%0 Journal Article %T Financial constraints and firm exports: accounting for heterogeneity, self-selection and endogeneity %+ Paris School of Economics (PSE) %+ Centre d'économie de la Sorbonne (CES) %+ Scuola Universitaria Superiore Sant'Anna [Pisa] (SSSUP) %+ Università degli Studi di Trento (UNITN) %A Secchi, Angelo %A Tamagni, Federico %A Tomasi, Chiara %Z Ce travail a bénéficié d'une aide de l'Etat gérée par l'Agence Nationale de la Recherche au titre du programme « Investissements d'avenir » portant la référence ANR-10-LABX-93-01.This work was supported by the French National Research Agency, through the program Investissements d'Avenir, ANR-10--LABX_93-01. %< avec comité de lecture %@ 0960-6491 %J Industrial and Corporate Change %I Oxford University Press (OUP) %V 25 %N 5 %P 813-827 %8 2015 %D 2015 %R 10.1093/icc/dtw033 %K international trade %K financial constraints %Z Humanities and Social Sciences/Economics and FinanceJournal articles %X The article examines the causal effect of financial constraints on firms' exports. We exploit a firm-level proxy of constraints based on credit ratings and available for a large panel of Italian exporting and non-exporting firms. Our estimation strategy allows to cure for self-selection into exports and endogeneity of financial constraints. At the same time, we can control for unobserved firm fixed effects both in the selection and in the export equation, thus identifying the effect on exports of within-firm changes in financial constraints status. We find that financial constraints produce a sizable reduction in the value of a firm's foreign sales. %G English %L hal-01297118 %U https://paris1.hal.science/hal-01297118 %~ SHS %~ UNIV-PARIS1 %~ ENS-PARIS %~ ENPC %~ PSE %~ CNRS %~ EHESS %~ CES %~ AO-ECONOMIE %~ PARISTECH %~ LABEX-OSE %~ PSL %~ INRAE %~ PSE-POST-PRINT %~ ENS-PSL %~ EHESS-PSL