Armando Silva | Instituto Politecnico do Porto (original) (raw)

Papers by Armando Silva

The role of subsidies for exports: Evidence from Portuguese manufacturing firms

This paper analyses the links between financial constraints and firm export behaviour, at the fir... more This paper analyses the links between financial constraints and firm export behaviour, at the firm level, by using data on Portuguese manufacturing enterprises. Previous empirical litera-ture has not yet reached a consensus on these subjects and there is a great heterogeneity in measuring financial constraints. In line with a very recent trend, we approximate credit con-straints by using a financial score built on eight variables. In order to assess the effects of exports on the financial status of firms we apply, for the first time to these types of studies, a propensity score matching with difference in differences. We find that new exporters show sig-nificant improvements in their financial situation.

Investigação e Intervenção em Recursos Humanos

In this study I test the importance of several Human Resource variables to the innovation capacit... more In this study I test the importance of several Human Resource variables to the innovation capacity of portuguese firms but also the effects that the innovation process generates on Human Resources. A branch of the innovation literature states that the ability of firms to innovate relies on an innovative capacity, which, in turn, depends on several factors, both internal and external to enterprises. One of those factors is the effort of firms to train their personnel specifically in order to enable them to innovate. The present test is applied to 4818 Portuguese enterprises for the period 2002-2004 through the use of the fourth Community Innovation Survey data. In order to evaluate the contribution of Human Resources to innovation I have estimated several knowledge Production Functions, mainly using probits and tobits. In that framework it is assumed that innovation depends on some inputs (as the training of personnel) and on information-flows from the existing knowledge stock (as cl...

Egitania Sciencia

Este artigo verifica qual a relação existente entre exportações e restrições financeiras das empr... more Este artigo verifica qual a relação existente entre exportações e restrições financeiras das empresas industriais do setor têxtil português no período de 1996-2003. Pretende-se averiguar qual o score de restrições financeiras sentidas pelas empresas da amostra, avaliar até que ponto as restrições financeiras são ou não um entrave ao início da atividade exportadora e verificar se o início das exportações efetivamente melhora a saúde financeira das empresas. A metodologia escolhida para a medição das restrições financeiras passou pela criação de um score financeiro, na sequência da proposta de Musso e Schiavo (2008); o teste das hipóteses é feito com recurso a regressões. Dos resultados obtidos, sugere-se a ideia de que existe, de facto, a auto-seleção das empresas menos restringidas financeiramente para a futura atividade exportadora e ainda que as novas empresas exportadoras mostram melhorias na sua situação financeira após o início dessa atividade.

This paper analyzes the links between financial con straints and firm export behavior, at the fir... more This paper analyzes the links between financial con straints and firm export behavior, at the firm level, by using data on Portuguese manufacturi ng enterprises. Theoretical models of Chaney (2005) and Manova (2010) suggest that credit constraints are detrimental for exports but no model explains consistently why exports coul d improve firms ́ financial health. Previous empirical literature has not yet reached a consensus on these subjects and there is a great heterogeneity in measuring financial constrai nts and how to assess the causality relationships; results are also quite heterogeneous . Developing a very recent trend, we approximate credit constraints by using a financial score built on eight variables; to assess the effects of exports on the financial status of firms we apply, for the first time to these types of studies, a propensity score matching with differenc e i differences. This procedure is used to deal with the endogeneity problems, stemming from t he fact that new ...

O objetivo deste trabalho consiste em estudar, de forma empirica, o impacto das decisoes de gesta... more O objetivo deste trabalho consiste em estudar, de forma empirica, o impacto das decisoes de gestao de fundo de maneio no desempenho economico e financeiro das empresas industriais exportadoras portuguesas. Para este efeito, e utilizada uma amostra de empresas da industria manufatureira portuguesa durante o periodo de 2010 a 2015. O desempenho economico e medido atraves da rendibilidade economica e o desempenho financeiro atraves da rendibilidade dos capitais investidos, enquanto a gestao de fundo de maneio e avaliada atraves do ciclo financeiro de exploracao. A analise empirica foi conduzida atraves da aplicacao de diversas metodologias de dados em painel. Os resultados obtidos demonstram evidencia que a diminuicao do ciclo financeiro de exploracao conduz a um aumento na rendibilidade. Alem disso, uma reducao do tempo medio de recebimentos e do tempo medio de inventarios em armazem conduz a um aumento na rendibilidade das empresas exportadoras. Adicionalmente, os nossos resultados ...

