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1
Choi, Bongseok y Seon Tae Kim. "Global Value Chain and Misallocation: Evidence from South Korea". Journal of Korea Trade 26, n.º 4 (30 de junio de 2022): 1–22. http://dx.doi.org/10.35611/jkt.2022.26.4.1.
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Purpose - This paper empirically investigates the effect of a rise in the global value chain (GVC) on the industry-level efficiency of resource allocation (based on plant-level inefficiency measures) in Korea, with a focus on various channels through which a rise in the GVC can increase competition among firms and thus induce resources to be allocated more efficiently across firms.
Design/methodology - We empirically investigate the relationship between the industry-specific importance of GVC and the industry-level allocative inefficiency that is measured as the dispersion of the plant-level marginal revenue of capital (MRK) as in Hsieh and Klenow’s (2009) influential model. We compute MRK dispersion for industries sorted by various characteristics that are closely related to firm/industry sensitivity to the GVC. In other words, we compute the average industry-level MRK dispersion for industries sorted by industry-specific importance of GVC and compute the difference between the two groups of industries (higher vs. lower than the median GVC); we also calculate the difference between industries sorted by industry-specific export (import) intensity. This is our difference-in-difference estimate of the MRK dispersion associated with the GVC for the export (import)-intensive industry versus the non-export (non-import)-intensive industry. This differencein- difference estimate of the MRK dispersion conditional vs. unconditional on firm-level productivity is then calculated further (triple-difference estimate).
Findings - A rise in GVC is associated with a decrease in the MRK dispersion in the export-intensive industry compared to the non-export-intensive industry. The same is true for industries that rely heavily on imports versus those that do not (i.e., import intensive vs. non-intensive). Furthermore, the reduction in the MRK dispersion in the export-intensive industry associated with an increase in the GVC is disproportionately greater for high-productivity firms. In contrast, the negative relationship between GVC and MRK dispersion in the import-intensive industry is disproportionately smaller for high-productivity firms.
Originality/value - Existing studies focus on the relationship between GVC and aggregate output, exports, and imports at the country level. We investigate detailed firm/industry-level mechanisms that determine the relationship between GVC, trade, and productivity. Using the plant-level data in South Korea, we investigate how GVC is related to the cross-firm MRK dispersion, an important measure of allocative inefficiency, based on Hsieh and Klenow’s (2009) influential economic theory. This is the first study to provide plant-level evidence of how GVC affects MRK dispersion. Furthermore, we examine how the relationship between GVC and MRK-dispersion varies across export intensity, import intensity, and firm-level productivity, providing insight into how GVC can affect firms’ exposure to competition in the global market differently depending on market conditions and thus generate trade-related productivity gains.
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Choi, Kate Koeun y Seung-Hun Yu. "Empirical Study on New Product Development and the Corporate Value of Korean Export Manufacturing Firms". Korea International Trade Research Institute 18, n.º 4 (31 de agosto de 2022): 73–93. http://dx.doi.org/10.16980/jitc.18.4.202208.73.
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Purpose - The purpose of this paper is to examine the impact of new product development on corporate value, by analyzing the stock market response to the announcement of new product developments.
Design/Methodology/Approach - Based on the event study methodology, the empirical analysis sampled 442 new product announcements made by 150 export manufacturing firms listed on the KOSPI and KOSDAQ markets in Korea, for the period 2001-2020.
Findings - The results support the first hypothesis that the announcement of new product has a positive effect on abnormal returns. In terms of the determinant of the abnormal returns, the firm-specific variables investment opportunities and debt ratio were positively associated, and firm size and free cashflow variables were negatively related to abnormal returns. Being in a high-tech industry was found to have a positive impact. In terms of the Competitive Strategy Measure, the result supported the hypothesis that strategic substitute competition has a greater positive impact on the abnormal return of the announcing firms. R&D intensity and firm dominance were found to be insignificant. The magnitude of newness embedded in a new product was also found to be insignificant.
Research Implications - This study further extends the existing literature in that it empirically tested the role of a new product on corporate value, and provides an empirical analysis of the determinants that affect the announcing firm’s abnormal returns gained in response to new product announcement, including firm-related variables and the competitive nature of the market.
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Lee, Hyunchul, Kyungtag Lee y Jong Ha Lee. "The Various Effects of Technology Trade on the Sustainable Market Value of Firms in OECD Countries". Sustainability 13, n.º 22 (16 de noviembre de 2021): 12671. http://dx.doi.org/10.3390/su132212671.
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This study explores the various effects of technology trade on the sustainable market value of firms in 36 OECD member countries using panel data estimations. To proxy technology trade activities, our study uses the technology export and import growths of intellectual property rights (IPRs). We suggest that technology imports, proxied by IPR imports, increase the market value of firms in our sample countries. The net technology imports (exports) are also positively (negatively) associated with the sustainable value of the firms. We use panel data regression to analyze the specific effects of the trade (i.e., imports and exports) of technology assets, proxied by IPRs, on the market value of firms proxied by country benchmark composite stock returns in 36 OECD member countries. For robustness, our study uses an instrumental variable estimation to check for the possible effects of endogeneity biases for the baseline results. System dynamic panel regressions further examine the effect of the dependent variable’s persistence. We find evidence of nonlinear effects for IPR exports and net IPR trade on the sustainable market value of firms. The positive effect of technology imports on the market value of firms is stronger at the lower and middle levels of the distribution of the firm value of stock returns, and this suggest heterogenous effects of technology trade across the quantiles. Overall, the empirical findings from our panel study suggest that the positive effects of technology trade for the market value of firms are due to the effect of its imports rather than exports.
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Acharya, Ram C. "Globally Trading Firms in Canada: Productivity and Global Value Chains". Journal of Comparative International Management 22, n.º 1 (9 de marzo de 2021): 1–24. http://dx.doi.org/10.7202/1075635ar.
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Using firm-level data in Canada from 2002 to 2008, I compare the economic performance of three types of firms: those that both export and import (called globally trading firms—GTFs), exporters-only, and importers-only. The results show that GTFs are more productive, larger, more capital intensive, pay higher wages, trade more goods, and trade with more countries than both types of one-way traders. These premia for GTFs were found even before they turned into GTFs (self-selection). Moreover, even after turning into GTFs, the productivity growth of a subset of them was faster than that of one-way traders. The higher the involvement in global value chains (GVCs), the higher was the performance of the “learning-by-turning GTFs”. The GTFs with higher productivity growth were the ones that imported from multiple countries, not those that imported only from China. By another measure, they were both-in-both GTFs—those that traded both final and intermediate goods, and in both directions (exports and imports). Even though they employed only 10% of Canada’s business sector workforce, they contributed 60% of its labour productivity growth.
