Arbeitspapier

Do Financial Constraints Matter for Foreign Market Entry? – A Firm-Level Examination

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Recent theoretical and empirical contributions stress the importance of financial development for international trade. This paper investigates whether financial constraints matter for foreign market entry at the firm level using dynamic panel data techniques. The empirical framework is applied to a panel of French manufacturing firms over the years 1998-2005. Although financial indicators are significantly correlated with export status and export share, there is no evidence that financial constraints have a direct impact on foreign market participation or sales in foreign markets once observed and unobserved firm heterogeneity is controlled for. This result also holds for subgroups of firms that are more likely to face financial constraints and industries that are more dependent on financial factors.

ISBN: 978-3-86788-054-1

Language: Englisch

Bibliographic citation: Series: Ruhr Economic Papers ; No. 51

Classification: Wirtschaft
Empirical Studies of Trade
Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models

Subject: Exports
financial constraints
sunk costs
Exportindustrie
Verarbeitendes Gewerbe
Internationale Markteintrittsstrategie
Verschuldungsrestriktion
Sunk Costs
Frankreich

Event: Geistige Schöpfung

(who): Stiebale, Joel

Event: Veröffentlichung

(who): Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)

(where): Essen

(when): 2008

Handle: http://hdl.handle.net/10419/26816

Last update: 10.03.2025, 11:44 AM CET

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Object type

Arbeitspapier

Associated

Stiebale, Joel
Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)

Time of origin

2008

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