IO: Empirical Studies of Firms & Markets eJournal, 2012

This paper analyses the links between financial constraints and firm export behaviour, at the fir... more This paper analyses the links between financial constraints and firm export behaviour, at the firm level, by using data on Portuguese manufacturing enterprises. Previous empirical literature has not yet reached a consensus on these subjects and there is a great heterogeneity in measuring financial constraints. In line with a very recent trend, we approximate credit constraints by using a financial score built on eight variables. In order to assess the effects of exports on the financial status of firms we apply, for the first time to these types of studies, a propensity score matching with difference in differences. We find that new exporters show significant improvements in their financial situation.

The goal of this paper is to assess the resilience of Portuguese banks to the potential impact of... more The goal of this paper is to assess the resilience of Portuguese banks to the potential impact of the COVID-19 pandemic. For this purpose, diagnostic variables of 19 banks were selected and prioritized using linear ordering methods. This methodology allowed us to perform rankings of banks using six linear ordering methods and taking into account two weighting procedures and two variants of the diagnostic feature. The study was also supplemented by a sensitivity analysis and an optimization procedure aimed at identifying the optimal linear ordering method. The main results obtained show that the resilience of Portuguese banks is not evenly distributed among individual banks. These findings could be used by regulators to plan support measures for the most fragile banks.

Production subsidies have not been used by International Business literature to explain firms int... more Production subsidies have not been used by International Business literature to explain firms internationalization processes. We argue subsides may have a role to play in that process. Using a longitudinal database (1996-2003) at the plant level, this paper aims to shed light on the causal nexus between production-related subsidies and exports, in Portugal. We implement a propensity score matching approach in order to evaluate the effects of subsidies on both the probability of domestic firms to begin exporting and on the probability of increasing the export share of already exporters. We find no impact of subsidies on the ability of domestic firms to become exporters; additionally, no effects of subsidies are detected on export shares. Such disappointing results may be explained by the inefficiency in the granting criteria.

Fundamental causes of LBE 2.3. Review of empirical literature on LBE 2.3.1. Modelling empirical w... more Fundamental causes of LBE 2.3. Review of empirical literature on LBE 2.3.1. Modelling empirical work 2.3.2. Methodological issues 2.3.2.1. Case studies 2.3.2.2. Micro-panel data studies 2.3.3. Review of empirical studies 2.3.4. The misestimation of LBE 2.3.4.1. Underestimation of LBE 2.3.4.2. Overestimation of LBE 2.4. Trade and productivity revisited 2.4.1. The importance of imports vii 2.4.2. Beyond within-firm level: reallocation effects across firms 2.4.3. Further investigation lines 2.5. Concluding remarks CHAPTER 3 WHICH PORTUGUESE FIRMS ARE MOST INNOVATIVE? THE IMPORTANCE OF MULTINATIONALS AND EXPORTERS 5.5. Conclusions

Investigación Económica, 2013

¿Las empresas más productivas se autoseleccionan para exportar? Aplicación de una prueba para el ... more ¿Las empresas más productivas se autoseleccionan para exportar? Aplicación de una prueba para el caso de Portugal A S Ó A A P A * Resumen Utilizando una base de datos longitudinal (1996-2003) a nivel de empresa, este trabajo tiene como objetivo analizar la tesis de que las empresas nacionales más productivas autoseleccionan los mercados de exportación. La autoselección y el aprendizaje mediante la exportación son dos tesis no mutuamente excluyentes que tratan de explicar la alta correlación entre la participación en el comercio internacional de las empresas y su rendimiento superior. En general, encontramos evidencia de autoselección para los mercados de exportación. Sin embargo, existe una heterogeneidad significativa en función del destino de las ventas, del estatus importador de las empresas antes de la exportación y de las peculiaridades de los sectores a los que éstas pertenecen. Palabras clave: exportaciones, importaciones, autoselección. Clasificación JEL: F14, D24. I Desde mediados de los años de 1990 se desarrolla un debate continuo con respecto a la relación entre el peso del comercio internacional de las empresas y su rendimiento, es decir, sobre la productividad de las empresas. Tras los trabajos iniciales de Bernard y Jensen (1995) y Aw y Hang (1995), en años recientes se han producido varios más dirigidos a aclarar este asunto. Hay dos tesis (no mutuamente excluyentes) para explicar la alta correlación observada entre el comercio y la productividad a nivel de la empresa: la tesis de Manuscrito recibido en febrero de 2012; aceptado en septiembre de 2012.

