Firms’ export performance: a fractional econometric approach
Abstract
Export activities have become crucial to firms’ competitiveness, with determinants of export performance being a challenging field of research, since there is no consensus regarding the explained and explanatory variables or on the econometric methods to be used. Using a panel data of Portuguese wine firms, this paper aims to contribute to this debate, combining both resource- and institutional-based views of the firm. This paper tries to overcome the methodological hurdle, addressing sample selection issues and considering the fractional response nature of export performance. Given the pros and cons of each econometric approach, the Heckman selection model, the fractional probit model and the two-part fractional response model are estimated, and the results compared. From a public policy perspective, the results show that policies that promote wine firm size, labor productivity and wine promotion in third countries have a positive impact on export performance at firm-level. Age does not appear as a key factor on the internationalization of Portuguese wine firms.
Keyword : resource-based view, institutional-based view, fractional response variables, sample selection, two-part model, panel data, Portuguese wine industry
How to Cite
Faria, S. ., Rebelo, J. ., & Gouveia, S. . (2020). Firms’ export performance: a fractional econometric approach. Journal of Business Economics and Management, 21(2), 521-542. https://doi.org/10.3846/jbem.2020.11934
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Behmiri, N. B., Rebelo, J. F., Gouveia, S., & António, P. (2019). Firm characteristics and export performance in Portuguese wine firms. International Journal of Wine Business Research, 31(3), 419–440. https://doi.org/10.1108/IJWBR-07-2018-0032
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Burgman, T. A. (1996). An empirical examination of multinational corporate capital structure. Journal of International Business Studies, 27(3), 553–570. https://doi.org/10.1057/palgrave.jibs.8490143
Chen, J., Sousa, C. M. P., & He, X. (2016). The determinants of export performance: a review of the literature 2006–2014. International Marketing Review, 33(5), 626–670. https://doi.org/10.1108/IMR-10-2015-0212
D’Aspremont, C., Dos Santos Ferreira, R., & Gérard-Varet, L. A. (1996). On the Dixit-Stiglitz model of monopolistic competition. American Economic Review, 86(3), 623–629.
European Commission. (2014). Helping firms grow. European Competitiveness Report 2014 (Commission Staff Working Document SWD (2014) 277 final). European Union, Brussels. https://doi.org/10.2769/28020
De Falco, S. E., & Simoni, M. (2014). The effect of public export incentives on Italian textile and fashion SMEs. International Studies of Management and Organization, 44(1), 70–83. https://doi.org/10.2753/IMO0020-8825440105
Delen, D., Kuzey, C., & Uyar, A. (2013). Measuring firm performance using financial ratios: A decision tree approach. Expert Systems with Applications, 40(10), 3970–3983. https://doi.org/10.1016/j.eswa.2013.01.012
Fan, H., Lai, E. L., & Qi, H. (2019). Trade liberalization and Firms’ Export performance in China: Theory and evidence. Journal of Comparative Economics, 47(3), 640–648. https://doi.org/10.1016/j.jce.2019.05.001
Fernández, Z., & Nieto, M. J. (2006). Impact of ownership on the international involvement of SMEs. Journal of International Business Studies, 37(3), 340–351. https://doi.org/10.1057/palgrave.jibs.8400196
Ganotakis, P., & Love, J. H. (2012). Export propensity, export intensity and firm performance: The role of the entrepreneurial founding team. Journal of International Business Studies, 43, 693–718. https://doi.org/10.1057/jibs.2012.16
Gonenc, H., & de Haan, D. J. (2014). Firm internationalization and capital structure in developing countries: The role of financial development. Emerging Markets Finance and Trade, 50(2), 169–189. https://doi.org/10.2753/REE1540-496X500210
Hammervoll, T., Mora, P., & Toften, K. (2014). The financial crisis and the wine industry: The performance of niche firms versus mass-market firms. Wine Economics and Policy, 3(2), 108–114. https://doi.org/10.1016/j.wep.2014.11.001
Harrigan, K. R. (1983). Research methodologies for contingency approaches to business strategy. Academy of Management Review, 8(3). https://doi.org/10.5465/amr.1983.4284376
