Trade And Productivity Effects On Firm Behavior
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Trade And Productivity Effects On Firm Behavior
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Author :
language : en
Publisher:
Release Date : 2008
Trade And Productivity Effects On Firm Behavior written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Industrial productivity categories.
This dissertation's three essays investigate trade and productivity effects on firm behavior based on new heterogeneous-firms trade models in the case of Korea. In the first essay, firms' decision to export in the case of Korean manufacturing industries is examined, where the change in firms' productivity before and after exports are analyzed. In particular, two common hypotheses of export decision - self-selection and learning-by-exporting- are tested using a dynamic model of firm export behavior and a Korean firm-level panel database. Evidence of self-selection is found in only three out of eight industries, but that of learning-by-exporting is limited. Sunk-cost or previous-export-experience effect on the predicted export probability is relatively larger than that of firms' productivity and size. The second essay investigates the effect of trade cost changes on firms' entry and exit in Korean manufacturing. Empirical support is found for new trade theories' predictions on firm entry and exit, and the number of exporting firms, and changes in market share following trade-cost changes. However, Korean manufacturing appears to differ from some of the outcomes of the heterogeneous-firms theory, especially in the result that large firms are less likely to be a new exporter. Rather, smaller and less capital-intensive firms tended to enter the export market. In general, the results of this essay show that changing trade costs had important consequences for the structure of manufacturing activity in Korea. In the final essay, the differences in the scale economies of exporters and non-exporters in Korean manufacturing are investigated. Results from estimating a production function show that exporters face diseconomies of scale in four of five industries. A matching technique confirms the difference in returns to scale between exporters and non-exporters. The evidence that size and hence, scale economies may be less important for trade participation and gains from overseas market, bodes well for small or medium exporters. In summary, this dissertation has improved the understanding of the relationships among trade, productivity and firm behavior. The key determinant of firms' export behavior in the Korean context appears to be previous experience in overseas markets. Not surprisingly, the Korean government has invested heavily in lowering their firms' cost of accessing foreign markets. In industries where Korea has a comparative advantage, high productivity of firms appears to promote trade participation. However, productivity growth in other industries is low and falling, in some cases. A balanced approach to investments in productivity and export promotion would sustain and improve Korean manufacturing's competitiveness in global markets.
The Oxford Handbook Of Productivity Analysis
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Author : Emili Grifell-Tatjé
language : en
Publisher: Oxford University Press
Release Date : 2018-08-07
The Oxford Handbook Of Productivity Analysis written by Emili Grifell-Tatjé and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-07 with Business & Economics categories.
Productivity underpins business success and national well-being and thus it is crucial to understand the factors that influence productivity growth. This volume provides a comprehensive exploration into the significance of productivity growth for business, the economy, and for social economic progress. It examines how productivity is defined, measured and implemented. It also surveys the dispersion of productivity across time and place, focusing on the productivity dynamics that either leads to a reallocation of resources that reduces dispersion and increases aggregate productivity or, conversely, allows dispersion to persist behind barriers to productivity-enhancing reallocation. A third focus is an investigation of the drivers of, or impediments to, productivity growth, some of which are organizational in nature and under management control and others of which are institutional in nature and subject to public policy intervention. The Oxford Handbook of Productivity Analysis contains contributions of distinguished productivity experts from around the world who analyze a wide range of timely issues. These issues concern purely analytical topics surrounding the measurement of productivity in various situations, beginning with the ideal situation in which all inputs and all outputs, and their prices, are observed accurately. They also include service sectors such as education in which the services provided are hard to define, much less measure, and other sectors that generate undesirable environmental externalities that are difficult to price and complicate the very definition of productivity. The issues also involve business management topics ranging from the role of business models and benchmarking to the quality of management practices, the adoption of new technologies, and possible complementarities between the two. The relationship between productivity and business performance is also explored. At a more aggregate level the issues range from the impacts of market power, incentive regulation, international trade and global value chains on productivity, to the contribution of productivity to economic development and economic welfare.
