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The Micro Patterns of Export Diversification under Financial Constraints

Author

Listed:
  • Angelo Secchi

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Federico Tamagni

    (SSSUP - Scuola Universitaria Superiore Sant'Anna = Sant'Anna School of Advanced Studies [Pisa])

  • Chiara Tomasi

    (UNITN - Università degli Studi di Trento = University of Trento)

Abstract

Combining detailed data on export transactions and an informative firm-level measure of financing constraints, this article provides new evidence on the extent and dynamics of product and geographical diversification of constrained exporters. Financial constraints associate with: (i) narrower product/destination margins, (ii) higher probability to drop products and destinations, (iii) larger loss of export value associated to dropping product or destination markets, (iv) higher probability to discard products with relatively large share in firm total export values, and (v) larger likelihood to drop country markets that are bigger, richer, geographically closer and with a relatively larger share in total firm export value.

Suggested Citation

  • Angelo Secchi & Federico Tamagni & Chiara Tomasi, 2014. "The Micro Patterns of Export Diversification under Financial Constraints," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01161682, HAL.
    • Handle: RePEc:hal:cesptp:hal-01161682
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    1. Semykina, Anastasia & Wooldridge, Jeffrey M., 2010. "Estimating panel data models in the presence of endogeneity and selection," Journal of Econometrics, Elsevier, vol. 157(2), pages 375-380, August.
    2. Angelo Secchi & Federico Tamagni & Chiara Tomasi, 2016. "Financial constraints and firm exports: accounting for heterogeneity, self-selection, and endogeneity," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 25(5), pages 813-827.
    3. Minetti, Raoul & Zhu, Susan Chun, 2011. "Credit constraints and firm export: Microeconomic evidence from Italy," Journal of International Economics, Elsevier, vol. 83(2), pages 109-125, March.
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    Cited by:

    1. Cilem Selin Hazir & Flora Bellone & Cyrielle Gaglio, 2019. "Local product space and firm-level churning in exported products," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 28(6), pages 1473-1496.
    2. Maria Bas & Ivan Ledezma, 2020. "Trade liberalization and heterogeneous firms’ adjustments: evidence from India," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 156(2), pages 407-441, May.
    3. Wagner, Joachim, 2015. "Credit constraints and the extensive margins of exports: First evidence for German manufacturing," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 9, pages 1-17.
    4. Valeria Gattai, 2015. "Internationalisation and performance at the firm-level: what we learn from Italy," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 42(4), pages 475-509, December.
    5. Matteo Bugamelli & Andrea Linarello & Roberta Serafini, 2019. "The 'Margin call'. Export experience and firm entry into new export markets," Questioni di Economia e Finanza (Occasional Papers) 536, Bank of Italy, Economic Research and International Relations Area.
    6. Joachim Wagner, 2016. "A survey of empirical studies using transaction level data on exports and imports," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 152(1), pages 215-225, February.
    7. Nieminen, Mika, 2020. "Multidimensional financial development, exporter behavior and export diversification," Economic Modelling, Elsevier, vol. 93(C), pages 1-12.
    8. Bassetti, Thomas & Dal Maso, Lorenzo & Lattanzi, Nicola, 2015. "Family businesses in Eastern European countries: How informal payments affect exports," Journal of Family Business Strategy, Elsevier, vol. 6(4), pages 219-233.

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