Heckman, J. J. (1979). Sample selection bias as a specification error. Econometrica, 47(1), 153. https://doi.org/10.2307/1912352
Helfat, C. E., & Peteraf, M. A. (2003). The dynamic resource-based view: Capability lifecycles. Strategic Management Journal, 24(10), 997–1010. https://doi.org/10.1002/smj.332
Hultman, M., Katsikeas, C. S., & Robson, M. J. (2011). Export promotion strategy and performance: The role of international experience. Journal of International Marketing, 19(4), 17–39. https://doi.org/10.1509/jimk.19.4.17
Jones, A. M., Rice, N., Bago d’Uva, T., & Balia, S. (2007). Applied health economics (1st ed.). Routledge. https://doi.org/10.4324/9780203972304
Krammer, S. M. S., Strange, R., & Lashitew, A. (2018). The export performance of emerging economy firms: The influence of firm capabilities and institutional environments. International Business Review, 27(1), 218–230. https://doi.org/10.1016/j.ibusrev.2017.07.003
Le, T. P. V., & Phan, T. B. N. (2017). Capital structure and firm performance: Empirical evidence from a small transition country. Research in International Business and Finance, 42(June), 710–726. https://doi.org/10.1016/j.ribaf.2017.07.012
Lee, S. H., Beamish, P. W., Lee, H. U., & Park, J. H. (2009). Strategic choice during economic crisis: Domestic market position, organizational capabilities and export flexibility. Journal of World Business, 44(1), 1–15. https://doi.org/10.1016/j.jwb.2008.03.015
Lee, T. H., White, H., & Granger, C. W. J. (1993). Testing for neglected nonlinearity in time series models. A comparison of neural network methods and alternative tests. Journal of Econometrics, 56(3), 269–290. https://doi.org/10.1016/0304-4076(93)90122-L
Leonidou, L. C. (2004). An analysis of the barriers hindering small business export development. Journal of Small Business Management, 42(3), 279–302. https://doi.org/10.1111/j.1540-627X.2004.00112.x
LiPuma, J. A., Newbert, S. L., & Doh, J. P. (2013). The effect of institutional quality on firm export performance in emerging economies: A contingency model of firm age and size. Small Business Economics, 40(4), 817–841. https://doi.org/10.1007/s11187-011-9395-7
Lopez-Rodriguez, J., Calvo Dopico, D., & Del Castillo Puente, A. M. (2018). Export performance in Spanish wineries: the role of human capital and quality management system. European Journal of International Management, 12(3), 311–333. https://doi.org/10.1504/EJIM.2018.10011273
Lorenzo, J. R. F., Rubio, M. T. M., & Garcés, S. A. (2018). The competitive advantage in business, capabilities and strategy. What general performance factors are found in the Spanish wine industry? Wine Economics and Policy, 7(2), 94–108. https://doi.org/10.1016/j.wep.2018.04.001
Lu, J., Xu, B., & Liu, X. (2009). The effects of corporate governance and institutional environments on export behaviour in emerging economies evidence from China. Management International Review, 49(4), 455–478. https://doi.org/10.1007/s11575-009-0004-9
Mais, I., & Amal, M. (2011). Determinants of export performance: An institutional approach. Latin American Business Review, 12(4), 281–307. https://doi.org/10.1080/10978526.2011.633029
Malca, O., Peña-Vinces, J., & Acedo, F. (2019). Export promotion programmes as export performance catalysts for SMEs: Insights from an emerging economy. Small Business Economics. https://doi.org/10.1007/s11187-019-00185-2
Maurel, C. (2009). Determinants of export performance in French wine SMEs. International Journal of Wine Business Research, 21(2), 118–142. https://doi.org/10.1108/17511060910967971
Menghini, S. (2015). The new market challenges and the strategies of the wine companies. Wine Economics and Policy, 4(2), 75–77. https://doi.org/10.1016/j.wep.2015.11.003
Munch, J., & Schaur, G. (2018). the effect of export promotion on firm-level performance. American Economic Journal: Economic Policy, 10(1), 357–387. https://doi.org/10.1257/pol.20150410
Nam, J., Liu, X., Lioliou, E., & Jeong, M. (2018). Do board directors affect the export propensity and export performance of Korean firms? A resource dependence perspective. International Business Review, 27(1), 269–280. https://doi.org/10.1016/j.ibusrev.2017.08.001
Onkelinx, J., Manolova, T. S., & Edelman, L. F. (2016). The human factor: Investments in employee human capital, productivity, and SME internationalization. Journal of International Management, 22(4), 351–364. https://doi.org/10.1016/j.intman.2016.05.002
