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Financial Constraints and Small and Medium-Sized Firms’ Export Propensity: Evidence from Portuguese Manufacturing Firms

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  • Rosa Forte
  • Ana Salomé Moreira

Abstract

The internationalization of firms through exports is often crucial to their survival and growth in this era of globalization. This is particularly the case for small and medium-sized enterprises (SMEs) operating in small and saturated markets, as is the case in Portugal. However, firms face several barriers to exporting, and this study aims to verify whether financial constraints influence a firm’s export propensity. The empirical analysis is based on a sample of 12,732 Portuguese manufacturing SMEs during the period 2008–2012, and tests two different proxies of financial constraints: the liquidity and leverage ratios. The results indicate that the SMEs in less healthy financial positions are less likely to export than the others are, although the impact of financial constraints on these Portuguese firms appears to be relatively small.

Suggested Citation

  • Rosa Forte & Ana Salomé Moreira, 2018. "Financial Constraints and Small and Medium-Sized Firms’ Export Propensity: Evidence from Portuguese Manufacturing Firms," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 25(2), pages 223-241, May.
    • Handle: RePEc:taf:ijecbs:v:25:y:2018:i:2:p:223-241
    DOI: 10.1080/13571516.2018.1437011
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    Cited by:

    1. João Vasco Coelho, 2022. "Non‐linear internationalization processes in Portugal: Evidence across retail, construction and software development industries," Regional Science Policy & Practice, Wiley Blackwell, vol. 14(3), pages 539-559, June.
    2. João Vasco Coelho, 2022. "Recruiting Business Expatriates in Portugal: The Moderating Role of Employee Willingness," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 8(2), pages 206-227, July.
    3. Dao T. H. Nguyen & Ari Kokko & Thong T. Nguyen, 2024. "Multinational enterprises and local firms’ export market entry: A panel data analysis of Vietnam's food processing industry," Agribusiness, John Wiley & Sons, Ltd., vol. 40(4), pages 975-1001, October.
    4. Joachim Wagner, 2019. "Access to Finance and Exports – Comparable Evidence for Small and Medium Enterprises from Industry and Services in 25 European Countries," Open Economies Review, Springer, vol. 30(4), pages 739-757, September.
    5. Josée St-Pierre & Annie Royer & Crispin Enagogo & Jean Pierre Dany Menguele, 2024. "Autonomie financière et activités d’exportation des PME du secteur bioalimentaire : Planifier adéquatement les dépenses à engager," CIRANO Project Reports 2024rp-16, CIRANO.
    6. Civelek Mehmet & Polách Jiří & Švihlíková Ilona & Paták Milan, 2022. "International Differences in the Perceptions of Export Obstacles By SMEs in the Same Firm-Level Characteristics: Evidence from European Countries," Folia Oeconomica Stetinensia, Sciendo, vol. 22(1), pages 18-45, June.

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