IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Log in (now much improved!) to save this paper

Credit constraints and exports: Evidence for German manufacturing enterprises

  • Joachim Wagner

    ()

    (Leuphana University Lueneburg, Germany)

This study uses newly available enterprise level data for firms from manufacturing industries in Germany to test for the link between credit constraints, measured by a credit rating score from the leading credit rating agency Creditreform, and exports. In line with hypotheses from theoretical model we find a positive link between a better credit rating score of a firm and both the probability that the firm is an exporter and a higher share of exports in total sales. This link, though statistically highly significant, is not very strong from an economic point of view. While empirical evidence for the hypothesis that credit constrained firms are less likely to start to export is at best weak, we find no evidence for a statistically significant difference in credit rating scores between firms that stopped to export and firms that continued to export.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.leuphana.de/fileadmin/user_upload/Forschungseinrichtungen/ifvwl/WorkingPapers/wp_251_Upload.pdf
Download Restriction: no

Paper provided by University of Lüneburg, Institute of Economics in its series Working Paper Series in Economics with number 251.

as
in new window

Length: 46 pages
Date of creation: Oct 2012
Date of revision:
Handle: RePEc:lue:wpaper:251
Contact details of provider: Web page: http://leuphana.de/institute/ivwl.html

References listed on IDEAS
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.:

as in new window
  1. Joachim Wagner, 2012. "Average wage, qualification of the workforce and export performance in German enterprises: Evidence from KombiFiD data," Working Paper Series in Economics 224, University of Lüneburg, Institute of Economics.
  2. Philippe Askenazy & Aida Caldera & Guillaume Gaulier & Delphine Irac, 2015. "Financial constraints and foreign market entries or exits: firm-level evidence from France," Post-Print halshs-01203566, HAL.
  3. Maria Bas & Antoine Berthou, 2012. "The Decision to Import Capital Goods in India: Firms' Financial Factors Matter," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01297745, HAL.
  4. Buch, Claudia M. & Kesternich, Iris & Lipponer, Alexander & Schnitzer, Monika, 2009. "Financial Constraints and the Margins of FDI," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 272, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  5. 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.
  6. Andrea Caggese & Vincente Cunat, 2011. "Financing Constraints, Firm Dynamics, Export Decisions and Aggregate productivity," FMG Discussion Papers dp685, Financial Markets Group.
  7. Sarah Bridges & Alessandra Guariglia, 2008. "Financial Constraints, Global Engagement, And Firm Survival In The United Kingdom: Evidence From Micro Data," Scottish Journal of Political Economy, Scottish Economic Society, vol. 55(4), pages 444-464, 09.
  8. Mark J. Melitz, 2002. "The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity," NBER Working Papers 8881, National Bureau of Economic Research, Inc.
  9. Esmeralda A. Ramalho & Joaquim J.S. Ramalho & José M.R. Murteira, 2011. "Alternative Estimating And Testing Empirical Strategies For Fractional Regression Models," Journal of Economic Surveys, Wiley Blackwell, vol. 25(1), pages 19-68, 02.
  10. Harald Badinger & Thomas Url, 2012. "Export Credit Guarantees and Export Performance. Evidence from Austrian Firm-Level Data," WIFO Working Papers 423, WIFO.
  11. Joachim Wagner, 2005. "Exports and Productivity: A Survey of the Evidence fro Firm Level Data," International Trade 0504005, EconWPA.
  12. Flora Bellone & Patrick Musso & Lionel Nesta & Stefano Schiavo, 2008. "Financial Constraints and Firm Export Behavior," Department of Economics Working Papers 0816, Department of Economics, University of Trento, Italia.
  13. Davin Chor & Kalina Manova, 2010. "Off the Cliff and Back? Credit Conditions and International Trade during the Global Fnancial Crisis," NBER Chapters, in: Market Institutions and Financial Market Risk National Bureau of Economic Research, Inc.
  14. Buch, Claudia M. & Kesternich, Iris & Lipponer, Alexander & Schnitzer, Monika, 2010. "Exports Versus FDI Revisited: Does Finance Matter?," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 340, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  15. Vlad Manole & Mariana Spatareanu, 2009. "Exporting, Capital Investment and Financial Constraints," Working Papers Rutgers University, Newark 2009-005, Department of Economics, Rutgers University, Newark.
  16. Joel Stiebale, 2011. "Do Financial Constraints Matter for Foreign Market Entry? A Firm‐level Examination," The World Economy, Wiley Blackwell, vol. 34(1), pages 123-153, 01.
  17. Besedeš, Tibor & Kim, Byung-Cheol & Lugovskyy, Volodymyr, 2014. "Export growth and credit constraints," European Economic Review, Elsevier, vol. 70(C), pages 350-370.
  18. Fauceglia, Dario, 2015. "Credit constraints, firm exports and financial development: Evidence from developing countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 55(C), pages 53-66.
  19. 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.
  20. Patrick Musso & Stefano Schiavo, 2007. "The Impact of Financial Constraints on Firms Survival and Growth," Working Papers hal-00973115, HAL.
  21. Alexandru MINEA & Youssouf KIENDREBEOGO, 2012. "Financial Factors and Manufacturing Exports:Theory and Firm-level Evidence From Egypt," Working Papers 201221, CERDI.
  22. Spaliara, Marina-Eliza & Georg, Holger, 2012. "Financial health, exports, and rm survival: Evidence from UK and French firms," SIRE Discussion Papers 2012-49, Scottish Institute for Research in Economics (SIRE).
  23. Armando Silva, 2011. "Financial constraints and exports: evidence from Portuguese manufacturing firms," FEP Working Papers 402, Universidade do Porto, Faculdade de Economia do Porto.
  24. 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.
  25. Guariglia, Alessandra & Mateut, Simona, 2010. "Inventory investment, global engagement, and financial constraints in the UK: Evidence from micro data," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 239-250, March.
  26. Ito, Hiro & Terada-Hagiwara, Akiko, 2011. "Effects of Financial Market Imperfections on Indian Firms' Exporting Behavior," ADB Economics Working Paper Series 256, Asian Development Bank.
  27. Nakhoda, Aadil, 2012. "The influence of financial leverage of firms on their international trading activities," MPRA Paper 35765, University Library of Munich, Germany.
  28. Gabriel J. Felbermayr & Inga Heiland & Erdal Yalcin, 2012. "Mitigating Liquidity Constraints: Public Export Credit Guarantees in Germany," CESifo Working Paper Series 3908, CESifo Group Munich.
  29. Mirabelle Muûls, 2008. "Exporters and credit constraints. A firm-level approach," Working Paper Research 139, National Bank of Belgium.
  30. Christian Arndt & Claudia M. Buch & Anselm Mattes, 2012. "Disentangling barriers to internationalization," Canadian Journal of Economics, Canadian Economics Association, vol. 45(1), pages 41-63, February.
  31. Mélise Jaud & Madina Kukenova & Martin Strieborny, 2009. "Financial dependence and intensive margin of trade," PSE Working Papers halshs-00575005, HAL.
  32. Campa, Jose M. & Shaver, J. Myles, 2002. "Exporting and capital investment: On the strategic behavior of exporters," IESE Research Papers D/469, IESE Business School.
  33. Angelo Secchi & Federico Tamagni & Chiara Tomasi, 2011. "Exporting under financial constraints: margins, switching dynamics and prices," LEM Papers Series 2011/24, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  34. repec:iab:iabjlr:v:45:i:2:p:161-170 is not listed on IDEAS
  35. Joachim Wagner, 2008. "A note on why more West than East German firms export," International Economics and Economic Policy, Springer, vol. 5(4), pages 363-370, December.
  36. Peter Egger & Michaela Kesina, 2013. "Financial Constraints and Exports: Evidence from Chinese Firms," CESifo Economic Studies, CESifo, vol. 59(4), pages 676-706, December.
  37. repec:hal:wpaper:halshs-00575005 is not listed on IDEAS
  38. Emanuele Forlani, 2010. "Liquidity Constraints and Firm’s Export Activity," Development Working Papers 291, Centro Studi Luca d'Agliano, University of Milano, revised 30 Apr 2010.
  39. Buchinsky, Moshe, 1994. "Changes in the U.S. Wage Structure 1963-1987: Application of Quantile Regression," Econometrica, Econometric Society, vol. 62(2), pages 405-58, March.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:lue:wpaper:251. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Wagner)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.