Type
Communication dans des actes de colloque publiés
Titre
Financial Constraints as a Barrier to Export Participation
Dans
European Trade Study Group Tenth Annual Conference, Warsaw, 11-13 September 2008
Auteur(s)
BELLONE Flora - Observatoire français des conjonctures économiques (Auteur)
MUSSO Patrick - Groupe de Recherche en Droit, Economie et Gestion (Auteur)
NESTA Lionel - Observatoire français des conjonctures économiques (Auteur)
SCHIAVO Stefano - Observatoire français des conjonctures économiques (Auteur)
Éditeur
OFCE - Observatoire Français des Conjonctures Économiques
Pages
1 - 33 p.
Nom de la conférence
G.R.E.D.E.G.
Date(s) de la conférence
2008-02-01
Lieu de la conférence
06560 Valbonne - Sophia Antipolis, FRANCE
Mots clés
Export, Firm heterogeneity, Financial constraint, Sunk costs
Résumé
EN
The paper analyzes the link between financial constraints and firms' export decisions, using a large micro-level data set on French Manufacturing firms over the 1996-2004 period. Our main finding is that firms enjoying better ex-ante financial heath are more likely to start exporting. This results contrasts with the previous empirical literature which found evidence that participation to exports market improves a firm financial health but not that export starters display specific ex-ante financial advantages. By contrast, our result supports the view that financial constraints act as a barrier to export participation. This finding has important policy implications as it suggests that, in presence of financial markets imperfections, public intervention can be called for to help efficient but financially constrained firms to overcome the sunk entry costs into export markets and expand their activities abroad.

CITATION BIBLIOGRAPHIQUE
EXPORT