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Baek, Youngmin y Shujiro Urata. "Does global value chain participation improve firm productivity? A study of selected ASEAN developing countries". Asian Economic Journal 37, n.º 2 (junio de 2023): 232–60. http://dx.doi.org/10.1111/asej.12304.
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AbstractThis paper examines the impact of local firms’ participation in global value chains (GVCs) on productivity by considering three different patterns of GVC participation. We conducted a DID‐PSM estimation involving three countries, Indonesia, the Philippines, and Vietnam, and 17 manufacturing sectors in 2009 and 2015 in a panel framework. We found an endogenous relationship between firm productivity and GVC participation: firms that enter GVCs have high productivity before participating in the GVCs (selection effect), and only Indonesian firms that entered GVCs had high productivity growth after joining GVCs (learning effect). These two effects were only found for firms that both import intermediate goods and export output and not for firms that only either import or export. We also found that indirect exporting does not improve a local firm's productivity. Several recommendations are made to help firms and governments facilitate the participation of firms in GVCs.
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Situm, Mario y Stefan Märk. "Internationality of value chain activities and the export orientation of micro- and small family businesses in Western Austria". Risk Governance and Control: Financial Markets and Institutions 12, n.º 4 (2022): 8–32. http://dx.doi.org/10.22495/rgcv12i4p1.
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Based on a sample of 461 micro- and small family businesses in Western Austria, this study aimed to analyze the degree of internationalization of individual activities in the value chain and their influence on the export probability of family firms. The results show that exporting and non-exporting micro- and small family businesses are internationalized in different value chain activities and can partly explain the export probability. The resource-based view (RBV) can only be used to a limited extent to explain the export activities of micro- and small family firms, and certain firm-specific and individual-decision-maker characteristics can significantly explain export probability. The findings suggest that a) micro- and small family firms take different paths of internationalization concerning their value chain and b) that the global value chain (GVC) approach should be integrated into theoretical concepts to obtain an improved explanatory model of the internationalization behavior of (family) businesses.
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Quoreshi y Stone. "Do Global Value Chains Make Firms More Vulnerable to Trade Shocks?—Evidence from Manufacturing Firms in Sweden". Journal of Risk and Financial Management 12, n.º 3 (18 de septiembre de 2019): 151. http://dx.doi.org/10.3390/jrfm12030151.
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This paper examines the effect of the Global Financial Crisis on manufacturing firms in Sweden by analyzing the effect of trade exposure on firm performance. This study examines the decline in international trade during the global financial crisis by focusing on the relationship between global production linkages and firm performance. The trade exposure at the firm and industry levels were measured to assess the direct and indirect effects of the crisis on firm performance. Robust evidence was found of a negative relationship between trade exposure and the firms’ sales and value-added growth during the crisis. In addition, it was found that higher export dependence was associated with lower sales growth during the crisis. Our results also show that the effect of the decline in the external demand on firm performance depends on the international input-output linkages. In particular, industries that are upstream in the value chain experienced a less severe decline in performance during the crisis.
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Park, Jiyoung, Jiyoon Lee, Narae Hwang y Jewon Shin. "Determinants and Value Relevance of Voluntary Disclosure of Environmental Expenditures". Korean Accounting Information Association 41, n.º 3 (30 de septiembre de 2023): 1–28. http://dx.doi.org/10.29189/kaiaair.41.3.1.
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[Purpose] This study investigates factors affecting the voluntary disclosure of environmental expenditures in Korea. For this purpose, we select firms listed on the KOSPI 200 from 2011 to 2021, excluding financial firms.
[Methodology] We consider whether a firm manages environmental performance, international influences, and internal corporate governance as determinants influencing voluntary environmental expenditure disclosure and conduct logistic regression analyses.
[Findings] First, firms that set a target level for pollutant emissions and firms that are assigned good ratings regarding environmental performance from KCGS are more likely to disclose environmental expenditures voluntarily. Second, strong international influences, proxied by a high export ratio and foreign ownership, are positively associated with the voluntary disclosure of environmental expenditures. Third, good internal governance, proxied by good governance ratings assigned by KCGS and the ratio of outside directors to total directors, is positively associated with the likelihood of firms’ voluntarily disclosing environmental expenditures. Lastly, we find that voluntary disclosure of environmental expenditures has a positive effect on firm value, while the amount of environmental expenditures itself shows statistically insignificant effects on firm value.
[Implications] This study contributes to the literature by investigating factors that determine voluntary disclosure of environmental issues in Korea. Moreover, by showing the positive value implications of such disclosures, we encourage managers to disclose environmental issues voluntarily.
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Zhu, Yajun y Churen Sun. "Carbon Reduction, Pollution Intensity, and Firms’ Ratios of Value Added in Exports: Evidence from China’s Low-Carbon Pilot Policy". Sustainability 14, n.º 19 (5 de octubre de 2022): 12687. http://dx.doi.org/10.3390/su141912687.
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Global warming is highlighting the importance of carbon emission reduction, while firms in developing countries are facing the dual challenges of carbon reduction and exporting real gains improvement. Using the Chinese Customs Transaction-level Trade Statistics Dataset and the Chinese Annual Survey of Industrial Firms Dataset from 2008 to 2014, we identified the impact of China’s Low-carbon Pilot Policy (LCPP) on firms’ ratios of the domestic value added in exports for the first time by adopting a difference-in-difference method. Our findings show that China’s LCPP continuously improves firms’ ratios of value added in exports, providing empirical evidence for the topic of whether carbon reduction regulations affect firms’ export real gains. The heterogeneity analysis shows that the improvement impact of LCPP on dirty firms is weaker than that on clean firms. The mechanism test also shows that firms’ production efficiency plays the role of partial intermediary in the relationship between LCPP and firms’ ratios of domestic value added in exports. Our research extends the micro effect of LCPP to the field of exporting real gains, and enriches the research on influencing factors of firms’ ratios of the domestic value added in exports.
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Chowdhury, Misbah Uddin, Sui Sui, Horatio M. Morgan y Dandan Li. "Linking Developing Country Firms’ Relational Capital to Their Export Performance in Global Value Chains: The Moderating Role of Technological Turbulence". Journal of Comparative International Management 27, n.º 1 (19 de junio de 2024): 31–42. http://dx.doi.org/10.55482/jcim.2024.33509.