International Journal of Financial Research, 2014

Despite the relevance of trade credit as a source of business financing, the topic is far from be... more Despite the relevance of trade credit as a source of business financing, the topic is far from being considered exhausted, especially because there is no general and integrated theory explaining the causes and consequences of trade credit. Our research aims to contribute towards the literature that studies the determinants for granting and receiving trade credit. In this sequence, the present study seeks to empirically test some theories about the reasons why companies grant and receive commercial credit. For this purpose we apply a fixed effect model to a panel of 11 040 Portuguese industrial companies, of which 360 are large companies and the majority 10 680 are Small and Medium Enterprises (SME) for the period between 2003 and 2009. We conclude that large companies (with greater access to credit market) serve as financial intermediaries to their clients with less access to finance. In addition, it was observed that the supplier companies use trade credit as a legal means of price discrimination. Finally, financially constrained enterprises, especially in times of financial crisis, use commercial credit as an alternative source of funding, endorsing the hypothesis of substitution between trade credit and bank credit.

Innovation and Creativity, 2013

In this study we test the trade Global Engagement hypothesis in which firms more globally engaged... more In this study we test the trade Global Engagement hypothesis in which firms more globally engaged-either multinationals or exporters-are more innovative. The test is applied to 4818 Portuguese enterprises´ data for the period 2002-2004 through the use of the fourth Portuguese Community Innovation Survey. We estimated several Knowledge Production Functions assuming that knowledge outputs result from the combination of some knowledge inputs with the flow of ideas coming from existing stock of knowledge. We found that more internationally exposed firms create more knowledge output, than their domestic counterparts; indeed, more globalized firms use more inputs and have the opportunity to use a larger stock of knowledge. otwithstand, the observed superiority of more internationally exposed firms is also the result of their globalized nature, not directly connected with knowledge inputs or information flows.

Production subsidies have not been used by International Business literature to explain firms int... more Production subsidies have not been used by International Business literature to explain firms internationalization processes. We argue subsides may have a role to play in that process. Using a longitudinal database (1996-2003) at the plant level, this paper aims to shed light on the causal nexus between production-related subsidies and exports, in Portugal. We implement a propensity score matching approach in order to evaluate the effects of subsidies on both the probability of domestic firms to begin exporting and on the probability of increasing the export share of already exporters. We find no impact of subsidies on the ability of domestic firms to become exporters; additionally, no effects of subsidies are detected on export shares. Such disappointing results may be explained by the inefficiency in the granting criteria.

The Journal of International Trade & Economic Development, 2012

Abstract Using a longitudinal database (1996–2003) at the plant level, this article analyses the ... more Abstract Using a longitudinal database (1996–2003) at the plant level, this article analyses the causal nexus between international trade engagement and productivity in Portugal. By applying the propensity score matching and a differences-in-differences estimator, the ...

The International Trade Journal, 2012

This paper revises the thesis that exporting firms learn to be more innovative and efficient as t... more This paper revises the thesis that exporting firms learn to be more innovative and efficient as they have contact with certain information flows from their foreign activity (e.g., from buyers, suppliers or competitors). The paper begins by exploring the connections between two distinct concepts: Self-Selection (of more efficient firms into exports) and Learning-by-Exporting. The study then proceeds with a comparative analysis of the most recent literature and presents common facts and evidence, as well as key issues still open to debate. Learning-by-Exporting should be measured directly using firms´ innovative performance. However, given the lack of suitable data on firms' innovative activities most studies have followed an indirect approach, using productivity measures. Several methodologies have been employed to estimate Total Factor Productivity and to test the Learning-by-Exporting hypothesis, but so far no final consensus has been reached on the best way to do it.

