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مقاله انگلیسی اندازه شرکت و روابط متقابل بین نوسانات فروش ، صادرات و ثبات مالی شرکت های تولیدی پاکستانی

این مقاله علمی پژوهشی (ISI)  به زبان انگلیسی از نشریه اسپرینگر مربوط به سال ۲۰۲۱ دارای ۲۴ صفحه انگلیسی با فرمت PDF می باشد در ادامه این صفحه لینک دانلود رایگان مقاله انگلیسی و بخشی از ترجمه فارسی مقاله موجود می باشد.

کد محصول: M1203

سال نشر: ۲۰۲۱

نام ناشر (پایگاه داده): اسپرینگر

نام مجله:   Eurasian Business Review

نوع مقاله: علمی پژوهشی (Research articles)

تعداد صفحه انگلیسی: ۲۴ صفحه PDF

عنوان کامل فارسی:

مقاله انگلیسی ۲۰۲۱ :  اندازه شرکت و روابط متقابل بین نوسانات فروش ، صادرات و ثبات مالی شرکت های تولیدی پاکستانی

عنوان کامل انگلیسی:

Firm size and the interlinkages between sales volatility, exports, and financial stability of Pakistani manufacturing firms

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Abstract

Abstract This paper scrutinizes the interlinkages between exporting, sales growth volatility, and survival probabilities for Pakistani manufacturing firms. It also studies whether variations in firms’ domestic sales induce them to start exporting and whether entry in foreign export markets helps reduce firms’ bankruptcy chances. The results indicate that exporting helps firms in lessening sales growth volatility and enhances the likelihoods of firms’ survival. The results also suggest that firms with higher sales growth volatility are more expected to be bankrupt. Yet, we show that they can reduce their chance of bankruptcy by starting exports. We also investigate whether these impacts are different between firms of different sizes. We find that compared to large-sized firms, both small- and medium-sized firms are more expected to start exporting to lessen domestic sales volatility. Finally, we observe that the volatilitylowering effects of exporting are higher for small-sized firms, whereas, the solvencydeterring effects of sales volatility are higher for large-sized firms.

Keywords: Exporting · Export entry decisions · Default probabilities · Sales growth volatility · Firm size

۱.Introduction

 Economic stability is an important ingredient of development, stabilization, and growth process, which could be realized when the economic entities of the country are stable. No doubt, corporations are one of the important economic entities in any economic system. Therefore, for a healthy, sound, and stable economy, the economic and financial stabilization of corporate firms is essential (Krebs et al. 2010; Rashid and Saeed 2017; Nosheen and Rashid 2019). To achieve sustainable long-run growth, firms are required to stabilize their operations, output demands, and earnings (Ramey and Ramey 1994; Imbs 2007). Indeed, firms use both financial derivative such as currency and interest-rate derivatives (Bartram et al. 2009) and non-derivative hedging strategies (i.e. product diversification and internationalization) to stabilize their economic and financial performance (Garcia-Vega et al. 2012; Kurz and Senses 2016; Esposito 2017). Moreover, policymakers have increasingly recognized the importance of corporate stability and thus, have taken important steps and started economic and financial reforms towards the greater protection of firms in case of any socioeconomic and monetary vulnerability…

۵.Conclusions and policy implications

 This paper scrutinizes the effect of (1) firms’ sales volatility exports, (2) domestic sales volatility on export entry decisions, (3) firms’ sales volatility and exporting activities on survival probabilities, (4) financial solvency differences in domestic and foreign sales, and (5) different sizes (small versus medium versus large firms). It applies the two-step system-GMM estimator on an annual panel data of 400 Pakistani manufacturing firms covering the period 1998–۲۰۱۶.

The empirical findings are summarized as: (1) exporting reduces sales growth volatility; (2) firms engaging in exporting activities are financially sound; (3) volatile firms risking bankruptcy; (4) domestic and foreign sales volatility have asymmetric effects on financial solvency; (5) the volatility-lowering effects of exporting are higher in small firms; (6) smaller firms expectantly, exporting to lessen domestic sales volatility; and (7) the solvency-deterring effects of sales volatility are higher in larger firms…

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