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Credit constraints and exports: evidence for German manufacturing enterprises
KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. Leuphana University, Lueneburg, Germany .ORCID iD: 0000-0001-6058-4536
2014 (English)In: Applied Economics, ISSN 0003-6846, E-ISSN 1466-4283, Vol. 46, no 3, 294-302 p.Article in journal (Refereed) Published
Abstract [en]

This study uses newly available enterprise-level data for firms from manufacturing industries in Germany to test for the link between credit constraints, measured by a credit-rating score from the leading credit-rating agency Creditreform, and exports. In line with hypotheses from a theoretical model, we find a positive link between a better credit-rating score of a firm and both the probability that the firm is an exporter and a higher share of exports in total sales. This link, though statistically highly significant, is not very strong from an economic point of view. While empirical evidence for the hypothesis that credit-constrained firms are less likely to start to export is, at best, weak, we find no evidence for a statistically significant difference in credit-rating scores between firms that stopped to export and firms that continued to export.

Place, publisher, year, edition, pages
2014. Vol. 46, no 3, 294-302 p.
Keyword [en]
credit constraints, exports, Germany, F14
National Category
Economics and Business
URN: urn:nbn:se:kth:diva-153432DOI: 10.1080/00036846.2013.839866ISI: 000326370000004ScopusID: 2-s2.0-84886828453OAI: diva2:753341

QC 20141007

Available from: 2014-10-07 Created: 2014-10-03 Last updated: 2014-10-07Bibliographically approved

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Wagner, Joachim
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