Using a longitudinal database (1996–2003) at the plant level, this article analyses the causal ne... more Using a longitudinal database (1996–2003) at the plant level, this article analyses the causal nexus between international trade engagement and productivity in Portugal. By applying the propensity score matching and a differences-in-differences estimator, the ...

International Economics and Economic Policy, 2013

By combining economic and financial data for Portuguese manufacturing firms with data of their ex... more By combining economic and financial data for Portuguese manufacturing firms with data of their exports and imports, we uncover some aspects of the relationship between international trade engagement and firms' performance. In line with recent theoretical and empirical developments in the international trade literature: (i) we testify that Portuguese international trade is highly concentrated, especially on the import side, and both in inter-and intra-sector terms; (ii) we corroborate previous studies and theses according to which two-way traders outperform only importers, only exporters and above all domestic firms; (iii) we find that the greater the diversification of markets and goods (especially with regard to imports) the better the performance achieved by internationalized firms; (iv) we also present evidence that destination markets, for exports, and, origin markets, for imports, are also important in explaining the performance of firms.

Economic Modelling, 2012

We built a general equilibrium endogenous growth model in which final goods are produced either i... more We built a general equilibrium endogenous growth model in which final goods are produced either in the relatively skilled-labour intensive exports sector or in the relatively unskilled-labour intensive domestic sector. We show that, by affecting the technological-knowledge bias, subsidies explain the simultaneous rise in the exports sector, the skill wage premium and the economic growth rate. Then, we use a Portuguese longitudinal database (1996-2003) and implement a propensity score matching approach to shed light upon the causal nexus between production-related subsidies and exports. Our empirical results seem to prove the theoretical predictions: subsides generate the rise in the wage premium of exporters and the increase in the relative size of export sector, even if no impact of subsidies is found in the capacity of enhancing new exporters.

FEP Working Papers, 2010

By combining economic and financial data for Portuguese manufacturing firms with data of their ex... more By combining economic and financial data for Portuguese manufacturing firms with data of their exports and imports, we uncover some aspects of the relationship between international trade engagement and firms' performance. In line with recent theoretical and empirical ...

The role of subsidies for exports: Evidence from Portuguese manufacturing firms

This paper analyses the links between financial constraints and firm export behaviour, at the fir... more This paper analyses the links between financial constraints and firm export behaviour, at the firm level, by using data on Portuguese manufacturing enterprises. Previous empirical litera-ture has not yet reached a consensus on these subjects and there is a great heterogeneity in measuring financial constraints. In line with a very recent trend, we approximate credit con-straints by using a financial score built on eight variables. In order to assess the effects of exports on the financial status of firms we apply, for the first time to these types of studies, a propensity score matching with difference in differences. We find that new exporters show sig-nificant improvements in their financial situation.

Investigação e Intervenção em Recursos Humanos

In this study I test the importance of several Human Resource variables to the innovation capacit... more In this study I test the importance of several Human Resource variables to the innovation capacity of portuguese firms but also the effects that the innovation process generates on Human Resources. A branch of the innovation literature states that the ability of firms to innovate relies on an innovative capacity, which, in turn, depends on several factors, both internal and external to enterprises. One of those factors is the effort of firms to train their personnel specifically in order to enable them to innovate. The present test is applied to 4818 Portuguese enterprises for the period 2002-2004 through the use of the fourth Community Innovation Survey data. In order to evaluate the contribution of Human Resources to innovation I have estimated several knowledge Production Functions, mainly using probits and tobits. In that framework it is assumed that innovation depends on some inputs (as the training of personnel) and on information-flows from the existing knowledge stock (as cl...

Egitania Sciencia

Este artigo verifica qual a relação existente entre exportações e restrições financeiras das empr... more Este artigo verifica qual a relação existente entre exportações e restrições financeiras das empresas industriais do setor têxtil português no período de 1996-2003. Pretende-se averiguar qual o score de restrições financeiras sentidas pelas empresas da amostra, avaliar até que ponto as restrições financeiras são ou não um entrave ao início da atividade exportadora e verificar se o início das exportações efetivamente melhora a saúde financeira das empresas. A metodologia escolhida para a medição das restrições financeiras passou pela criação de um score financeiro, na sequência da proposta de Musso e Schiavo (2008); o teste das hipóteses é feito com recurso a regressões. Dos resultados obtidos, sugere-se a ideia de que existe, de facto, a auto-seleção das empresas menos restringidas financeiramente para a futura atividade exportadora e ainda que as novas empresas exportadoras mostram melhorias na sua situação financeira após o início dessa atividade.

