Import competition and firm TFP Sample Clauses

Import competition and firm TFP. This section presents the results of the analysis of the impact of import competition on firm productivity (TFPQ). In general, we estimate different specifications of (9) by OLS and IV- 2SLS. However, since OLS might suffer from an endogeneity problem (cf., section 3), we base our interpretations on the IV-2SLS-results.8 Table 3 presents the main results. Regarding import competition in general (column 2), the IV-2SLS estimates suggest that a one percentage point increase in import competition in general is associated with an increase in firm productivity by 0.2 percent.9 The OLS estimate is smaller in magnitude and statistically insignificant (column 1), which is indeed consistent with a downward bias if import penetration is particularly pronounced in markets where domestic firms are less competitive. Distinguishing between import competition from high- income countries and from middle- and low-income countries indicates, however, that only the former is positively associated with firm productivity, thus driving the results for import competition in general. According to the IV-2SLS estimates, an increase in import competition from high-income countries by one percentage point is associated with an increase in firm productivity by 1.1 percent, while the estimate for import competition from middle- and low-income countries is virtually zero (column 4). Again, the OLS estimates are small and insignificant (column 3). In column (5) of Table 3 we present the results of an IV-2SLS estimation, where we use product portfolio in the first year a firm is observed in the data to construct the instrument as an alternative but more robust specification to column (4), where we use information on firm product portfolio in 𝑡 − 1 for the instrument. Indeed, if firms adjust their product mix in reaction and/or in anticipation of import competition, using information from in 𝑡 − 1 might still somewhat underestimate the true effect. In column (5), the estimate for import competition from high-income countries is positive and statistically significant, while that for 8 The first stages of the IV-2SLS estimations are reported in Appendix D. import competition from middle- and low-income countries is virtually zero and insignificant, confirming the results from column (4) that onlycompetition from high-income countries is associated with positive productivity effects. However, compared to column (4), where we used portfolio information in 𝑡 − 1, the estimated effect double...
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