Organizational Form and Trade Liberalization: Plant-Level Evidence

John (Jianqiu) Bai
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引用次数: 7

Abstract

This paper studies how firms’ internal organization shapes the impact of international trade. Using establishment-level data from the U.S. Census and a difference-in-difference specification, I find that, relative to standalone firms, conglomerates are more likely to restructure after trade liberalization episodes, focusing on their core competency and improving firm productivity and product market performance. Adjustments through the extensive margin account for the majority of the productivity growth differential between conglomerates and standalones experiencing trade shocks. Aggregate industry productivity remains relatively unchanged in industries dominated by conglomerates’ core business but decreases significantly in others. My findings suggest that firms’ internal organization has important consequences on the effects of trade policies. This paper was accepted by Gustavo Manso, finance.
组织形式与贸易自由化:植物层面的证据
本文研究了企业内部组织对国际贸易影响的影响。利用来自美国人口普查的企业层面数据和差异规格,我发现,相对于独立企业,在贸易自由化事件发生后,企业集团更有可能进行重组,重点关注其核心竞争力,提高企业生产率和产品市场绩效。在经历贸易冲击的大企业和独立企业之间,通过广泛保证金进行的调整是生产率增长差异的主要原因。在以企业集团核心业务为主导的行业中,总产业生产率保持相对不变,但在其他行业则显著下降。我的研究结果表明,企业的内部组织对贸易政策的效果有重要影响。这篇论文被金融学的Gustavo Manso接受。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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