عنوان انگلیسی مقاله:

Financial Leverage and Export Quality: Evidence from France

ترجمه عنوان مقاله: اهرم مالی و کیفیت صادرات: شواهدی از کشور فرانسه

رشته: مدیریت بازاریابی

سال انتشار: 2015

تعداد صفحات مقاله انگلیسی: 31 صفحه

منبع: ساینس دایرکت

نوع فایل: pdf

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چکیده مقاله

Absract Financial Leverage and Export Quality: Evidence from France

Does corporate financial structure matter for a firm’s ability to compete in international markets through output quality? This study answers this question by using firm-level export and balance sheet data covering a large sample of French manufacturing exporters over the period 1997-2007. The main result is that there is a negative causal relation between a firm’s leverage and export quality, where quality is inferred from the estimation of a discrete choice model of foreign consumers’ demand. This result is robust across different specifications and estimation techniques. In addition, by estimating investment models we find that the negative impact of leverage on quality is consistent with theories predicting that the agency cost of debt determines suboptimal investment.

Keywords: Capital Structure, Investment, Output Quality, Exports

مقدمه مقاله

IntroductionFinancial Leverage and Export Quality: Evidence from France

Departing from the Modigliani and Miller (1958) theorem, a number of empirical studies questions the irrelevance of corporate financial structure for real activities byshowing that leverage, as a measure of debt financing, affects investment patterns and productivity growth (e.g., Lang et al., 1996; Ahn et al., 2006; Coricelli et al., 2012). Contributions to the international trade literature show that a firm’s export activity depends on financial factors, and several papers suggest that exporters are less leveraged and more liquid than non-exporters (e.g., Bellone et al., 2010; Minetti and Zhu, 2011).

The present study provides new elements to understand the relation between a company’s financial structure and export performance by investigating whether leverage affects a firm’s ability to compete in foreign markets through output quality. This research question is relevant from a policy perspective. On the one hand, the promotion of quality as a dimension of international competitiveness is an objective of high-income economies facing price competition from low-wage countries.

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