The Determinants of SMEs Export: Lessons from Industry-Level Analysis

초록

What can explain an industry’s export? In this paper we try to answer this question by using industry-level export and balance-sheet data covering small and medium-sizes firms (SMEs) from 2008 to 2015 using two different levels of data. The data shows that industries (firms) that are highly indebted tend to export less than do those with a low leverage ratio. However, the increase in credit to those firms can offset this negative effect on export; that is, better access to external financing or financial institutions can help firms to export more than before. The finding that highly leveraged firms are likely to export less is consistent in both industry- and firm-level analysis. The empirical analysis suggests that the negative effect of financial constraint on export might be alleviated by the credit supply to industries that are in financial distress, which implies that a policy that can supply necessary funds to industries would contribute to improving their export performance, because a credit supply or lending to those industries can help them participate in export.

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