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Global value chains (GVCs) involve globally dispersed activities among interdependent firms. They provide an avenue for developing country firms to improve their export performance. A dominant view is that they can accomplish this outcome with close or trusted relationships with more established GVC partners. However, other factors determine how much such relational capital translates into superior export performance. Drawing on an interfirm learning perspective, we explain why the export effects of developing country firms’ relational capital with GVC buyers and suppliers could depend on technological turbulence. We hypothesize a positive relationship between these firms’ export performance and their relational capital with GVC buyers and suppliers. But we expect technological turbulence to weaken this relationship. Based on a sample of 95 Bangladeshi firms in the ready-made garment industry, this quantitative analysis reports evidence that partially supports our predictions. Specifically, we find a positive relationship between these firms’ relational capital with GVC buyers and their export performance. In addition, the higher the technological turbulence, the weaker this relationship. Overall, this research adds to the theory and practice of interfirm learning in GVCs from the perspective of developing country firms.
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Boubaker, Sabri, Imen Derouiche y Majdi Hassen. "Family Control And The Value Of Cash Holdings". Journal of Applied Business Research (JABR) 31, n.º 2 (3 de marzo de 2015): 647. http://dx.doi.org/10.19030/jabr.v31i2.9159.
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The present study investigates the effects of family control on the value of corporate cash holdings. Using a large sample of French listed firms, the results show that the value of excess cash reserves is lower in family firms than in other firms, reflecting investors concern about the potential misuse of cash by controlling families. We also find that the value of excess cash is lower when controlling families are involved in management and when they maintain a grip on control, indicating that investors do not expect the efficient use of cash in these firms. Our findings are consistent with the argument that the extent to which excess cash contributes to firm value is lower when dominant shareholders are likely to expropriate firm resources. Overall, family control seems to be a key determinant of cash valuation when ownership is concentrated.
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Cieślik, Andrzej, Jan Jakub Michałek y Krzysztof Szczygielski. "What matters for firms’ participation in Global Value Chains in Central and East European countries?" Equilibrium 14, n.º 3 (30 de septiembre de 2019): 481–502. http://dx.doi.org/10.24136/eq.2019.023.
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Research background: There has been an extensive body of literature on the growing importance of global value chains (GVCs) in developed and emerging economies. This literature argues that GVCs significantly affect international trade patterns and open new possibilities for participating economies to increase both their exports’ quantity and quality, acquire advanced production technologies and improve the overall economic performance. However, the empirical evidence from the Central and East European (CEE) countries, especially at the firm level is still relatively scarce. The majority of existing empirical studies on GVCs in the CEE countries are based on sectoral input-output data.
Purpose of the article: In this article, we study the determinants of firm participation in GVCs using firm-level BEEPS data for 29 CEE countries. We hypothesize that larger, foreign-owned, more productive and innovative firms producing a limited range of products and employing skilled workers are more likely to be involved in GVCs.
Methods: The intensity of participation in GVCs is measured by the usage of imported inputs and the intensity of exports. The empirical study uses the BEEPS firm-level data set for the period 2011–2014 and the probit estimation method.
Findings & Value added: The assembled empirical evidence generally supports these hypotheses. In addition, we find that firms which participate in GVCs pro-duce a smaller range of products, which means that they concentrate on their core competencies. In particular, we find that the EU membership may facilitate participation in GVCs, especially for smaller firms in the CEE countries. This article adds to the existing literature by examining the firm-level determinants of participation in GVCs using the cross-country firm-level survey conducted by the EBRD and the World Bank.
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Shin, Yoon-Sik y Min-Ho Kim. "The Characteristics of Export Contracts and Firm Value". INTERNATIONAL BUSINESS REVIEW 16, n.º 3 (30 de septiembre de 2012): 177. http://dx.doi.org/10.21739/ibr.2012.09.16.3.177.
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Choi, Jieun, Emiko Fukase y Albert G. Zeufack. "Global Value Chain Participation, Competition, and Markups: Evidence from Ethiopian Manufacturing Firms". Journal of Economic Integration 36, n.º 3 (15 de septiembre de 2021): 491–517. http://dx.doi.org/10.11130/jei.2021.36.3.491.
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This study uses detailed manufacturing census panel data for 2000 to 2014 to explore the relationship between Ethiopian firms’ global value chain (GVC) participation and markups. We find that GVC firms, defined as firms involved in both exporting and importing intermediate inputs, tend to have lower markups relative to non-trading firms and firms that are involved only in material imports. Moreover, the more intensely a firm is integrated into a GVC (measured by the share of export value added and imported inputs in total sales), the lower its markup is. Finally, we explore competition effects at the industry level and find that firms operating in industries with a relatively high GVC presence and suppliers selling inputs to such industries tend to have lower markups owing to horizontal competition and backward linkages, respectively. All of these findings suggest that GVC participation is associated with greater competition for Ethiopian firms.
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Johnson, Robert C. "Measuring Global Value Chains". Annual Review of Economics 10, n.º 1 (2 de agosto de 2018): 207–36. http://dx.doi.org/10.1146/annurev-economics-080217-053600.
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Recent decades have seen the emergence of global value chains (GVCs), in which production stages for individual goods are broken apart and scattered across countries. Stimulated by these developments, there has been rapid progress in data and methods for measuring GVC linkages. The macro approach to measuring GVCs connects national input–output tables across borders by using bilateral trade data to construct global input–output tables. These tables have been applied to measure trade in value added, the length of and location of producers in GVCs, and price linkages across countries. The micro approach uses firm-level data to document firms’ input sourcing decisions, how import and export participation are linked, and how multinational firms organize their production networks. In this review, I evaluate progress in these two approaches, highlighting points of contact between them and areas that demand further work. I argue that further convergence between these approaches can strengthen both, yielding a more complete empirical portrait of GVCs.
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Cieślik, Andrzej, Jan Jakub Michałek y Iryna Nasadiuk. "The Regional Heterogeneity of Productivity Determinants: Evidence from Ukrainian Firms". Miscellanea Geographica 21, n.º 1 (1 de marzo de 2017): 44–50. http://dx.doi.org/10.1515/mgrsd-2017-0004.
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Abstract This paper studies the determinants of the total factor productivity (TFP) for Ukrainian firms in the manufacturing sector across macro-regions using recent micro-level datasets for 2013. Our empirical results show some degree of heterogeneity across Ukrainian macro-regions; in particular, the link between the total factor productivity, firm size, imports and the level of competition seems to be valid for all macro regions. However, the effects of private ownership status, capital intensity and exports seems to be region specific. In addition, we found no relationship between firm productivity and foreign ownership for any of the regions.