Essays On The Role Of Firm Behavior In International Trade
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Author : Anson Benjamin Soderbery
language : en
Publisher:
Release Date : 2011
Essays On The Role Of Firm Behavior In International Trade written by Anson Benjamin Soderbery and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This dissertation discusses the role firms behavior takes in shaping our understanding of international trade. It discusses the impact on well held theoretical and empirical results from international trade when accounting for commonalities in firm behavior that distort the economy. Chapter 1 develops a model of international trade where firms are heterogeneous across two dimensions: capacity and productivity. Capacity constraints rationalize empirical results that are anomalous to new trade theory. When capacity is relatively abundant, the model predicts stronger competition (selection) in larger markets. Con- versely, when capacity is relatively "tight" constrained firms weaken competition and boost the average price level in larger markets - similar to tacit collusion. Under inter- national trade, constrained firms choose to sell a greater fraction of their production in the largest accessible market. Capacity constraints can thus magnify (dampen) domestic price and competition distortions when foreign markets are relatively large (small). Chapter 2 addresses biases in estimates of the impact of product variety on prices and welfare when market structure is inaccurately defined. We employ a market- based data set on the U.S. automobile market that allows us to define goods varieties at a more precise level, as well as discern location of production and ownership of varieties. Our estimates of price and welfare changes from new varieties in the U.S. automobile sector are twice as large as standard estimates when using our detailed market-based data. We also show that new varieties introduced by foreign-owned affiliates provided an additional 70% welfare gain during our sample. Chapter 3 notes that estimates of consumer gains from imported products rely on Feenstra (1994)'s method to estimate elasticities of substitution. Through a Monte Carlo experiment, simulated estimates suggest substantial biases due to weak instruments. However, the derivation of the elasticity of substitution drastically mitigates these biases.
Productivity Imperfect Competition And Trade Liberalization In C Te D Ivore
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Author : Ann E. Harrison
language : en
Publisher: World Bank Publications
Release Date : 1990
Productivity Imperfect Competition And Trade Liberalization In C Te D Ivore written by Ann E. Harrison and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Competition, Imperfect categories.
Immigration Trade And Productivity In Services
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Author : Gianmarco I. P. Ottaviano
language : en
Publisher:
Release Date : 2015
Immigration Trade And Productivity In Services written by Gianmarco I. P. Ottaviano and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Great Britain categories.
This paper explores the impact of immigrants on the imports, exports and productivity of service-producing firms in the U.K. Immigrants may substitute for imported intermediate inputs (offshore production) and they may impact the productivity of the firm as well as its export behavior. The first effect can be understood as the re-assignment of offshore productive tasks to immigrant workers. The second can be seen as a productivity or cost cutting effect due to immigration, and the third as the effect of immigrants on specific bilateral trade costs. We test the predictions of our model using differences in immigrant inflows across U.K. labor markets, instrumented with an enclave-based instrument that distinguishes between aggregate and bilateral immigration, as well as immigrant diversity. We find that immigrants increase overall productivity in service-producing firms, revealing a cost cutting impact on these firms. Immigrants also reduce the extent of country-specific offshoring, consistent with a reallocation of tasks and, finally, they increase country-specific exports, implying an important role in reducing communication and trade costs for services.
The Impact Of Trade On Intra Industry Reallocations And Aggregate Industry Productivity
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Author : Marc J. Melitz
language : en
Publisher:
Release Date : 2002
The Impact Of Trade On Intra Industry Reallocations And Aggregate Industry Productivity written by Marc J. Melitz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Economics categories.
This paper builds a dynamic industry model with heterogeneous firms that explains why international trade induces reallocations of resources among firms in an industry. The paper shows how the exposure to trade will induce only the more productive firms to enter the export market (while some less productive firms continue to produce only for the domestic market) and will simultaneously force the least productive firms to exit. It then shows how further increases in the industry's exposure to trade lead to additional inter-firm reallocations towards more productive firms. These phenomena have been empirically documented but can not be explained by current general equilibrium trade models, because they rely on a representative firm framework. The paper also shows how the aggregate industry productivity growth generated by the reallocations contributes to a welfare gain, thus highlighting a benefit from trade that has not been examined theoretically before. The paper adapts Hopenhayn's (1992a) dynamic industry model to monopolistic competition in a general equilibrium setting. In so doing, the paper provides an extension of Krugman's (1980) trade model that incorporates firm level productivity differences. Firms with different productivity levels coexist in an industry because each firm faces initial uncertainty concerning its productivity before making an irreversible investment to enter the industry. Entry into the export market is also costly, but the firm's decision to export occurs after it gains knowledge of its productivity.
