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  • 1.
    Wagner, Joachim
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. Leuphana University, Germany.
    A note on firm age and the margins of imports: first evidence from Germany2015In: Applied Economics Letters, ISSN 1350-4851, E-ISSN 1466-4291, Vol. 22, no 9, p. 679-682Article in journal (Refereed)
    Abstract [en]

    This article uses a new tailor-made data set to investigate the link between firm age and the extensive margins of imports empirically for the first time for Germany. Results turn out to be fully in line with the theoretical considerations. Older firms are more often importers, import more different goods, and import from more different countries of origin.

  • 2.
    Wagner, Joachim
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. Leuphana Univ Lueneburg, D-21314 Luneburg, Germany.;KTH, CESIS, Stockholm, Sweden..
    Active on Many Foreign Markets: A Portrait of German Multi-market Exporters and Importers from Manufacturing Industries2018In: Jahrbücher für Nationalökonomie und Statistik, ISSN 0021-4027, Vol. 238, no 2, p. 157-182Article in journal (Refereed)
    Abstract [en]

    This paper uses information on more than 160 million export and import transactions by German firms from 2009 to 2012 to document the decisive role of multi-market traders that are active on many foreign markets, where a market is defined as a combination of a good traded and a country traded with. Using merged information from trade transactions and from surveys conducted by the statistical offices it is shown that, controlling for detailed industry affiliation, the number of foreign markets a firm from manufacturing industries is active on as an exporter or importer is higher in firms that are larger, older and foreign owned and that have higher labor productivity, human capital intensity and R&D intensity. With the exception of labor productivity these results are valid ceteris paribus, too. All these results from a descriptive empirical investigation are in line with hypotheses that are derived from the literature on the links between firm characteristics and the extensive margins of foreign trade.

  • 3.
    Wagner, Joachim
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. Leuphana University, Lueneburg.
    Credit constraints and exports: a survey of empirical studies using firm-level data2014In: Industrial and Corporate Change, ISSN 0960-6491, E-ISSN 1464-3650, Vol. 23, no 6, p. 1477-1492Article in journal (Refereed)
    Abstract [en]

    Business managers are well aware of the fact that credit constraints can hamper or even prevent exporting. Economists only recently started to incorporate these arguments in theoretical models of heterogeneous firms and to test the implications of these models econometrically with firm-level data. Starting with the pioneering study by Greenaway, Guariglia, and Kneller (Journal of International Economics, 2007), a growing number of empirical papers looked at the links between financial constraints and export activities using data at the level of the firm. This article presents a tabular survey of 32 empirical studies that cover 14 different countries plus five multi-country studies. The big picture can be summarized as follows: financial constraints are important for the export decisions of firms: exporting firms are less financially constrained than non-exporting firms. Studies that look at the direction of this link usually report that less constrained firms self-select into exporting, but that exporting does not improve financial health of firms. The article argues that the results at hand should not be considered as stylized facts that can guide policy makers in an evidence-based way and suggests a strategy to further improve our knowledge in this area.

  • 4.
    Wagner, Joachim
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. Leuphana University, Lueneburg, Germany .
    Credit constraints and exports: evidence for German manufacturing enterprises2014In: Applied Economics, ISSN 0003-6846, E-ISSN 1466-4283, Vol. 46, no 3, p. 294-302Article in journal (Refereed)
    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.

  • 5.
    Wagner, Joachim
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. Leuphana University, Lueneburg.
    Credit constraints and margins of import: first evidence for German manufacturing enterprises2015In: Applied Economics, ISSN 0003-6846, E-ISSN 1466-4283, Vol. 47, no 5, p. 415-430Article in journal (Refereed)
    Abstract [en]

    This study uses tailor-made enterprise-level data for 2008-2010 from various sources for firms from manufacturing industries to test for the link between credit constraints, measured by a credit rating score provided by a leading credit rating agency, and imports in Germany for the first time. We find empirical evidence that a better credit rating score is positively related to extensive margins of import - firms with a better score have a higher probability to import, they import more goods and they source from more countries of origin. The intensive margin of imports the share of imports in total sales - is found not to be related to credit constraints.

  • 6.
    Wagner, Joachim
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. Leuphana University, Lueneburg, Germany.
    Distance-sensitivity of German exports: first evidence from firm-product level data2016In: Applied Economics Letters, ISSN 1350-4851, E-ISSN 1466-4291, p. 1-3Article in journal (Refereed)
    Abstract [en]

    This article uses a tailor-made new data set of 7 580 251 observations for German exports at the firm-product-destination level to estimate a gravity equation and to investigate the link between the amount of firms’ exports and the distance to destination countries. It is shown that, in line with stylized facts based on aggregate data, the quantity of exports declines significantly with distance within a firm for a given product.