Papke, L. E., & Wooldridge, J. M. (1996). Econometric methods for fractional response variables with an application to 401(k) plan participation rates. Journal of Applied Econometrics, 11(6), 619–632. https://doi.org/10.1002/(SICI)1099-1255(199611)11:6<619::AID-JAE418>3.0.CO;2-1
Papke, L. E., & Wooldridge, J. M. (2008). Panel data methods for fractional response variables with an application to test pass rates. Journal of Econometrics, 145(1–2), 121–133. https://doi.org/10.1016/j.jeconom.2008.05.009
Parenti, M., Ushchev, P., & Thisse, J. F. (2017). Toward a theory of monopolistic competition. Journal of Economic Theory, 167, 86–115. https://doi.org/10.1016/j.jet.2016.10.005
Paul, J., Parthasarathy, S., & Gupta, P. (2017). Exporting challenges of SMEs: A review and future research agenda. Journal of World Business, 52(3), 327–342. https://doi.org/10.1016/j.jwb.2017.01.003
Peng, M. W., Wang, D. Y. L., & Jiang, Y. (2008). An institution-based view of international business strategy: A focus on emerging economies. Journal of International Business Studies, 39, 920–936. https://doi.org/10.1057/palgrave.jibs.8400377
Ramalho, E. A., Ramalho, J. J. S., & Murteira, J. M. R. (2011). Alternative estimating and testing empirical strategies for fractional regression models. Journal of Economic Surveys, 25(1), 19–68. https://doi.org/10.1111/j.1467-6419.2009.00602.x
Ramalho, E. A., Ramalho, J. J. S., & Murteira, J. M. R. (2014). A generalized goodness-of-functional form test for binary and fractional regression models. Manchester School. https://doi.org/10.1111/manc.12032
Robertson, C., & Chetty, S. K. (2000). A contingency-based approach to understanding export performance. International Business Review, 9(2), 211–235. https://doi.org/10.1016/S0969-5931(99)00037-2
Saha, A., Capps, O., & Byrne, P. J. (1997). Calculating marginal effects in dichotomous – continuous models. Applied Economics Letters, 4(3), 181–185. https://doi.org/10.1080/135048597355474
Santos-Vijande, M. L., López-Sánchez, J. Á., & Trespalacios, J. A. (2012). How organizational learning affects a firm’s flexibility, competitive strategy, and performance. Journal of Business Research, 65(8), 1079–1089. https://doi.org/10.1016/j.jbusres.2011.09.002
Schwiebert, J. (2016). A sample selection model for fractional response variables. In Annual Conference 2016 (Augsburg): Demographic Change (No. 145527). Verein für Socialpolitik/German Economic Association.
Singh, D. A. (2009). Export performance of emerging market firms. International Business Review, 18(4), 321–330. https://doi.org/10.1016/j.ibusrev.2009.03.002
Sousa, C. M. P., Martínez-López, F. J., & Coelho, F. (2008). The determinants of export performance: A review of the research in the literature between 1998 and 2005. International Journal of Management Reviews, 10(4), 343–374. https://doi.org/10.1111/j.1468-2370.2008.00232.x
Wang, X., Chen, A., Wang, H., & Li, S. (2017). Effect of export promotion programs on export performance: Evidence from manufacturing SMEs. Journal of Business Economics and Management, 18(1), 131–145. https://doi.org/10.3846/16111699.2016.1278031
Wang, Y., Cao, W., Zhou, Z., & Ning, L. (2013). Does external technology acquisition determine export performance? Evidence from Chinese manufacturing firms. International Business Review, 22(6), 1079–1091. https://doi.org/10.1016/j.ibusrev.2013.02.009
Wernerfelt, B. (1984). A resource‐based view of the firm. Strategic Management Journal, 5(2), 171–180. https://doi.org/10.1002/smj.4250050207
Yi, J., Wang, C., & Kafouros, M. (2013). The effects of innovative capabilities on exporting: Do institutional forces matter? International Business Review, 22(2), 392–406. https://doi.org/10.1016/j.ibusrev.2012.05.006
Anwar, S., & Nguyen, L. P. (2011). Foreign direct investment and export spillovers: Evidence from Vietnam. International Business Review, 20(2), 177–193. https://doi.org/10.1016/j.ibusrev.2010.11.002
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1). https://doi.org/10.1177/014920639101700108
Barney, J., Wright, M., & Ketchen, D. J. (2001). The resource-based view of the firm: Ten years after 1991. Journal of Management, 27(6), 625–641. https://doi.org/10.1016/S0149-2063(01)00114-3
Baum, C. F. (2006). An introduction to modern econometrics using Stata. STATA Press.
