Exporting, capital investment and financial constraints

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19 Scopus citations


Many firms cite financial constraints as some of the most important impediments to their investment and growth. Using a unique data set from the Czech Republic this paper investigates the importance of financing constraints in the context of exporters. It finds that exporters are less financially constrained than non-exporters. However, after carefully correcting for possible endogeneity and selection issues, the evidence points to less constrained firms self-selecting into exporting rather than exporting alleviating firms' financial constraints.

Original languageEnglish (US)
Pages (from-to)23-37
Number of pages15
JournalReview of World Economics
Issue number1
StatePublished - Mar 2010

All Science Journal Classification (ASJC) codes

  • Economics, Econometrics and Finance(all)


  • Cash flow
  • Exporting
  • Financial constraints

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