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Wagner, Joachim. "Active on Many Foreign Markets: A Portrait of German Multi-market Exporters and Importers from Manufacturing Industries". Jahrbücher für Nationalökonomie und Statistik 238, n.º 2 (25 de abril de 2018): 157–82. http://dx.doi.org/10.1515/jbnst-2017-0123.
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Abstract 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.
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Di Cintio, Marco. "Knowledge and Export Modes: Which Export Strategy Boosts Firms Knowledge Acquisition?" Review of Economic Analysis 12, n.º 4 (23 de diciembre de 2020): 461–83. http://dx.doi.org/10.15353/rea.v12i4.1956.
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The aim of our research is to investigate whether the choice to export directly versus indirect export plays a role in the level of knowledge acquired by exporting firms. To the best of our knowledge, there is no empirical evidence in this stream of literature and our original contribution consists in considering the outcomes of learning-by-exporting in presence of export intermediaries. Thus, we study whether different export strategies may generate different unobservable productivity premia. In particular, we focused on 25 emerging Countries, and through a machine learning method, we evaluate how the level of knowledge acquired by firms would change if those who chose a specific strategy had instead chosen another one. Our results show that (1) the learning by exporting hypothesis is still valid when firms export indirectly; (2) direct exporters acquire more knowledge than indirect exporters; (3) under the same export strategy, Chinese exporters (direct and indirect) outperform other Asian exporters.
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Vanichchinchai, Assadej. "Exploring organizational contexts on lean manufacturing and supply chain relationship". Journal of Manufacturing Technology Management 31, n.º 2 (27 de agosto de 2019): 236–59. http://dx.doi.org/10.1108/jmtm-01-2019-0017.
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Purpose The purpose of this paper is to explore the levels of lean manufacturing (LM) and supply chain relationships (SCR) in the manufacturing sector in Thailand, and analyze the differences across organizational characteristics (i.e. firm size, nationality of firms, manufacturing system, product brand, export level, nationality of customers, nationality of suppliers and existence of supply chain management (SCM) departments) on LM and SCR. Design/methodology/approach The measurement instruments of LM and SCR were developed and validated by experts, pilot test and various statistical techniques. Descriptive statistics were applied to investigate the levels of LM and SCR in the sample firms. Independent samples t-test and ANOVA were employed to examine the differences across organizational characteristics on overall LM and SCR, and their individual sub-construct. Findings It was found that the measurement instruments of LM and SCR were reliable and valid. Manufacturers in Thailand emphasized internal LM at the operational level much more extensively than external SCR. Overall, for LM, this study revealed significant differences across firm size, nationality of firms, manufacturing systems, export levels, nationality of customers and existence of SCM departments. For SCR, there were significant differences across export level, nationality of suppliers and existence of SCM departments. Differences across contexts of individual sub-construct of LM and SCR were analyzed and discussed. Originality/value This study is one of the first to present insights into the existence of LM and SCR and into the differences across organizational contexts on LM, SCR and their sub-constructs in the manufacturing sector in Thailand. The methodologies and findings are applicable to other developing countries.
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Belkhir, Mohamed, Sabri Boubaker y Kaouther Chebbi. "CEO inside debt and the value of excess cash". Journal of Applied Accounting Research 19, n.º 2 (14 de mayo de 2018): 225–44. http://dx.doi.org/10.1108/jaar-02-2017-0028.
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PurposeThe purpose of this paper is to investigate the relationship between corporate debt-like compensation and the value of excess cash holdings.Design/methodology/approachThe sample comprises 876 US firms covered by ExecuComp over the period 2006-2013. The authors apply the valuation regression of Fama and French (1998) to examine the marginal value of excess cash as a function of CEO inside debt holdings.FindingsThis paper proposes one hypothesis. The results constitute evidence that the value of excess cash to shareholders declines as CEO inside debt increases. More interestingly, excess cash holdings contribute less to firm value when shareholders expect their value to be destroyed due to managers’ conservative behavior.Research limitations/implicationsThe sample comprises only US firms, owing to a lack of firms data from other countries. It would be interesting to conduct future research on an international sample.Practical implicationsThis paper contributes to a deeper understanding of investor valuation of excess cash in the presence of CEO inside debt. The findings complement previous studies on US firms by confirming the existence of a relationship between the agency costs of debt and firm policy decisions.Originality/valueThis work is, to the best of the authors’ knowledge, the first to examine the relationship between debt-like compensation and excess cash valuation, and it supports the view that the conflict between shareholders and debtholders largely affects firm cash policy, and hence, cash valuation.
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Zhu, Xuechang y Yu Lin. "Does lean manufacturing improve firm value?" Journal of Manufacturing Technology Management 28, n.º 4 (2 de mayo de 2017): 422–37. http://dx.doi.org/10.1108/jmtm-05-2016-0071.
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Purpose The purpose of this paper is to examine the effects of lean manufacturing on firm value. In particular, it analyses the effects of R&D investment on the relationship between lean manufacturing and firm value. Design/methodology/approach In this empirical analysis of the relationship between lean manufacturing and firm value, the authors use a propensity score matching (PSM) with a difference-in-difference (DID) estimator to control selection bias and reduce endogenous problems. They also use the triple difference estimator to explore the role of R&D investment. Findings The results suggest that the achievement of positive and significant effects of lean manufacturing implementation on firm value for a long time and R&D can accelerate this progress. Research limitations/implications This study highlights the role of R&D investment in accelerating the achievement of positive effects of lean manufacturing on firm value. However, the results may not be entirely generalizable because the empirical data are based solely on Chinese manufacturing firms. Practical implications Managers need to perform long-term planning while implementing lean manufacturing and should not over-expect a significant short-term improvement in performance. The authors also recommend that enterprises should pay attention to R&D while implementing lean manufacturing. Originality/value This paper may be the first study to empirically examine the relationship between lean manufacturing and firm value in China by combining a PSM model with the DID estimator to reduce endogenous problems.
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Fortanier, Fabienne, Guannan Miao, Ans Kolk y Niccolò Pisani. "Accounting for firm heterogeneity in global value chains". Journal of International Business Studies 51, n.º 3 (13 de diciembre de 2019): 432–53. http://dx.doi.org/10.1057/s41267-019-00282-0.
