Exporting, capital investment and financial constraints |
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Authors: | Vlad Manole Mariana Spatareanu |
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Institution: | (1) The Conference Board, 845 Third Avenue, New York, NY 10022, USA;(2) Department of Economics, Rutgers University, 360 Dr. Martin Luther King, Jr. Blvd. Hill Hall-804, Newark, NJ 07102-1801, USA |
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Abstract: | Many firms cite financial constraints as some of the most important impediments to their investment and growth. Using a unique
data set from the Czech Republic this paper investigates the importance of financing constraints in the context of exporters.
It finds that exporters are less financially constrained than non-exporters. However, after carefully correcting for possible
endogeneity and selection issues, the evidence points to less constrained firms self-selecting into exporting rather than
exporting alleviating firms’ financial constraints. |
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Keywords: | |
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