Exporters in the Financial Crisis

Abstract

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Using a large panel of UK manufacturing firms over the period 2000-2009, we consider how firms responded during the most recent financial crisis, estimating models for export market participation decisions and firm growth and survival. The results indicate that financial variables are highly important in predicting export market entry, especially in the midst of the global financial crisis. With respect to firm growth and survival, we find that starters and continuous exporters are more likely to perform well in and out of the crisis than non-exporters. Terms of use: Documents in EconStor may

International Trade, Multinational Activity, and Corporate Finance

“…The crisis amplified this link, especially in financially vulnerable sectors. Using balance-sheet measures of financial health, Behrens et al (2013) find similar results for Belgian firms' exports by destination sector, whereas Görg & Spaliara (2014) show that UK firms' export entry was also affected. Paravisini et al (2015) decompose the impact of the 2008-2009 global crisis on the intensive and extensive margins of Peruvian exporters.…”

The great trade collapse and the Spanish export miracle: Firm‐level evidence from the crisis

“…Two prominent studies in this literature using French and Belgian data, respectively, are by Behrens, Corcos, and Mion () and Bricongne, Fontagné, Gaulier, Taglioni, and Vicard (), who carefully gauge the crisis‐induced drop in international trade along the dimensions of firms, products and trading partners Closely related to our paper are the studies by Álvarez and Sáez () and Giri, Seira, and Teshima (), which provide evidence on exports and firm performance during and after the crisis using Mexican and Chilean firm‐level data, respectively. Studies with a particular focus on firm survival over the crisis years depending on firms’ trading activities are Costa, Pappalardo, and Vicarelli (, for Italy) and Görg and Spaliara (, for the UK). There seems to be a consensus emerging from this literature that most of the crisis adjustment in firm exports took place at the intensive margin.…”

The Great Collapse in Value Added Trade

“…Firms with a high import content are usually more productive, with better access to credit and also more likely to export than firms that import fewer of their intermediate inputs (Andersson and Lf, 2009;Kasahara and Lapham, 2013;Silva, 2011). Evidence from various studies (Grg and Spaliara, 2014;Behrens et al, 2013;Bricongne et al, 2012) suggests that particularly these firms weathered the crisis better than others, i.e. the opposite of what a compositional account would predict.…”