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Exporting, Capital Investment and Financial Constraints

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  • Vlad Manole
  • Mariana Spatareanu

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. The analysis suggests that easing firms' credit constraints may play an important role in facilitating exporting and that welldeveloped financial markets that would decrease firms' cost of external finance may be needed in order to benefit from selling in foreign markets.

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File URL: http://www.econ.kuleuven.be/licos/publications/dp/dp252.pdf
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Bibliographic Info

Paper provided by LICOS - Centre for Institutions and Economic Performance, KU Leuven in its series LICOS Discussion Papers with number 25209.

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Date of creation: 2009
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Handle: RePEc:lic:licosd:25209

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Keywords: exporting; cash flow; financial constraints;

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Cited by:
  1. Saeed Abubakr & Franco Esposito, 2012. "Bank concentration and financial constraints on firm investment in UK," Studies in Economics and Finance, Emerald Group Publishing, vol. 29(1), pages 11-25, March.
  2. Wagner, Joachim, 2012. "Credit constraints and exports: Evidence for German manufacturing enterprises," Working Paper Series in Economics and Institutions of Innovation 286, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
  3. Armando Silva, 2011. "Financial constraints and exports: evidence from Portuguese manufacturing firms," FEP Working Papers 402, Universidade do Porto, Faculdade de Economia do Porto.
  4. Pauline Bourgeon & Jean-Charles Bricongne & Guillaume Gaulier, 2012. "Financing time to trade : Evidence from French firms," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00677343, HAL.
  5. Emanuele Forlani, 2010. "Liquidity Constraints and Firm’s Export Activity," Development Working Papers 291, Centro Studi Luca d\'Agliano, University of Milano, revised 30 Apr 2010.
  6. Joachim Wagner, 2013. "Credit constraints and exports: A survey of empirical studies using firm level data," Working Paper Series in Economics 287, University of Lüneburg, Institute of Economics.
  7. repec:hal:journl:halshs-00677343 is not listed on IDEAS
  8. Juan A. Máñez & María E. Rochina-Barrachina & Juan A. Sanchis-Llopis & Oscar Vicente, 2013. "Financial constraints and Spanish manufacturing firms’ R&D and exporting," Working Papers 1324, Department of Applied Economics II, Universidad de Valencia.
  9. Filipe SIlva & Carlos Carreira, 2011. "Financial constraints and exports: An analysis of Portuguese firms during the European monetary integration," GEMF Working Papers 2011-13, GEMF - Faculdade de Economia, Universidade de Coimbra.
  10. Askenazy, Philippe & Caldera, Aida & Gaulier, Guillaume & Irac, Delphine, 2011. "Financial Constraints and Foreign Market Entries or Exits: Firm Level Evidence from France," CEPREMAP Working Papers (Docweb) 1112, CEPREMAP.

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