Credit constraints and exports: Evidence for German manufacturing enterprises

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Credit constraints and exports: Evidence for German manufacturing enterprises. / Wagner, Joachim.
In: Applied Economics, Vol. 46, No. 3, 22.01.2014, p. 294-302.

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@article{7c8c06df9463412b8a2ddb8c81f5fce8,
title = "Credit constraints and exports: Evidence for German manufacturing enterprises",
abstract = "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.",
keywords = "Economics, credit constraints, exports, Germany",
author = "Joachim Wagner",
year = "2014",
month = jan,
day = "22",
doi = "10.1080/00036846.2013.839866",
language = "English",
volume = "46",
pages = "294--302",
journal = "Applied Economics",
issn = "0003-6846",
publisher = "Taylor & Francis",
number = "3",

}

RIS

TY - JOUR

T1 - Credit constraints and exports

T2 - Evidence for German manufacturing enterprises

AU - Wagner, Joachim

PY - 2014/1/22

Y1 - 2014/1/22

N2 - 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.

AB - 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.

KW - Economics

KW - credit constraints

KW - exports

KW - Germany

UR - http://www.scopus.com/inward/record.url?scp=84886828453&partnerID=8YFLogxK

U2 - 10.1080/00036846.2013.839866

DO - 10.1080/00036846.2013.839866

M3 - Journal articles

VL - 46

SP - 294

EP - 302

JO - Applied Economics

JF - Applied Economics

SN - 0003-6846

IS - 3

ER -