Behmiri, N. B., Rebelo, J. F., Gouveia, S., & António, P. (2019). Firm characteristics and export performance in Portuguese wine firms. International Journal of Wine Business Research, 31(3), 419–440. https://doi.org/10.1108/IJWBR-07-2018-0032
Brakman, S., Garretsen, H., van Maarseveen, R., & Zwaneveld, P. (2019). Firm heterogeneity and exports in the Netherlands: Identifying export potential beyond firm productivity. The Journal of International Trade & Economic Development, 29(1), 36–68. https://doi.org/10.1080/09638199.2019.1631876
Burgman, T. A. (1996). An empirical examination of multinational corporate capital structure. Journal of International Business Studies, 27(3), 553–570. https://doi.org/10.1057/palgrave.jibs.8490143
Chen, J., Sousa, C. M. P., & He, X. (2016). The determinants of export performance: a review of the literature 2006–2014. International Marketing Review, 33(5), 626–670. https://doi.org/10.1108/IMR-10-2015-0212
D’Aspremont, C., Dos Santos Ferreira, R., & Gérard-Varet, L. A. (1996). On the Dixit-Stiglitz model of monopolistic competition. American Economic Review, 86(3), 623–629.
European Commission. (2014). Helping firms grow. European Competitiveness Report 2014 (Commission Staff Working Document SWD (2014) 277 final). European Union, Brussels. https://doi.org/10.2769/28020
De Falco, S. E., & Simoni, M. (2014). The effect of public export incentives on Italian textile and fashion SMEs. International Studies of Management and Organization, 44(1), 70–83. https://doi.org/10.2753/IMO0020-8825440105
Delen, D., Kuzey, C., & Uyar, A. (2013). Measuring firm performance using financial ratios: A decision tree approach. Expert Systems with Applications, 40(10), 3970–3983. https://doi.org/10.1016/j.eswa.2013.01.012
Fan, H., Lai, E. L., & Qi, H. (2019). Trade liberalization and Firms’ Export performance in China: Theory and evidence. Journal of Comparative Economics, 47(3), 640–648. https://doi.org/10.1016/j.jce.2019.05.001
Fernández, Z., & Nieto, M. J. (2006). Impact of ownership on the international involvement of SMEs. Journal of International Business Studies, 37(3), 340–351. https://doi.org/10.1057/palgrave.jibs.8400196
Ganotakis, P., & Love, J. H. (2012). Export propensity, export intensity and firm performance: The role of the entrepreneurial founding team. Journal of International Business Studies, 43, 693–718. https://doi.org/10.1057/jibs.2012.16
Gonenc, H., & de Haan, D. J. (2014). Firm internationalization and capital structure in developing countries: The role of financial development. Emerging Markets Finance and Trade, 50(2), 169–189. https://doi.org/10.2753/REE1540-496X500210
Hammervoll, T., Mora, P., & Toften, K. (2014). The financial crisis and the wine industry: The performance of niche firms versus mass-market firms. Wine Economics and Policy, 3(2), 108–114. https://doi.org/10.1016/j.wep.2014.11.001
Harrigan, K. R. (1983). Research methodologies for contingency approaches to business strategy. Academy of Management Review, 8(3). https://doi.org/10.5465/amr.1983.4284376
Heckman, J. J. (1979). Sample selection bias as a specification error. Econometrica, 47(1), 153. https://doi.org/10.2307/1912352
Helfat, C. E., & Peteraf, M. A. (2003). The dynamic resource-based view: Capability lifecycles. Strategic Management Journal, 24(10), 997–1010. https://doi.org/10.1002/smj.332
Hultman, M., Katsikeas, C. S., & Robson, M. J. (2011). Export promotion strategy and performance: The role of international experience. Journal of International Marketing, 19(4), 17–39. https://doi.org/10.1509/jimk.19.4.17
Jones, A. M., Rice, N., Bago d’Uva, T., & Balia, S. (2007). Applied health economics (1st ed.). Routledge. https://doi.org/10.4324/9780203972304
