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Financial Constraints and Exports: Evidence from Portuguese Manufacturing Firms

  • Armando Silva

    ()

    (Instituto Politécnico do Porto, Escola Superior de Estudos Industriais e de Gestão (ESEIG), rua D. Sancho I, 9814480- 876 Vila do Conde)

This paper analyses the links between financial constraints and firm export behaviour, at the firm level, by using data on Portuguese manufacturing enterprises. Previous empirical literature has not yet reached a consensus on these subjects and there is a great heterogeneity in measuring financial constraints. In line with a very recent trend, we approximate credit constraints by using a financial score built on eight variables. In order to assess the effects of exports on the financial status of firms we apply, for the first time to these types of studies, a propensity score matching with difference in differences. We find that new exporters show significant improvements in their financial situation.

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Article provided by Eastern Macedonia and Thrace Institute of Technology (EMATTECH), Kavala, Greece in its journal International Journal of Economic Sciences and Applied Research (IJESAR).

Volume (Year): 4 (2011)
Issue (Month): 3 (December)
Pages: 7-19

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Handle: RePEc:tei:journl:v:4:y:2011:i:3:p:7-19
Contact details of provider: Web page: http://ijbesar.teiemt.gr/

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  1. Lionel Nesta & Flora Bellone & Patrick Musso & Stefano Schiavo, 2008. "Financial Constraints and Firm Export Behavior," Sciences Po publications 16, 2008, Sciences Po.
  2. Patrick Musso & Stefano Schiavo, 2008. "The impact of financial constraints on firm survival and growth," Journal of Evolutionary Economics, Springer, vol. 18(2), pages 135-149, April.
  3. Jan De Loecker, 2010. "A Note on Detecting Learning by Exporting," NBER Working Papers 16548, National Bureau of Economic Research, Inc.
  4. Vlad Manole & Mariana Spatareanu, 2009. "Exporting, Capital Investment and Financial Constraints," Working Papers Rutgers University, Newark 2009-005, Department of Economics, Rutgers University, Newark.
  5. Richard Blundell & Monica Costa Dias, 2000. "Evaluation methods for non-experimental data," Fiscal Studies, Institute for Fiscal Studies, vol. 21(4), pages 427-468, January.
  6. De Loecker, Jan, 2007. "Do exports generate higher productivity? Evidence from Slovenia," Journal of International Economics, Elsevier, vol. 73(1), pages 69-98, September.
  7. Delgado, Miguel A. & Farinas, Jose C. & Ruano, Sonia, 2002. "Firm productivity and export markets: a non-parametric approach," Journal of International Economics, Elsevier, vol. 57(2), pages 397-422, August.
  8. Sascha O. Becker & Andrea Ichino, 2002. "Estimation of average treatment effects based on propensity scores," Stata Journal, StataCorp LP, vol. 2(4), pages 358-377, November.
  9. Aaron Tornell & Frank Westermann, 2003. "The Credit Channel in Middle Income Countries," CESifo Working Paper Series 832, CESifo Group Munich.
  10. Edwin Leuven & Barbara Sianesi, 2003. "PSMATCH2: Stata module to perform full Mahalanobis and propensity score matching, common support graphing, and covariate imbalance testing," Statistical Software Components S432001, Boston College Department of Economics, revised 19 Jan 2015.
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