WorkingPapers/GEE_PAPERS_159.pdf First version, 2021 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:mde:wpaper:0159

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