This paper analyzes the links between financial con straints and firm export behavior, at the fir... more This paper analyzes the links between financial con straints and firm export behavior, at the firm level, by using data on Portuguese manufacturi ng enterprises. Theoretical models of Chaney (2005) and Manova (2010) suggest that credit constraints are detrimental for exports but no model explains consistently why exports coul d improve firms ́ financial health. Previous empirical literature has not yet reached a consensus on these subjects and there is a great heterogeneity in measuring financial constrai nts and how to assess the causality relationships; results are also quite heterogeneous . Developing a very recent trend, we approximate credit constraints by using a financial score built on eight variables; to assess the effects of exports on the financial status of firms we apply, for the first time to these types of studies, a propensity score matching with differenc e i differences. This procedure is used to deal with the endogeneity problems, stemming from t he fact that new ...

O objetivo deste trabalho consiste em estudar, de forma empirica, o impacto das decisoes de gesta... more O objetivo deste trabalho consiste em estudar, de forma empirica, o impacto das decisoes de gestao de fundo de maneio no desempenho economico e financeiro das empresas industriais exportadoras portuguesas. Para este efeito, e utilizada uma amostra de empresas da industria manufatureira portuguesa durante o periodo de 2010 a 2015. O desempenho economico e medido atraves da rendibilidade economica e o desempenho financeiro atraves da rendibilidade dos capitais investidos, enquanto a gestao de fundo de maneio e avaliada atraves do ciclo financeiro de exploracao. A analise empirica foi conduzida atraves da aplicacao de diversas metodologias de dados em painel. Os resultados obtidos demonstram evidencia que a diminuicao do ciclo financeiro de exploracao conduz a um aumento na rendibilidade. Alem disso, uma reducao do tempo medio de recebimentos e do tempo medio de inventarios em armazem conduz a um aumento na rendibilidade das empresas exportadoras. Adicionalmente, os nossos resultados ...

IO: Empirical Studies of Firms & Markets eJournal, 2012

This paper analyses the links between financial constraints and firm export behaviour, at the fir... more This paper analyses the links between financial constraints and firm export behaviour, at the firm level, by using data on Portuguese manufacturing enterprises. Previous empirical literature has not yet reached a consensus on these subjects and there is a great heterogeneity in measuring financial constraints. In line with a very recent trend, we approximate credit constraints by using a financial score built on eight variables. In order to assess the effects of exports on the financial status of firms we apply, for the first time to these types of studies, a propensity score matching with difference in differences. We find that new exporters show significant improvements in their financial situation.

The goal of this paper is to assess the resilience of Portuguese banks to the potential impact of... more The goal of this paper is to assess the resilience of Portuguese banks to the potential impact of the COVID-19 pandemic. For this purpose, diagnostic variables of 19 banks were selected and prioritized using linear ordering methods. This methodology allowed us to perform rankings of banks using six linear ordering methods and taking into account two weighting procedures and two variants of the diagnostic feature. The study was also supplemented by a sensitivity analysis and an optimization procedure aimed at identifying the optimal linear ordering method. The main results obtained show that the resilience of Portuguese banks is not evenly distributed among individual banks. These findings could be used by regulators to plan support measures for the most fragile banks.

Production subsidies have not been used by International Business literature to explain firms int... more Production subsidies have not been used by International Business literature to explain firms internationalization processes. We argue subsides may have a role to play in that process. Using a longitudinal database (1996-2003) at the plant level, this paper aims to shed light on the causal nexus between production-related subsidies and exports, in Portugal. We implement a propensity score matching approach in order to evaluate the effects of subsidies on both the probability of domestic firms to begin exporting and on the probability of increasing the export share of already exporters. We find no impact of subsidies on the ability of domestic firms to become exporters; additionally, no effects of subsidies are detected on export shares. Such disappointing results may be explained by the inefficiency in the granting criteria.