  • 7.
    Wagner, Joachim
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. Leuphana Universitat Luneburg, Luneburg, Germany .
    Econometric Studies with Integrated Micro-data from German Official Statistics2018In: Jahrbücher für Nationalökonomie und Statistik, ISSN 0021-4027, Vol. 238, no 2Article in journal (Refereed)
  • 8.
    Wagner, Joachim
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. Leuphana Universitat Luneburg, Germany.
    Intra-good trade in Germany: a first look at the evidence2017In: Applied Economics, ISSN 0003-6846, E-ISSN 1466-4283, Vol. 49, no 57, p. 5753-5761Article in journal (Refereed)
    Abstract [en]

    This article contributes to the literature by using newly released comprehensive transaction-level data on all exports and imports to document facts about the amount of intra-good trade - the simultaneous export and import of identical goods by one firm - in Germany. Combined data for trade transactions and for characteristics of a representative large sample of trading firms are then used to report differences between firms that export and import different goods only (inter-good traders) and firms that engage in the simultaneous export and import of identical goods (intra-good traders). We find that the share of intra-good trade in total trade was some 17% in Germany in 2012. Intra-good trade matters. This share differs widely between broadly defined groups of goods and between industries. Controlling for detailed industry affiliation, intra-good traders differ significantly from inter-good traders - they are larger, more human capital intensive, more productive, have a higher R&D intensity and are more profitable. The data, however, are not rich enough to reveal the direction of causality between intra-good trade and firm performance and to investigate empirically the reasons why some firms engage in intra-good trade.

  • 9.
    Wagner, Joachim
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Is export diversification good for profitability?: First evidence for manufacturing enterprises in Germany2014In: Applied Economics, ISSN 0003-6846, E-ISSN 1466-4283, Vol. 46, no 33, p. 4083-4090Article in journal (Refereed)
    Abstract [en]

    This article uses a tailor-made newly available data set for enterprises from manufacturing industries in Germany to investigate for the first time the links between export diversification over destination countries and goods on the one hand and the profitability of the exporting firms on the other hand. We find that profits tend to be larger in firms with less diversified export sales over goods and in firms with more diversified export sales over destination countries.

  • 10.
    Wagner, Joachim
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Multiple Import Sourcing. First Evidence for German Enterprises from Manufacturing Industries2018In: Open Economies Review, ISSN 0923-7992, E-ISSN 1573-708X, Vol. 29, no 1, p. 165-175Article in journal (Refereed)
    Abstract [en]

    This paper uses information on import transactions by German firms from 2009 to 2012 merged with information on characteristics of the importers taken from surveys by the Statistical Offices to document that a large share of importers engage in multiple import sourcing by importing the same good from more than one source country in a year and that a large share of total imports is due to multiple sourcing. It is shown that the probability of multiple import sourcing and the share of imports from multiple sourcing in total imports increase with firm productivity and firm size after controlling for detailed industry affiliation.

  • 11.
    Wagner, Joachim
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    Quality of Firms' Exports and Distance to Destination Countries: First Evidence from Germany2016In: Open Economies Review, ISSN 0923-7992, E-ISSN 1573-708X, Vol. 27, no 4, p. 811-818Article in journal (Refereed)
    Abstract [en]

    This paper uses a tailor-made new data set of 7,112,614 observations for export quality (measured by the unit value of exports) at the firm-product-destination level for German and the reporting year 2011. Data are from 119,280 firms that exported 4986 products (recorded at the HS6-level) in 1,632,731 firm-product combinations to 174 countries. The paper investigates for the first time the link between the quality of firms' exports and the distance to destination countries for Germany. It is shown that, in line with theory, the quality of exported goods and distance to destination countries are statistically positively correlated.

  • 12.
    Wagner, Joachim
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. Leuphana Universitat Luneburg, Germany .
    Still Different After All These Years Extensive and Intensive Margins of Exports in East and West German Manufacturing Enterprises2016In: Jahrbücher für Nationalökonomie und Statistik, ISSN 0021-4027, Vol. 236, no 2, p. 297-322Article in journal (Refereed)
    Abstract [en]

    This paper uses a new tailor-made data set to investigate the differences in extensive and intensive margins of exports in manufacturing firms from East Germany and West Germany. It documents that these margins do still differ in 2010, 20 years after the re-unification of Germany. West German firms outperform East German firms at all four margins of exports - they have a larger propensity to export, export a larger share of total sales, export more goods and export to a larger number of countries. All these differences are large from an economic point of view. A decomposition analysis shows that in 2010 between 59 percent and 78 percent of the difference in margins can be explained by differences in firm characteristics.

