Financial Health, Exports and Firm Survival: Evidence from UK and French Firms

Görg, Holger; Spaliara, Marina‐Eliza

doi:10.1111/ecca.12080

Cited by 51 publications

(47 citation statements)

References 48 publications

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“…These results are in line with a number or previous studies (Zingales 1998;Bridges and Guariglia 2008;Görg and Spaliara 2014). Specifically, the coefficient associated with the aggregate uncertainty is positive and precisely determined, suggesting that higher levels of macro uncertainty are likely to increase the incidence of corporate failure.…”

Section: A Firm-specific Uncertainty and The Financial Crisissupporting

confidence: 91%

“…To capture the particular nature of the data-set, given that it is collected on a yearly basis, the cloglog model is more appropriate than the standard Cox model (see Görg and Spaliara 2014). To capture the particular nature of the data-set, given that it is collected on a yearly basis, the cloglog model is more appropriate than the standard Cox model (see Görg and Spaliara 2014).…”

Section: B Empirical Specificationsmentioning

confidence: 99%

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Firm Survival, Uncertainty, and Financial Frictions: Is There a Financial Uncertainty Accelerator?

2015

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Using a large panel of unquoted UK firms over the period [2000][2001][2002][2003][2004][2005][2006][2007][2008][2009], we examine the impact of firm-specific uncertainty on corporate failures. In this context we also distinguish between firms which are likely to be more or less dependent on bank finance as well as public and nonpublic companies. Our results document a significant effect of uncertainty on firm survival. This link is found to be more potent during the recent financial crisis compared with tranquil periods. We also uncover significant firm-level heterogeneity because the survival chances of bank-dependent and nonpublic firms are most affected by changes in uncertainty, especially during the recent global financial crisis. (JEL E44, F32, F34, G32) * We are grateful to two anonymous referees and Wesley W. Wilson (editor) for very helpful comments and suggestions.

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Section: A Firm-specific Uncertainty and The Financial Crisissupporting

confidence: 91%

Section: B Empirical Specificationsmentioning

confidence: 99%

Firm Survival, Uncertainty, and Financial Frictions: Is There a Financial Uncertainty Accelerator?

2015

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“…Finally, the timing of our data just precedes the financial crash of 2008. Given that financial health and exporting are closely linked among French firms (Görg & Spaliara, 2014), this episode may well have resulted in changes in the export performance of many firms.…”

Section: Limitationsmentioning

confidence: 99%

Explaining intermittent exporting: Exit and conditional re-entry in export markets

Bernini

Love

2016

J Int Bus Stud

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Intermittent exporting is something of a puzzle. In theory, exporting represents a major commitment, and is often the starting point for further internationalization. However, intermittent exporters exit and subsequently re-enter exporting, sometimes frequently. We develop a conceptual model to explain how firm characteristics and market conditions interact to affect the decision to exit and re-enter exporting, and model this process using an extensive dataset of French manufacturing firms from 1997 to 2007. As anticipated, smaller and less productive firms are more likely to exit exporting, and react more strongly to changes in both domestic and foreign markets than larger firms. Exit and re-entry are closely linked. Firms with a low exit probability also have a high likelihood of re-entry, and vice versa. However, the way in which firms react to market conditions at the time of exit matters greatly in determining the likelihood of re-entry: thus re-entry depends crucially on the strategic rationale for exit. Our analysis helps explain the opportunistic and intermittent exporting of (mainly) small firms, the demand conditions under which intermittent exporting is most likely to occur, and the firm attributes most likely to give rise to such behavior.

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“…In Görg and Spaliara (2013) we examine the link between firms' financial health, borrowing ratio and export market exit, paying special attention to the recent financial crisis. We find, inter alia, that the deterioration in the financial position of firms has increased the hazard of export market exit during the crisis.…”

Section: (Federation Of Small Businesses)mentioning

confidence: 99%

“…While we look at exiting the export market in that paper, the present paper considers export market entry, as well as firm growth and firm survival during the crisis. More recently, Görg and Spaliara (2014b) assess the role of different exporting statuses in the link between financial health and firm survival. Results suggest that good financial health boosts the survival prospects for continuous exporters and continuous non-exporters while it has a modest impact on export starters and exiters.…”

Section: (Federation Of Small Businesses)mentioning

confidence: 99%

Exporters in the Financial Crisis

Görg

Spaliara

2014

Natl. Inst. econ. rev.

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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

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Financial Health, Exports and Firm Survival: Evidence from UK and French Firms

Cited by 51 publications

References 48 publications

Firm Survival, Uncertainty, and Financial Frictions: Is There a Financial Uncertainty Accelerator?

Firm Survival, Uncertainty, and Financial Frictions: Is There a Financial Uncertainty Accelerator?

Explaining intermittent exporting: Exit and conditional re-entry in export markets

Exporters in the Financial Crisis

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