Krammer, S. M. S., Strange, R., & Lashitew, A. (2018). The export performance of emerging economy firms: The influence of firm capabilities and institutional environments. International Business Review, 27(1), 218–230. https://doi.org/10.1016/j.ibusrev.2017.07.003
Le, T. P. V., & Phan, T. B. N. (2017). Capital structure and firm performance: Empirical evidence from a small transition country. Research in International Business and Finance, 42(June), 710–726. https://doi.org/10.1016/j.ribaf.2017.07.012
Lee, S. H., Beamish, P. W., Lee, H. U., & Park, J. H. (2009). Strategic choice during economic crisis: Domestic market position, organizational capabilities and export flexibility. Journal of World Business, 44(1), 1–15. https://doi.org/10.1016/j.jwb.2008.03.015
Lee, T. H., White, H., & Granger, C. W. J. (1993). Testing for neglected nonlinearity in time series models. A comparison of neural network methods and alternative tests. Journal of Econometrics, 56(3), 269–290. https://doi.org/10.1016/0304-4076(93)90122-L
Leonidou, L. C. (2004). An analysis of the barriers hindering small business export development. Journal of Small Business Management, 42(3), 279–302. https://doi.org/10.1111/j.1540-627X.2004.00112.x
LiPuma, J. A., Newbert, S. L., & Doh, J. P. (2013). The effect of institutional quality on firm export performance in emerging economies: A contingency model of firm age and size. Small Business Economics, 40(4), 817–841. https://doi.org/10.1007/s11187-011-9395-7
Lopez-Rodriguez, J., Calvo Dopico, D., & Del Castillo Puente, A. M. (2018). Export performance in Spanish wineries: the role of human capital and quality management system. European Journal of International Management, 12(3), 311–333. https://doi.org/10.1504/EJIM.2018.10011273
Lorenzo, J. R. F., Rubio, M. T. M., & Garcés, S. A. (2018). The competitive advantage in business, capabilities and strategy. What general performance factors are found in the Spanish wine industry? Wine Economics and Policy, 7(2), 94–108. https://doi.org/10.1016/j.wep.2018.04.001
Lu, J., Xu, B., & Liu, X. (2009). The effects of corporate governance and institutional environments on export behaviour in emerging economies evidence from China. Management International Review, 49(4), 455–478. https://doi.org/10.1007/s11575-009-0004-9
Mais, I., & Amal, M. (2011). Determinants of export performance: An institutional approach. Latin American Business Review, 12(4), 281–307. https://doi.org/10.1080/10978526.2011.633029
Malca, O., Peña-Vinces, J., & Acedo, F. (2019). Export promotion programmes as export performance catalysts for SMEs: Insights from an emerging economy. Small Business Economics. https://doi.org/10.1007/s11187-019-00185-2
Maurel, C. (2009). Determinants of export performance in French wine SMEs. International Journal of Wine Business Research, 21(2), 118–142. https://doi.org/10.1108/17511060910967971
Menghini, S. (2015). The new market challenges and the strategies of the wine companies. Wine Economics and Policy, 4(2), 75–77. https://doi.org/10.1016/j.wep.2015.11.003
Munch, J., & Schaur, G. (2018). the effect of export promotion on firm-level performance. American Economic Journal: Economic Policy, 10(1), 357–387. https://doi.org/10.1257/pol.20150410
Nam, J., Liu, X., Lioliou, E., & Jeong, M. (2018). Do board directors affect the export propensity and export performance of Korean firms? A resource dependence perspective. International Business Review, 27(1), 269–280. https://doi.org/10.1016/j.ibusrev.2017.08.001
Onkelinx, J., Manolova, T. S., & Edelman, L. F. (2016). The human factor: Investments in employee human capital, productivity, and SME internationalization. Journal of International Management, 22(4), 351–364. https://doi.org/10.1016/j.intman.2016.05.002