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AbstractThe growing interest in global value chains (GVCs) has been paired with a greater appreciation of the need for better measurement methods, as reflected by recent initiatives from academia and leading international organizations. This research note focuses on one method to measure GVCs that has been recommended in recent scholarly work, namely input–output models, but goes beyond the industry level of analysis by introducing intra-industry firm heterogeneity. Our illustrative application to multinational enterprises (MNEs) versus domestic firms’ participation in GVCs enhances our understanding of their specific role in GVCs and how such engagement varies across countries and industries. While showing that MNEs’ contribution to value-added exports is considerably smaller than what is suggested by traditional trade statistics, our findings also, interestingly, document that the higher import content of exports of MNEs can go hand in hand with the creation of local backward linkages as a function of their much higher specialization in only parts of the production process vis-à-vis domestic firms. By answering relevant questions on MNEs’ engagement in GVCs that have hitherto been impossible to address comprehensibly and in a cross-country comparative setting, this application illustrates how the methodology has great potential for international business research.
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Berman, Danielle. "When Global Value Chains are Not Global: Case Studies from the Russian Fast-Food Industry". Competition & Change 15, n.º 4 (noviembre de 2011): 274–95. http://dx.doi.org/10.1179/102452911x13135903675615.
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While the global value chain (GVC) literature tends to analyze trade networks and supply chains that are global in the literal sense, I argue that domestically-bound chains led by global firms provide important cases for study through this analytical lens. Importantly, insights regarding the relationship between chain governance and opportunities for upgrading have significant implications for many developing markets even when foreign lead buyers are not fostering export-oriented production. In-depth interviews with representatives from foreign fast-food corporations and their domestic suppliers in Russia provide empirical evidence to support modifications to current theories to better account for how domestic contexts impinge on chain governance and the balance of inter-firm power. I identify factors that provide leverage for domestic actors in these supply chains: regulatory uncertainty, emerging domestic product markets, and the competing interests of foreign firms.
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Myers, Matthew B. y Michael Harvey. "The Value of Pricing Control in Export Channels: A Governance Perspective". Journal of International Marketing 9, n.º 4 (diciembre de 2001): 1–29. http://dx.doi.org/10.1509/jimk.9.4.1.19941.
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In this article, the authors expand traditional channel control models to investigate the value of absorbing pricing decisions within an exporter's decision-making domain. From a governance perspective, pricing control is considered a structured continuum driven by factors both internal and external to the firm. More specifically, the authors investigate the organizational and environmental influences driving pricing control decisions and the impact of pricing control on both the economic and strategic performance of the firm. Using linear and moderated regression analysis, the authors find that both the strategic perspectives and the organizational characteristics of exporters significantly influence pricing control, yet in ways counterintuitive to traditional thinking. Similarly, the performance implications add new insight to the value of pricing control in dynamic overseas environments. The authors discuss managerial and research implications.
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Nugroho, Agus Dwi, Priya Rani Bhagat, Robert Magda y Zoltan Lakner. "The impacts of economic globalization on agricultural value added in developing countries". PLOS ONE 16, n.º 11 (17 de noviembre de 2021): e0260043. http://dx.doi.org/10.1371/journal.pone.0260043.
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Countries in the world have various indices for the implementation of economic globalization (EG). This refers to positive and negative impacts arising from its implementation, especially in agriculture. This sector is still a basic source of existence in developing countries. At the same time, these countries have been unable to optimize their agricultural value-added (AVA) and only earn a low level of income. That way, developing countries need to take advantage of EG to increase income from agricultural exports and farmers’ welfare. Other than that, there has been no study examining the impacts of EG on AVA in developing countries. So, this study intends to evaluate the impacts of the exchange rates, foreign direct investment (FDI) inflows, total agricultural export values, agricultural import duties, and fertilizer imports on AVA in developing countries. The panel data technique is used to assess its impact in 17 developing countries during 2006–2018. The study showed that FDI inflows and agricultural export values increase AVA in developing countries. In this study, EG positively impacts developing countries, but its implementation must pay attention to achieve sustainable development goals. We recommend developing countries focus on investments in human capital and technologies (or R&D), ensure foreign investors collaborate with local agricultural firms, increase agricultural exports, and create a conducive economic system
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Jebri, Aymen. "The Effect of Large Controlling Shareholder’s Presence and Board of Directors on Firm Value". International Journal of Accounting and Financial Reporting 3, n.º 2 (7 de octubre de 2013): 180. http://dx.doi.org/10.5296/ijafr.v3i2.4411.
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This study investigates the effect of large controlling shareholder’s presence and board of directors on firm value.The empirical results, based on a unique database of French firms, show a positive effect of cash-flow rights held by the largest controlling shareholders suggesting that an increase in cash-flow ownership makes the controlling shareholder’s interest more closely aligned with other shareholders and incited to create value.Our results also reveal that the wedge between voting and cash-flow rights of controlling shareholders have a negative effect on firm value.Finally, our empirical evidence shows a positive but not significant effect of the board structure on firm value. In fact, efficient boards should have a majority of independent directors able to monitor and advice managers since the more directors are independent the more they are likely to provide a valuable contribution to firm valuation. However, if a board appoints busy directors, controlling and advisory capabilities on managers’ decisions will be limited since there is no sufficient time. We should therefore expect to see resource diversion and decreased firm value.
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Gao, Xin y Shuo Kong. "Judicial improvement, market integration, and export technical complexity-a quasi-natural experiments based on the creation of circuit courts". PLOS ONE 19, n.º 3 (15 de marzo de 2024): e0296442. http://dx.doi.org/10.1371/journal.pone.0296442.
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Judicial improvement and trade structure optimization are important elements in achieving a high level of openness. This paper develops a theoretical framework on the impact of local protectionism on market integration and export technical complexity, and then empirically analyses the effect of judicial improvement on the technical complexity of urban product exports and its mechanism of action based on a quasi-natural experiment with the establishment of circuit courts. The study finds that the establishment of circuit courts significantly increases the technical complexity of product exports, and the findings remain valid after a series of robustness tests. Further analysis shows that the technology enhancement effect of the establishment of circuit courts is more pronounced in the group of cities with higher administrative levels, better location advantages, and less advanced rule of law. Mechanism Analysis shows that a superior institutional environment can have a two-sided effect on different types of firms. Overall, however, the productivity-enhancing effect of low-productivity firms exiting the market is lower than the productivity-reducing effect of higher-productivity firms’ increased compliance costs, which in turn weakens the positive promotional effect of circuit courts. The above theoretical and empirical findings provide policy implications for maximizing the technology enhancement effect of the establishment of circuit courts on product exports, thereby promoting a high level of openness in China.
