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Hidden champions - how young and small technology-oriented firms can attain high export-sales ratios

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Author Info
Fryges, Helmut
Abstract

Determinants of a firm?s export-sales ratio (degree of internationalisation) are frequently discussed in the literature related to individual firms? export activities. Stylised facts show a positive relationship between firm size and firm age on the one hand and the firm?s export-sales ratio on the other hand. However, anecdotic evidence and recent empirical results revealed that it is not size or age per se that leads to a high export-sales ratio. This paper analyses the export-sales ratio of a sample of young technology-oriented firms in Germany and the UK. The empirical results confirm that neither youth nor smallness are necessarily an obstacle to realising a high degree of internationalisation. However, this requires that the firms possess firm-specific assets in order to overcome barriers to entry into the foreign market. These firm-specific assets may be acquired via conducting own R&D activities, buying novel technology from other companies, or by employing internationally experienced managers. --

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Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 06-45.

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Date of creation: 2006
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Handle: RePEc:zbw:zewdip:5435

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Related research
Keywords: High-technology industries; export-sales ratio; fractional logit model;

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Find related papers by JEL classification:
L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software

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  1. Wagner, Joachim, 1995. " Exports, Firm Size, and Firm Dynamics," Small Business Economics, Springer, vol. 7(1), pages 29-39, February.
  2. Baldwin, Richard & Krugman, Paul, 1989. "Persistent Trade Effects of Large Exchange Rate Shocks," The Quarterly Journal of Economics, MIT Press, vol. 104(4), pages 635-54, November. [Downloadable!] (restricted)
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  3. Roberts, Mark J & Tybout, James R, 1997. "The Decision to Export in Colombia: An Empirical Model of Entry with Sunk Costs," American Economic Review, American Economic Association, vol. 87(4), pages 545-64, September. [Downloadable!] (restricted)
  4. Gourieroux, Christian & Monfort, Alain & Trognon, Alain, 1984. "Pseudo Maximum Likelihood Methods: Theory," Econometrica, Econometric Society, vol. 52(3), pages 681-700, May. [Downloadable!] (restricted)
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  5. Andrew B. Bernard & Joachim Wagner, 1998. "Export Entry and Exit by German Firms," NBER Working Papers 6538, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Joachim Wagner, 2003. "Unobserved firm heterogeneity and the size-exports nexus: Evidence from German panel data," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 139(1), pages 161-172, March. [Downloadable!] (restricted)
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  7. Joseph Hilbe, 1993. "Generalized linear models," Stata Technical Bulletin, StataCorp LP, vol. 2(11). [Downloadable!]
  8. Juan A. Mañez & Maria E. Rochina & Juan A. Sanchis, 2004. "The decision to export: a panel data analysis for Spanish manufacturing," Applied Economics Letters, Taylor and Francis Journals, vol. 11(11), pages 669-673, September. [Downloadable!] (restricted)
  9. Andrew B. Bernard & J. Bradford Jensen, 2004. "Why Some Firms Export," The Review of Economics and Statistics, MIT Press, vol. 86(2), pages 561-569, 04. [Downloadable!] (restricted)
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  10. Wagner, Joachim, 2001. " A Note on the Firm Size-Export Relationship," Small Business Economics, Springer, vol. 17(4), pages 229-37, December. [Downloadable!] (restricted)
  11. Salvador Barrios & Holger Goerg & Eric Strobl, 2003. "Explaining Firms' Export Behaviour: R&D, Spillovers and the Destination Market," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 65(4), pages 475-496, 09. [Downloadable!] (restricted)
  12. Kaiser, Ulrich & Kongsted, Hans Christian, 2004. "True Versus Spurious State Dependence in Firm Performance : The Case of West German Exports," ZEW Discussion Papers 04-81, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
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  13. Ernst Verwaal & Bas Donkers, 2002. "Firm Size and Export Intensity: Solving an Empirical Puzzle," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 33(3), pages 603-613, September. [Downloadable!] (restricted)
  14. Daniel Sullivan, 1994. "Measuring the Degree of Internationalization of a Firm," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 25(2), pages 325-342, June. [Downloadable!] (restricted)
  15. Leslie E. Papke & Jeffrey M. Wooldridge, 1993. "Econometric Methods for Fractional Response Variables with an Application to 401(k) Plan Participation Rates," NBER Technical Working Papers 0147, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Fryges, Helmut & Wagner, Joachim, 2007. "Exports and Productivity Growth ? First Evidence from a Continuous Treatment Approach," ZEW Discussion Papers 07-032, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
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