caa a22 4500 605534268 CHVBK 20210128100842.0 cr unu---uuuuu 210128e20150201xx s 000 0 eng 10.1007/s10663-014-9251-5 doi (NATIONALLICENCE)springer-10.1007/s10663-014-9251-5 Access to finance, exporting and a non-monotonic firm expansion [Elektronische Daten] [Jože Damijan, Črt Kostevc, Sašo Polanec] In this paper we analyse the role financial constraints play in firm expansion in both domestic and export markets. We use data on Slovenian manufacturing firms that were active between 2001 and 2012. In contrast to existing studies, we use generalized propensity score and continuous matching techniques to estimate the effects of differences in access to bank financing. We show that the response of sales to measure of access to external funds differs considerably between firms of different size. The largest effect of additional external funds is observed for small firms. Moreover, the relationship between debt and domestic/foreign sales is non-monotonic, displaying a pronounced inverse U-shape. Thus, an increase in debt financing may cause a decrease in exporting and domestic sales for some levels of indebtedness, while stimulating it for other levels. Springer Science+Business Media New York, 2014 Exports nationallicence Financial constraints nationallicence Continuous matching nationallicence Intensive margin nationallicence Damijan Jože Institute for Economic Research, University of Ljubljana, Ljubljana, Slovenia aut Kostevc Črt Institute for Economic Research, University of Ljubljana, Kardeljeva ploscad 17, 1000, Ljubljana, Slovenia aut Polanec Sašo Institute for Economic Research, University of Ljubljana, Ljubljana, Slovenia aut Empirica Springer US; http://www.springer-ny.com 42/1(2015-02-01), 131-155 0340-8744 42:1<131 2015 42 10663 https://doi.org/10.1007/s10663-014-9251-5 text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s10663-014-9251-5 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Damijan Jože Institute for Economic Research, University of Ljubljana, Ljubljana, Slovenia aut NATIONALLICENCE 700 1- Kostevc Črt Institute for Economic Research, University of Ljubljana, Kardeljeva ploscad 17, 1000, Ljubljana, Slovenia aut NATIONALLICENCE 700 1- Polanec Sašo Institute for Economic Research, University of Ljubljana, Ljubljana, Slovenia aut NATIONALLICENCE 773 0- Empirica Springer US; http://www.springer-ny.com 42/1(2015-02-01), 131-155 0340-8744 42:1<131 2015 42 10663