Fundamental causes of LBE 2.3. Review of empirical literature on LBE 2.3.1. Modelling empirical w... more Fundamental causes of LBE 2.3. Review of empirical literature on LBE 2.3.1. Modelling empirical work 2.3.2. Methodological issues 2.3.2.1. Case studies 2.3.2.2. Micro-panel data studies 2.3.3. Review of empirical studies 2.3.4. The misestimation of LBE 2.3.4.1. Underestimation of LBE 2.3.4.2. Overestimation of LBE 2.4. Trade and productivity revisited 2.4.1. The importance of imports vii 2.4.2. Beyond within-firm level: reallocation effects across firms 2.4.3. Further investigation lines 2.5. Concluding remarks CHAPTER 3 WHICH PORTUGUESE FIRMS ARE MOST INNOVATIVE? THE IMPORTANCE OF MULTINATIONALS AND EXPORTERS 5.5. Conclusions

Investigación Económica, 2013

¿Las empresas más productivas se autoseleccionan para exportar? Aplicación de una prueba para el ... more ¿Las empresas más productivas se autoseleccionan para exportar? Aplicación de una prueba para el caso de Portugal A S Ó A A P A * Resumen Utilizando una base de datos longitudinal (1996-2003) a nivel de empresa, este trabajo tiene como objetivo analizar la tesis de que las empresas nacionales más productivas autoseleccionan los mercados de exportación. La autoselección y el aprendizaje mediante la exportación son dos tesis no mutuamente excluyentes que tratan de explicar la alta correlación entre la participación en el comercio internacional de las empresas y su rendimiento superior. En general, encontramos evidencia de autoselección para los mercados de exportación. Sin embargo, existe una heterogeneidad significativa en función del destino de las ventas, del estatus importador de las empresas antes de la exportación y de las peculiaridades de los sectores a los que éstas pertenecen. Palabras clave: exportaciones, importaciones, autoselección. Clasificación JEL: F14, D24. I Desde mediados de los años de 1990 se desarrolla un debate continuo con respecto a la relación entre el peso del comercio internacional de las empresas y su rendimiento, es decir, sobre la productividad de las empresas. Tras los trabajos iniciales de Bernard y Jensen (1995) y Aw y Hang (1995), en años recientes se han producido varios más dirigidos a aclarar este asunto. Hay dos tesis (no mutuamente excluyentes) para explicar la alta correlación observada entre el comercio y la productividad a nivel de la empresa: la tesis de Manuscrito recibido en febrero de 2012; aceptado en septiembre de 2012.

International Journal of Financial Research, 2014

Despite the relevance of trade credit as a source of business financing, the topic is far from be... more Despite the relevance of trade credit as a source of business financing, the topic is far from being considered exhausted, especially because there is no general and integrated theory explaining the causes and consequences of trade credit. Our research aims to contribute towards the literature that studies the determinants for granting and receiving trade credit. In this sequence, the present study seeks to empirically test some theories about the reasons why companies grant and receive commercial credit. For this purpose we apply a fixed effect model to a panel of 11 040 Portuguese industrial companies, of which 360 are large companies and the majority 10 680 are Small and Medium Enterprises (SME) for the period between 2003 and 2009. We conclude that large companies (with greater access to credit market) serve as financial intermediaries to their clients with less access to finance. In addition, it was observed that the supplier companies use trade credit as a legal means of price discrimination. Finally, financially constrained enterprises, especially in times of financial crisis, use commercial credit as an alternative source of funding, endorsing the hypothesis of substitution between trade credit and bank credit.

Innovation and Creativity, 2013

In this study we test the trade Global Engagement hypothesis in which firms more globally engaged... more In this study we test the trade Global Engagement hypothesis in which firms more globally engaged-either multinationals or exporters-are more innovative. The test is applied to 4818 Portuguese enterprises´ data for the period 2002-2004 through the use of the fourth Portuguese Community Innovation Survey. We estimated several Knowledge Production Functions assuming that knowledge outputs result from the combination of some knowledge inputs with the flow of ideas coming from existing stock of knowledge. We found that more internationally exposed firms create more knowledge output, than their domestic counterparts; indeed, more globalized firms use more inputs and have the opportunity to use a larger stock of knowledge. otwithstand, the observed superiority of more internationally exposed firms is also the result of their globalized nature, not directly connected with knowledge inputs or information flows.