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Kim, Jeong-Sim. "The Role of Foreign Investors on Export Performance and Firm Value". Korea International Trade Research Institute 17, n.º 3 (30 de junio de 2021): 305–24. http://dx.doi.org/10.16980/jitc.17.3.202106.305.
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Yue, Sun y BingXiang Li. "The influence of ESG practices on domestic value-added to exports during the period of technological change". PLOS ONE 19, n.º 7 (5 de julio de 2024): e0303248. http://dx.doi.org/10.1371/journal.pone.0303248.
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Sustainable development and raising the domestic value-added rate of exports (DVARE) have become essential priorities in the pursuit of high-quality economic growth. An econometric spatial model is developed in this research using data on Chinese enterprises spanning 2008 to 2019. According to a study, exports’ domestic value-added rate (DVAR) can be successfully increased using environmental, social, and governance (ESG) practices. Spatial spillover analysis demonstrates that adopting ESG practices boosts export DVAR both within and between regions. According to heterogeneity analysis, the sample’s overall increase in DVARE as a result of ESG practices is mostly attributable to the mix and processing trade organizations, the eastern area, and large firms. An examination of the underlying mechanisms shows that businesses that implement advanced technologies are able to reinforce the favorable impact of ESG practices on DVARE. This article gives evidence from real-world studies that show how ESG practices help boost Chinese exports and advance sustainable development. The findings hold significant implications for other developing nations as they make the transition towards a pattern of economic growth.
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Bhagwat, Yashoda, Nooshin L. Warren, Joshua T. Beck y George F. Watson. "Corporate Sociopolitical Activism and Firm Value". Journal of Marketing 84, n.º 5 (29 de junio de 2020): 1–21. http://dx.doi.org/10.1177/0022242920937000.
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Stakeholders have long pressured firms to provide societal benefits in addition to generating shareholder wealth. Such benefits have traditionally come in the form of corporate social responsibility. However, many stakeholders now expect firms to demonstrate their values by expressing public support for or opposition to one side of a partisan sociopolitical issue, a phenomenon the authors call “corporate sociopolitical activism” (CSA). Such activities differ from commonly favored corporate social responsibility and have the potential to both strengthen and sever stakeholder relationships, thus making their impact on firm value uncertain. Using signaling and screening theories, the authors analyze 293 CSA events initiated by 149 firms across 39 industries, and find that, on average, CSA elicits an adverse reaction from investors. Investors evaluate CSA as a signal of a firm’s allocation of resources away from profit-oriented objectives and toward a risky activity with uncertain outcomes. The authors further identify two sets of moderators: (1) CSA’s deviation from key stakeholders’ values and brand image and (2) characteristics of CSA’s resource implementation, which affect investor and customer responses. The findings provide new and important implications for marketing theory and practice.
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Diamantopoulos, Adamantios y Nikolaos Kakkos. "Managerial Assessments of Export Performance: Conceptual Framework and Empirical Illustration". Journal of International Marketing 15, n.º 3 (septiembre de 2007): 1–31. http://dx.doi.org/10.1509/jimk.15.3.1.
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Export performance has long been an issue of concern in the literature; however, there has been little research on managers’ evaluations of their firms’ performance in the presence of multiple export objectives. This study proposes a framework for understanding managerial assessments of export performance and illustrates its application using the analytic hierarchy process methodology. The framework explicitly acknowledges that the importance of different export objectives may differ both within and between firms and that the latter may also differ in terms of the frame of reference and/or time horizon used when assessing the attainment of objectives. Using this framework, the authors construct a composite index of assessed export performance that allows for valid interfirm comparisons. They use data from an online survey of 171 exporting firms to demonstrate the application of the framework and the assessed export performance index in an empirical setting.
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Han, Young-Hee. "The Effects of Research and Development Expense on Export Performance and Firm Value: Evidence from Firms listed in KOSDAQ". Korea International Trade Research Institute 14, n.º 4 (23 de agosto de 2018): 375–90. http://dx.doi.org/10.16980/jitc.14.4.201808.375.
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Kee, Hiau Looi y Heiwai Tang. "Domestic Value Added in Exports: Theory and Firm Evidence from China". American Economic Review 106, n.º 6 (1 de junio de 2016): 1402–36. http://dx.doi.org/10.1257/aer.20131687.
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China has defied the declining trend in domestic content in exports in many countries. This paper studies China's rising domestic content in exports using firm- and customs transaction-level data. The approach embraces firm heterogeneity and hence reduces aggregation bias. The study finds that the substitution of domestic for imported materials by individual processing exporters caused China's domestic content in exports to increase from 65 to 70 percent in the period 2000–2007. Such substitution was induced by the country's trade and investment liberalization, which deepened its engagement in global value chains and led to a greater variety of domestic materials becoming available at lower prices. (JEL F13, F14, L14, O19, O24, P31, P33)
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Kim, Yongsik, Jae-Seung Baek y Yunnam Cho. "Export Competitiveness and Firm Value through ESG Management and Supply Chain Finance". Asia Pacific Journal of Samall Business 45, n.º 4 (31 de diciembre de 2023): 61–88. http://dx.doi.org/10.36491/apjsb.45.4.3.
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Kang, Hongzhe, Megat Al Imran Yasin, Mohd Nizam Osman, Lay Hoon Ang y Mengyu Li. "Exploring the Export Strategy of Chinese Film and TV Drama in Value Chain and Digital Technology". E3S Web of Conferences 251 (2021): 03073. http://dx.doi.org/10.1051/e3sconf/202125103073.
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The spiritual and cultural needs of residents have been a growing trend with the living standards improving in China. As an essential medium to reflect the social status, film and TV drama need to satisfy the spiritual and cultural needs of residents as well as spread positive energy to society. The Silk Road International Film Festival was founded in 2014 under the Belt and Road Initiative, which created more opportunities for the export of Chinese film and TV drama. Although the value chain and digital technology can support the export of Chinese film and TV drama, some problems still exist. This paper analyzes the value chain status of film and TV drama and the digital technology of visual effects. Moreover, this paper describes the export status of Chinese film and TV drama and puts forward some suggestions.
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C P A, Dennis Nyamasege. "Effect of bankruptcy costs on value of firms listed in Nairobi securities exchange". Journal of Management and Science 13, n.º 1 (31 de marzo de 2023): 1–8. http://dx.doi.org/10.26524/jms.13.1.