Multinational Enterprises International Trade And Productivity Growth
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Author : Wolfgang Keller
language : en
Publisher: International Monetary Fund
Release Date : 2003-12
Multinational Enterprises International Trade And Productivity Growth written by Wolfgang Keller and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-12 with Business & Economics categories.
We estimate international technology spillovers to U.S. manufacturing firms via imports and foreign direct investment (FDI) between 1987 and 1996. In contrast to earlier work, our results suggest that FDI leads to substantial productivity gains for domestic firms. The size of FDI spillovers is economically important, accounting for about 11 percent of productivity growth in U.S. firms between 1987 and 1996. In addition, there is some evidence for import-related spillovers, but it is weaker than for FDI spillovers. The paper also gives a detailed account of why our study leads to results different from those found in previous work. This analysis indicates that our results are also likely to apply to other countries and periods.
Market Size Trade And Productivity
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Author : Marc J. Melitz
language : en
Publisher:
Release Date : 2005
Market Size Trade And Productivity written by Marc J. Melitz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Commercial policy categories.
We develop a monopolistically competitive model of trade with firm heterogeneity - in terms of productivity differences - and endogenous differences in the 'toughness' of competition across markets - in terms of the number and average productivity of competing firms. We analyze how these features vary across markets of different size that are not perfectly integrated through trade; we then study the effects of different trade liberalization policies. In our model, market size and trade affect the toughness of competition, which then feeds back into the selection of heterogeneous producers and exporters in that market. Aggregate productivity and average markups thus respond to both the size of a market and the extent of its integration through trade (larger, more integrated markets exhibit higher productivity and lower markups). Our model remains highly tractable, even when extended to a general framework with multiple asymmetric countries integrated to different extents through asymmetric trade costs. We believe this provides a useful modeling framework that is particularly well suited to the analysis of trade and regional integration policy scenarios in an environment with heterogeneous firms and endogenous markups.
The Effects Of Leveraged Buyouts On Productivity And Related Aspects Of Firm Behavior
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Author : Frank R. Lichtenberg
language : en
Publisher:
Release Date : 1989
The Effects Of Leveraged Buyouts On Productivity And Related Aspects Of Firm Behavior written by Frank R. Lichtenberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Consolidation and merger of corporations categories.
We investigate the economic effects of leveraged buyouts (LBOs) using large longitudinal establishment and firm-level Census Bureau data sets linked to a list of LBOs compiled from public data sources. About 5 percent, or 1100, of the manufacturing plants in the sample were involved in LBOs during 1981-86. We find that plants involved in LBOs had significantly higher rates of total factor productivity (TFP) growth than other plants in the same industry. The productivity impact of LBOs is much larger than our previous estimates of the productivity impact of ownership changes in general. Management buyouts appear to have a particularly strong positive effect on TFP. Labor and capital employed tend to decline (relative to the industry average) after the buyout, but at a slower rate than they did before the buyout. The ratio of nonproduction to production labor cost declines sharply, and production worker wage rates increase, following LBOs. LBOs are production-labor-using, nonproduction-labor- saving, organizational innovations. Plants involved in management buyouts (but not in other LBOs) are less likely to subsequently close than other plants. The average R & D-intensity of firms involved in LBOs increased at least as much from 1978 to 1986 as did the average R & D-intensity of all firms responding to the NSF/Census survey of industrial R & D.
Firm Innovation And Productivity In Latin America And The Caribbean
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Author : Inter-American Development Bank
language : en
Publisher: Springer
Release Date : 2016-07-01
Firm Innovation And Productivity In Latin America And The Caribbean written by Inter-American Development Bank and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-01 with Business & Economics categories.
This volume uses the study of firm dynamics to investigate the factors preventing faster productivity growth in Latin America and the Caribbean, pushing past the limits of traditional macroeconomic analyses. Each chapter is dedicated to an examination of a different factor affecting firm productivity - innovation, ICT usage, on-the-job-training, firm age, access to credit, and international linkages - highlighting the differences in firm characteristics, behaviors, and strategies. By showcasing this remarkable heterogeneity, this collection challenges regional policymakers to look beyond one-size-fits-all solutions and create balanced policy mixes tailored to distinct firm needs. This book is open access under a CC BY-NC-ND 3.0 IGO license.