Papke, L. E., & Wooldridge, J. M. (1996). Econometric methods for fractional response variables with an application to 401(k) plan participation rates. Journal of Applied Econometrics, 11(6), 619–632. https://doi.org/10.1002/(SICI)1099-1255(199611)11:6<619::AID-JAE418>3.0.CO;2-1
Papke, L. E., & Wooldridge, J. M. (2008). Panel data methods for fractional response variables with an application to test pass rates. Journal of Econometrics, 145(1–2), 121–133. https://doi.org/10.1016/j.jeconom.2008.05.009
Parenti, M., Ushchev, P., & Thisse, J. F. (2017). Toward a theory of monopolistic competition. Journal of Economic Theory, 167, 86–115. https://doi.org/10.1016/j.jet.2016.10.005
Paul, J., Parthasarathy, S., & Gupta, P. (2017). Exporting challenges of SMEs: A review and future research agenda. Journal of World Business, 52(3), 327–342. https://doi.org/10.1016/j.jwb.2017.01.003
Peng, M. W., Wang, D. Y. L., & Jiang, Y. (2008). An institution-based view of international business strategy: A focus on emerging economies. Journal of International Business Studies, 39, 920–936. https://doi.org/10.1057/palgrave.jibs.8400377
Ramalho, E. A., Ramalho, J. J. S., & Murteira, J. M. R. (2011). Alternative estimating and testing empirical strategies for fractional regression models. Journal of Economic Surveys, 25(1), 19–68. https://doi.org/10.1111/j.1467-6419.2009.00602.x
Ramalho, E. A., Ramalho, J. J. S., & Murteira, J. M. R. (2014). A generalized goodness-of-functional form test for binary and fractional regression models. Manchester School. https://doi.org/10.1111/manc.12032
Robertson, C., & Chetty, S. K. (2000). A contingency-based approach to understanding export performance. International Business Review, 9(2), 211–235. https://doi.org/10.1016/S0969-5931(99)00037-2
Saha, A., Capps, O., & Byrne, P. J. (1997). Calculating marginal effects in dichotomous – continuous models. Applied Economics Letters, 4(3), 181–185. https://doi.org/10.1080/135048597355474
Santos-Vijande, M. L., López-Sánchez, J. Á., & Trespalacios, J. A. (2012). How organizational learning affects a firm’s flexibility, competitive strategy, and performance. Journal of Business Research, 65(8), 1079–1089. https://doi.org/10.1016/j.jbusres.2011.09.002
Schwiebert, J. (2016). A sample selection model for fractional response variables. In Annual Conference 2016 (Augsburg): Demographic Change (No. 145527). Verein für Socialpolitik/German Economic Association.
Singh, D. A. (2009). Export performance of emerging market firms. International Business Review, 18(4), 321–330. https://doi.org/10.1016/j.ibusrev.2009.03.002
Sousa, C. M. P., Martínez-López, F. J., & Coelho, F. (2008). The determinants of export performance: A review of the research in the literature between 1998 and 2005. International Journal of Management Reviews, 10(4), 343–374. https://doi.org/10.1111/j.1468-2370.2008.00232.x
Wang, X., Chen, A., Wang, H., & Li, S. (2017). Effect of export promotion programs on export performance: Evidence from manufacturing SMEs. Journal of Business Economics and Management, 18(1), 131–145. https://doi.org/10.3846/16111699.2016.1278031
Wang, Y., Cao, W., Zhou, Z., & Ning, L. (2013). Does external technology acquisition determine export performance? Evidence from Chinese manufacturing firms. International Business Review, 22(6), 1079–1091. https://doi.org/10.1016/j.ibusrev.2013.02.009
Wernerfelt, B. (1984). A resource‐based view of the firm. Strategic Management Journal, 5(2), 171–180. https://doi.org/10.1002/smj.4250050207
Yi, J., Wang, C., & Kafouros, M. (2013). The effects of innovative capabilities on exporting: Do institutional forces matter? International Business Review, 22(2), 392–406. https://doi.org/10.1016/j.ibusrev.2012.05.006