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This study measured the effect of bankruptcy costs on the value of the firm . Financial statements of listed firms for the period of 10 years 2008- 2017 were used. The study was anchored on the Traditional theory which emphasizes on optimality of a capital structure. This study was guided by positivisim research philosophy due to its power of applting deductive logic in arriving at meanings. Asample of 40 firms which have been consistently quoted during the entire study period of 2008-2017 was used. A data collection sheet was used to extract secondary data from published financial statements. Peer reviews were done to unsure face validity while expert opinion ensured content validity. Data was analyzed using descriptive statistical methods of minimums, maximums, mean, percentages and standard deviation. Further Karl Pearson correlation coefficient and backward regression techniques were adopted in analysing the panel data. The results were presented in the form of summarised tables and graphs. The findings revealed bankruptcy costs and had significant effect on value of the firms listed in Nairobi Securities Exchage. It was recommended that information symmetry could be enhanced through close monitoring of compliance to corporate governance practices particularly on disclosure requirements.
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Ficici, Dr Aysun. "Value Implications of Outward Investment of Firms from Export Base Economy Countries (EBECs) Pre and Post Global Financial Crisis: Geographic Reach for Expansion". International Journal of Scientific Research 3, n.º 6 (1 de junio de 2012): 106–15. http://dx.doi.org/10.15373/22778179/june2014/39.
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Gasiorek, Michael, Alasdair Smith y Nicolo Tamberi. "VALUE CHAINS AND DOMESTIC COMPETITIVENESS". National Institute Economic Review 252 (28 de abril de 2020): R45—R51. http://dx.doi.org/10.1017/nie.2020.17.
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With international trade increasingly undertaken within vertically fragmented supply chains, this paper considers the impact of changes in trade costs on domestic output. In the context of the UK’s exit from the EU we show that the negative impact on UK output will depend on changes in both domestic and export competitiveness. Since for many firms the majority of their sales are to the domestic market, the domestic competitiveness impact may be quantitatively more important. The impact on output will be more significant the greater the integration of firms in international supply chains, and the greater the asymmetric impact of leaving the EU on UK firms relative to EU firms.
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Navarro-Meneses, Francisco J. "Unraveling the airline value creation network with fuzzy cognitive maps". International Journal of Engineering Business Management 14 (enero de 2022): 184797902211246. http://dx.doi.org/10.1177/18479790221124641.
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The creation of value is a critical factor that determines the competitive capacity of firms and their ability to survive. Notwithstanding its importance, value creation usually becomes a fuzzy concept that is difficult to grasp, especially when increasingly complex elements of reality are incorporated into its analysis. Building on the narrative of the firm as a complex adaptive system, this article provides empirical evidence showing value creation as emergent behavior resulting from hyper-connected value repositories. Several implications for scholars and practitioners are discussed. For scholars, expert knowledge is provided from 28 airline industry executives around the world together with a method based on fuzzy cognitive maps that allows modeling and simulating value creation in airlines through 26 value repositories and 77 interdependencies. For practitioners, the article raises awareness of the need to incorporate a complexity mindset into value creation analysis and smooths the transition towards a value performance management tool.
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Sun, Zhaoji, Danling Tang y Qing Li. "Competitive Strategy of Firms’ Participation in the Global Value Chains and Labor Income Share". Complexity 2021 (7 de diciembre de 2021): 1–18. http://dx.doi.org/10.1155/2021/8716737.
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The division of labor in the global value chain (GVC) has reshaped the competitive advantage of enterprises participating in the international market and has a significant influence on the distribution of their factor income. Based on the perspective of market choice, this paper uses China’s industrial enterprises’ data, Customs Statistical Data on Import and Export, Word Input and Output Database (WIOD), and BACI database from 2000 to 2007 to analyze the effect of competitive strategy of a firm’s GVC participation on its labor income share. Herein, the competition strategy is depicted by the quality and price of export goods. The empirical results show the following. (1) Quality competition has a larger effect on labor income share than price competition. High-quality and high-price or high-quality and low-price strategies tend to have a significant negative effect on labor income share, while low-quality and low-price and low-quality and high-price strategies have a positive effect. (2) The higher the target market GVC status, the lower the labor income share of exporting firms, and the target market GVC status amplifies that the high-quality and high-price strategies on firms’ labor income share the negative effect of high-quality and low-price strategies on exporters’ labor income share. (3) High-quality and low-price strategies have a significant negative effect on exporters’ labor income share when competing with developing countries in developed country markets or with developed countries in developing country markets. However, the positive effect of low-quality and low-price strategies and low-quality and high-price strategies kept unchanged. The findings remain robust after controlling for endogeneity and accounting for the effects of firm heterogeneity, indicator measurement, and sample variation.
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Park, Jongmin y Sun-Joong Yoon. "Financial Expert CEOs and the Firm Value of Korean Chaebol Groups". Yonsei Business Review 55, n.º 3 (31 de octubre de 2018): 31–63. http://dx.doi.org/10.55125/ybr.2018.10.55.3.31.
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Kustinah, Siti. "Funding Analysis, Company Cash Flow Statement and Its Effect on Banking Firm Value". International Journal of Science and Society 2, n.º 1 (25 de marzo de 2020): 414–27. http://dx.doi.org/10.54783/ijsoc.v2i1.409.
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This study aimed to analyze the effect of funding and cash flow statements on firm value. This research uses quantitative research with an associative approach. The type of data used is primary data and secondary data. This research was conducted on ten expert accountants using questionnaires and Likert scale calculations. Data were collected by questionnaire method and literature study. The source of the data used in this study comes from the BBCA's financial statements for the 2017-2020 period, which have been audited and obtained from IDX and the results of questionnaires to expert respondents—testing the data using validity test, reliability test, and hypothesis testing. The research findings indicate that Funding and Cash Flow Statements have a direct, positive, and significant effect on firm value.
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Kim, Renee B. "Value Innovation in Export Marketing Strategy: The Case of a Canadian Firm in Japan". Journal of Food Products Marketing 16, n.º 4 (29 de septiembre de 2010): 361–72. http://dx.doi.org/10.1080/10454446.2010.509231.
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Melese, Esubalew y Ajay Kumar. "Enhancing Export Performance through Marketing Capability: An Empirical Study of Ethiopian Leather Industry". International Journal of Religion 5, n.º 11 (23 de junio de 2024): 1612–31. http://dx.doi.org/10.61707/n8q8nd08.