  • 13.
    Wagner, Joachim
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. Leuphana Univ Lueneburg, Luneburg, Germany.;KTH Stockholm, CESIS, Stockholm, Sweden..
    Temporary exports and characteristics of destination countries: first evidence from German transaction data2018In: Economics, ISSN 1864-6042, E-ISSN 1864-6042, Vol. 12, article id 201854Article in journal (Refereed)
    Abstract [en]

    This paper uses information on all export transactions of goods by German firms with countries outside the European Union from 2009 to 2014 to document for the first time the patterns of export participation at the firm-good-destination level over time and to investigate the link between the duration of export patterns and characteristics of destination countries. It turns out that only 6.5 percent of all combinations were recorded in each year, while more than half of all patterns are only observed once. In line with theoretical hypotheses, the likelihood of permanent trade patterns increases within a firm with proximity and market size of destination countries.

  • 14.
    Wagner, Joachim
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS.
    The Role of Extensive Margins of Exports in The Great Export Recovery in Germany, 2009/20102014In: Jahrbücher für Nationalökonomie und Statistik, ISSN 0021-4027, Vol. 234, no 4, p. 518-526Article in journal (Refereed)
    Abstract [en]

    This paper contributes to the literature by documenting for the first time the contribution of adding (and dropping) goods and destination countries to the sharp increase in exports of goods in the German economy as a whole during the Great Export Recovery in 2009/2010. The empirical investigation finds that firms that exported in both 2009 and 2010 are much more important for the export dynamics than export starters and export stoppers. Firms that increased their exports (and that were the drivers of the export boom) exported on average more goods and to more destination countries in 2009 than firms that decreased their exports, and they increased both extensive margins of exports on average while firms with decreased exports reduced both the number of goods exported and the number of countries exported to.

  • 15.
    Wagner, Joachim
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. Leuphana University, Lueneburg.
    Geluebcke, John P. Weche
    Access to finance, foreign ownership and foreign takeovers in Germany2015In: Applied Economics, ISSN 0003-6846, E-ISSN 1466-4283, Vol. 47, no 29, p. 3092-3112Article in journal (Refereed)
    Abstract [en]

    With this article we present the first microeconometric analysis of the impact of a foreign acquisition on the target firm's access to finance. By using a large database of German firms, we furthermore investigate for the first time the link between foreign ownership and access to finance in Germany, one of the world's leading target countries for FDI. We use newly available comprehensive panel data that we constructed from information collected by the German statistical offices and from credit rating scores supplied by the leading German credit rating agency. We find foreign-owned firms in German manufacturing on average to show slightly more financing restrictions than domestically owned enterprises, but this very small difference diminishes once unobserved heterogeneity is taken into account. We further demonstrate that one reason for this finding is the preference of foreign investors for targets with relatively low creditworthiness. Although the likelihood of a foreign acquisition appears to be correlated with credit rating, there is no impact of foreign takeovers on the credit constraints of the target firms ex post and therefore no support for the hypothesis that foreign takeovers ease financial frictions.

  • 16.
    Wagner, Joachim
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Centres, Centre of Excellence for Science and Innovation Studies, CESIS. Leuphana Univ Lueneburg, Germany.
    Geluebcke, John P. Weche
    Risk or Resilience?: The Role of Trade Integration and Foreign Ownership for the Survival of German Enterprises During the Crisis 2008-20102014In: Jahrbücher für Nationalökonomie und Statistik, ISSN 0021-4027, Vol. 234, no 6, p. 757-774Article in journal (Refereed)
    Abstract [en]

    This is the first study of the link between internationalization and firm survival during the 2008/2009 crisis in Germany, a country which was hit relatively lightly compared to other countries. Moreover, it is the first study which looks at the role of importing, exporting and FDI simultaneously in the context of a global economic recession. We use a tailor-made representative dataset that covers all enterprises from the manufacturing sector with at least 20 employees. Our most striking result is to demonstrate the disadvantage of exporting for the chances of survival of a firm during the crisis in western Germany. Importing instead reveals a positive correlation with survival and firms that both export and import do not show a different exit risk relative to non-traders. A plausible explanation is that in a global recession, deteriorating markets abroad cause demand losses for exporters and improved conditions on factor markets which result in an advantage for firms sourcing from factor markets abroad. Two-way traders do not show a link with exit risk, supporting the idea that they were able to outweigh their losses from exporting with their gains from importing, in what could be called an export-import hedge. Furthermore, we cannot support the hypothesis that foreign multinationals are more volatile during times of economic crisis.

1 - 16 of 16
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