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Financial Health and the Intensive Margin of Trade

Author

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  • Deniz Baglan
  • Hakan Yilmazkuday

Abstract

Using data on 2380 firms from nine emerging countries, this paper shows that there is a positive and significant relationship between financial health and the intensive margin of trade. The magnitude of this positive relationship is shown to depend on several firm characteristics, where the effects of financial health on firm-level exports are larger for firms with higher levels of export, bigger size (measured by assets), higher productivity (measured by value added per worker), and moderate levels of financial health (measured by cash flow over total assets). The results are robust to the consideration of foreign ownership and country characteristics as well as industry and time fixed effects.

Suggested Citation

  • Deniz Baglan & Hakan Yilmazkuday, 2018. "Financial Health and the Intensive Margin of Trade," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 54(6), pages 1304-1319, May.
    • Handle: RePEc:mes:emfitr:v:54:y:2018:i:6:p:1304-1319
    DOI: 10.1080/1540496X.2016.1274258
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    Cited by:

    1. Nora Aboushady & Chahir Zaki, 2019. "Investment climate and Trade Margins in Egypt: Which Factors Do Matter?," Economics Bulletin, AccessEcon, vol. 39(4), pages 2275-2301.
    2. Pan, Zhifang & Qian, Zhenqiu & Cheng, Shihui, 2024. "Impact of trade frictions on economic costs and financial risks," Finance Research Letters, Elsevier, vol. 69(PA).
    3. Rousseau, Peter L. & Yilmazkuday, Hakan, 2009. "Inflation, financial development, and growth: A trilateral analysis," Economic Systems, Elsevier, vol. 33(4), pages 310-324, December.
    4. Fan, Haichao & Hu, Xingcun & Lin, Faqin & Liu, Mengxun, 2025. "Cultural origin and international trade," Journal of Economic Behavior & Organization, Elsevier, vol. 229(C).
    5. Seun Emmanuel Fabiyi, 2026. "Capital account liberalization and the margins of trade," International Economics and Economic Policy, Springer, vol. 23(1), pages 1-30, February.

    More about this item

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • F10 - International Economics - - Trade - - - General
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade

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