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This study aimed to gain insight into export promotion programs (EPPs) and their effects on export performance (EP). Also, the mediating role of marketing implementation capability is examined. The target respondents were leather and leather product export manufacturing firms in Ethiopia. Convenience and snowball sampling techniques were used. Owners and managers responsible for exporting leather and leather products were identified and selected to participate in the survey. A total of 178 valid responses were analyzed using the Smart PLS Software (version 4.0). The results show that the use of export promotion programs has a significant impact on export performance. Trade fairs, trade missions, foreign offices, and education and training have significant impacts on export performance. Also, marketing implementation capability mediates between government offered EPPs and export performance. However, ownership and experience doesn’t have moderation impact. This study contributes to the literature on export performance in emerging nations, where search is scant. In addition, we focused on debate on export promotion programs, marketing implementation capability, and export performance.
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Vrh, Nataša. "The DNA of the domestic value added (DVA) in exports: Firm‐level analysis of DVA in exports". World Economy 42, n.º 9 (23 de mayo de 2019): 2566–601. http://dx.doi.org/10.1111/twec.12800.
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Nguyen, Van Dung. "Adoption of international standard certification in ASEAN: The roles of R&D, exports and competition". JOURNAL OF INTERNATIONAL STUDIES 15, n.º 3 (2022): 38–50. http://dx.doi.org/10.14254/2071-8330.2022/15-3/3.
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This paper examines whether R&D, exports, and competition affect the adoption of international standard certification in ASEAN. Although prior studies recognized the importance of R&D, exports, and competition in determining a firm’s decision to adopt international standards, they often focused on a single determinant of this activity. Hence, this study tries to incorporate three important internal and external factors in a comprehensive study. The current study investigates these questions by analyzing the data from a valid sample of appropriately 4,000 firms in the manufacturing industries in eight countries in ASEAN in 2015-2016. The study utilizes a multilevel mixed-effects logit model for estimation to take into account the hierarchical nature of our data set. The results show that firms with R&D activities tend to adopt more international standard certificates. We also find that exports are highly important, while competition from the informal sector does not show association with firms’ innovativeness. These findings remain valid after endogenous and robustness testing using the propensity score matching method.
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Kuchin, Ilia, Mariia Elkina y Yury Dranev. "The Impact of Currency Risk on Firm’s Value in Emerging Countries". Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 13, n.º 1 (20 de noviembre de 2019): 7–27. http://dx.doi.org/10.17323/j.jcfr.2073-0438.13.1.2019.7-27.
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This study is dedicated to estimating the impact of currency risk on the cost of equity in Brazil, Russia, India and South Africa. Our contribution to the literature is that we obtain further evidence on pricing of exchange rate risk in developing countries which for now is quite scarce. These motivates our research which is dedicated to BRICS capital markets with Chinese stock market excluded since it is heavily regulated. The aim of the research is to determine whether in emerging countries stock markets currency risk is a significant factor that influence cost of equity capital of a company.
Changes in the value of exchange rate can impact cash flows of a firm and their riskiness, hence, the value of the company. In our research we will discuss the influence of exchange rate movements on the value of the firm through their impact on the cost of equity. Specifically, we investigate whether companies that report substantial currency gains or losses have to pay a higher required return on equity. Furthermore, in this study we take an attempt to estimate currency risk premia for exposure to appreciation and depreciation of currency separately and identify possible differences.
For each country three models that extend Fama-French Three Factor Model by incorporating currency risk are estimated. We used equal-weighted portfolio approach to construction currency risk factors. They are estimated using information about the ratio of currency gains to sales or the magnitude of covariation between equity returns and exchange rate changes. In the second case appreciation and depreciation of domestic currency against US dollar is considered separately.
Results indicate that in Russia firms which report substantial currency losses pay a positive risk premium, while in Brazil, India and South Africa companies with significantly positive or negative currency gains pay a lower required return on equity than firms with almost zero currency gains. Finally, we are trying to explain estimation results using sectoral breakdown of product exports in each country of data sample.
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Čučković, Nevenka y Valentina Vučković. "COVID-19 and Global Value Chains Participation: Export Performance of Croatian Firms". South East European Journal of Economics and Business 18, n.º 1 (1 de junio de 2023): 58–70. http://dx.doi.org/10.2478/jeb-2023-0005.
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Abstract For the last two-three years, the disruptions of the GVC caused by the COVID-19 pandemic have forced the business sector to restructure and adjust, sometimes very costly and painful. Moreover, with the recent war in Ukraine foreseeable negative implications, it is very certain that large-scale disruptions in the global economic trade and investment flows, and ultimately in the GVC, will dictate the survival and sustainability of business in many economic sectors in the years to come. The main goal of this paper is twofold. First, to review the existing research on the effects of the COVID-19 pandemic on global trends affecting the current reconfiguring and reshaping of the GVC. Second, to analyse the characteristics of Croatian firms that recorded a decrease in their (indirect and direct) exports in the COVID-19 period by performing a logit model and utilising the World Bank’s Enterprise Survey 2019, backed up by the Enterprise Surveys Follow-Up on COVID-19 (3 rounds up to now).
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Oh, Hee-Hwa y Kil-Seok Han. "The Effect of Cash Holdings on Firm Value in Export Companies Listed in the KOSDAQ". Institute of Management and Economy Research 10, n.º 4 (31 de diciembre de 2019): 205–21. http://dx.doi.org/10.32599/apjb.10.4.201912.205.
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Rwehumbiza, Deusdedit Augustine. "International expansion and unobserved heterogeneity in critical success factors". African Journal of Economic and Management Studies 8, n.º 2 (12 de junio de 2017): 235–52. http://dx.doi.org/10.1108/ajems-04-2016-0048.
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Purpose The purpose of this paper is to examine the existence of unobserved heterogeneity in the critical drivers of firms’ international expansion. Testing for unobserved heterogeneity assists researchers to come up with precise interpretations and valid conclusions. Design/methodology/approach Building on the resource-based view (RBV) and institution-based view, this study applies partial least squares structural equation modelling to empirically examine whether there are significant differences in the success factors among 105 export manufacturers. Findings Statistical results reveal significant differences for the relationships between: managers’ entrepreneurial capability (MEC) and export intensity (EI); a moderating effect of institutional support on the relationship between MEC and EI; and firms manufacturing capability and EI. The research results also show that the RBV is salient for all firms expanding from emerging economies. These findings provide evidence that unobserved heterogeneity is likely to lead to misinterpretations of results and false conclusions. Originality/value Despite the abundance of natural factor endowments, export performance of firms from emerging economies remains unimpressive. The unobserved heterogeneity revealed across countries calls for business actors at all levels and in different capacities to work on the synergised investment, production, and trade policies in favour of the overlooked human created endowments, particularly capabilities. Capabilities account for the largest part of unobserved heterogeneity and firms’ superior performance.