Kiel Working Papers, Kiel Institute for World Economics
No 1568:
Financial health, exports and firm survival: A comparison of British and French firms
Holger Görg and Marina-Eliza Spaliara
Abstract: We examine the differential effects of financial status
and exporting activity on the likelihood of survival for firms in the UK
and France - two countries with different financial systems. We aim to
answer two main questions: What is the direct impact of financial
characteristics and different facets of exporting activity on the
likelihood of survival? Do the sensitivities of survival incidence to
financial variables vary with the exporting status of firms? We find strong
evidence that continuous exporters face a higher probability of survival
compared to starters, continuous non-exporters and firms exiting the
exporting market. Further, important sensitivities of survival prospects to
financial indicators are observed for the UK firms which might be explained
by the "market based" economy. Finally, a within and across countries
comparison reveals that the survival of exporting groups varies
substantially depending on firms' financial status, the financial system
and the prolonged participation in the export market
Keywords: exports, financial health, firm survival; (follow links to similar papers)
JEL-Codes: F1,; L2,; G3; (follow links to similar papers)
37 pages, October 2009
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