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Trading activities, productivity and markups: evidence for spanish manufacturing


  • Juan A. Máñez Castillejo

    (Department of Economic Structure, University of Valencia, Avda. dels Tarongers s/n, 46022 Valencia (Spain).)

  • M. Consuelo Mínguez Bosque

    (IVIE, Carrer de la Guàrdia Civil 22, 46020 València (Spain).)

  • María E. Rochina-Barrachina

    (Department of Economic Structure, University of Valencia, Avda. dels Tarongers s/n, 46022 Valencia (Spain).)

  • Juan A. Sanchis Llopis

    (Department of Economic Structure, University of Valencia, Avda. dels Tarongers s/n, 46022 Valencia (Spain).)


This work analyses the firms’ internationalization strategies of importing intermediates and exporting output, and the potential rewards of these activities in terms of total factor productivity (TFP), as a proxy for marginal costs, and markups. It further deepens into the study of the relationship between internationalization strategies and markups by disentangling whether it operates through affecting firms’ marginal costs and/or firms’ prices. The panel database employed in this paper is the Spanish Survey on Business Strategies (ESEE) for the period 2006- 2014. Results in the paper distinguish between SMEs and large firms and indicate that there is high persistence in the performance of these activities and in firms’ TFP and markups. In addition, the internationalization strategies are especially relevant for SMEs, as for this group we obtain rewards of the two activities in terms of both TFP and markups. Furthermore, we also find that these strategies allow SMEs to charge higher output prices.

Suggested Citation

  • Juan A. Máñez Castillejo & M. Consuelo Mínguez Bosque & María E. Rochina-Barrachina & Juan A. Sanchis Llopis, 2019. "Trading activities, productivity and markups: evidence for spanish manufacturing," Working Papers 1905, Department of Applied Economics II, Universidad de Valencia.
  • Handle: RePEc:eec:wpaper:1905

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    More about this item


    Exports; imports of intermediates; total factor productivity; markups; output prices; manufacturing; firm-level data;

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F61 - International Economics - - Economic Impacts of Globalization - - - Microeconomic Impacts
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms


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