Production subsidies have not been used by International Business literature to explain firms int... more Production subsidies have not been used by International Business literature to explain firms internationalization processes. We argue subsides may have a role to play in that process. Using a longitudinal database (1996-2003) at the plant level, this paper aims to shed light on the causal nexus between production-related subsidies and exports, in Portugal. We implement a propensity score matching approach in order to evaluate the effects of subsidies on both the probability of domestic firms to begin exporting and on the probability of increasing the export share of already exporters. We find no impact of subsidies on the ability of domestic firms to become exporters; additionally, no effects of subsidies are detected on export shares. Such disappointing results may be explained by the inefficiency in the granting criteria.

The Journal of International Trade & Economic Development, 2012

Abstract Using a longitudinal database (1996–2003) at the plant level, this article analyses the ... more Abstract Using a longitudinal database (1996–2003) at the plant level, this article analyses the causal nexus between international trade engagement and productivity in Portugal. By applying the propensity score matching and a differences-in-differences estimator, the ...

The International Trade Journal, 2012

This paper revises the thesis that exporting firms learn to be more innovative and efficient as t... more This paper revises the thesis that exporting firms learn to be more innovative and efficient as they have contact with certain information flows from their foreign activity (e.g., from buyers, suppliers or competitors). The paper begins by exploring the connections between two distinct concepts: Self-Selection (of more efficient firms into exports) and Learning-by-Exporting. The study then proceeds with a comparative analysis of the most recent literature and presents common facts and evidence, as well as key issues still open to debate. Learning-by-Exporting should be measured directly using firms´ innovative performance. However, given the lack of suitable data on firms' innovative activities most studies have followed an indirect approach, using productivity measures. Several methodologies have been employed to estimate Total Factor Productivity and to test the Learning-by-Exporting hypothesis, but so far no final consensus has been reached on the best way to do it.

Using a longitudinal database (1996–2003) at the plant level, this article analyses the causal ne... more Using a longitudinal database (1996–2003) at the plant level, this article analyses the causal nexus between international trade engagement and productivity in Portugal. By applying the propensity score matching and a differences-in-differences estimator, the ...

International Economics and Economic Policy, 2013

By combining economic and financial data for Portuguese manufacturing firms with data of their ex... more By combining economic and financial data for Portuguese manufacturing firms with data of their exports and imports, we uncover some aspects of the relationship between international trade engagement and firms' performance. In line with recent theoretical and empirical developments in the international trade literature: (i) we testify that Portuguese international trade is highly concentrated, especially on the import side, and both in inter-and intra-sector terms; (ii) we corroborate previous studies and theses according to which two-way traders outperform only importers, only exporters and above all domestic firms; (iii) we find that the greater the diversification of markets and goods (especially with regard to imports) the better the performance achieved by internationalized firms; (iv) we also present evidence that destination markets, for exports, and, origin markets, for imports, are also important in explaining the performance of firms.

Economic Modelling, 2012

We built a general equilibrium endogenous growth model in which final goods are produced either i... more We built a general equilibrium endogenous growth model in which final goods are produced either in the relatively skilled-labour intensive exports sector or in the relatively unskilled-labour intensive domestic sector. We show that, by affecting the technological-knowledge bias, subsidies explain the simultaneous rise in the exports sector, the skill wage premium and the economic growth rate. Then, we use a Portuguese longitudinal database (1996-2003) and implement a propensity score matching approach to shed light upon the causal nexus between production-related subsidies and exports. Our empirical results seem to prove the theoretical predictions: subsides generate the rise in the wage premium of exporters and the increase in the relative size of export sector, even if no impact of subsidies is found in the capacity of enhancing new exporters.

FEP Working Papers, 2010

By combining economic and financial data for Portuguese manufacturing firms with data of their ex... more By combining economic and financial data for Portuguese manufacturing firms with data of their exports and imports, we uncover some aspects of the relationship between international trade engagement and firms' performance. In line with recent theoretical and empirical ...