Economic conditions in sub-Saharan Africa have remained generally robust despite a sluggish global economy. The near-term outlook for the region remains broadly positive, and growth is projected at ...5¼ percent a year in 2012-13. Most low-income countries are projected to continue to grow strongly, supported by domestic demand, including from investment. The outlook is less favorable for many of the middle-income countries, especially South Africa, that are more closely linked to European markets and thus experience a more noticeable drag from the external environment. The main risks to the outlook are an intensification of financial stresses in the euro zone and a sharp fiscal adjustment in the US--the so-called fiscal cliff.
AbstractThis paper assesses the phenomenon of “reprimarization” of Brazilian exports in the 2003-2015 period from a firm size perspective. Export “reprimarization” has been an important worldwide ...issue but more accentuated in Brazil. In this regard, the paper reveals important differences between exports of large and small firms regarding the proportion of exporting companies, total amount exported and, especially, export composition according to levels of technological intensity and product categories. It shows that the Brazilian export dynamics were deeply associated with the exporting behavior of large firms in the period. Responsible for the greatest part of total Brazilian exports, they presented exports relatively more concentrated in primary goods, benefiting more from the boom of commodities. Smaller firms tend to face bigger challenges to start exporting or to become successful exporters. Despite this fact, micro and small firms showed an export composition relatively less dependent on commodities and more dependent on higher technology-intensive products, therefore with important policy implications in favor of supporting their international activity.Keywords: exports; Brazil; “reprimarization”; firm size; technological intensity.JEL Classification: F14; L25; O54.
Soziale Sicherheit beruht auf nationaler Gesetzgebung, die Einwohnerwie Erwerbstätige dieses Staates schützt. Internationale Migration fordert die soziale Sicherheit heraus, weil Menschen ...unterschiedlichen Sozialrechten unterworfen sind. Das EU-Sozialrecht regelt deren Folgen, bestimmt das auf grenzüberschreitende Sachverhalte anwendbare Recht und normiert durch die Gebote zur Gleichbehandlung wie Gleichstellung, Eröffnung des Zugangs zu Versicherungsleistungen und Exports von Geldleistungen internationale Rechte sozialer Sicherheit. Sie bauen auf den materiellen Normen der Staaten und verbinden diese miteinander. Das europäische Koordinierungsrecht schafft dadurch eine materielle europäische Sozialgesetzgebung aus den materiellen Sozialversicherungsrechten der Staaten.
Considerando el crecimiento de los negocios internacionales a raíz de los procesos de globalización de las economías, este estudio tiene como objetivo evaluar la relación entre las exportaciones y la ...eficiencia financiera de un conjunto de empresas colombianas durante el periodo comprendido entre 2007 y 2015. Para ello, se emplearon modelos lineales mixtos y modelos estocásticos de fronteras eficientes para identificar la importancia del activo corriente, la rentabilidad neta del activo y la duración de las empresas. De esta manera, los resultados mostraron un aporte positivo del activo corriente frente al desempeño exportador, mientras que la rentabilidad neta del activo y la duración de las empresas obtuvieron un comportamiento negativo respecto a este. El hecho de que la importancia del activo corriente guarde una relación positiva con el desempeño exportador, indica que a medida que aumenta el valor exportado, aumenta el activo corriente, probablemente a través de las cuentas de inventario y cuentas por cobrar. Asimismo, que la rentabilidad sobre los activos tenga una relación negativa muestra que es posible que las empresas estén incurriendo en altos costos de exportación que hacen disminuir sus utilidades y consecuentemente su rentabilidad. Considerando o crescimento dos negócios internacionais em consequência da globalização das economias, este estudo tem como objetivo avaliar a relação entre as exportações e a eficiência financeira de um grupo de empresas colombianas durante o período compreendido entre 2007 e 2015. Para isso, utilizou-se modelos lineais mistos e modelos estocásticos de fronteiras eficientes para identificar a importância do ativo circulante, a rentabilidade líquida do ativo e a duração das empresas. Desta maneira, os resultados mostraram uma contribuição positiva do ativo comum contra o desempenho exportador, enquanto que a rentabilidade líquida do ativo e a duração das empresas obtiveram um comportamento negativo sobre este. O fato de que a importância do ativo comum guarde uma relação positiva com o desempenho exportador, indica que a medida que aumenta o valor exportado, aumenta o ativo comum, provavelmente através das contas de inventario e contas a cobrar. Igualmente, que a rentabilidade sobre os ativos tenha uma relação negativa mostra que é possível que as empresas estejam incorrendo em altos custos de exportação que fazem diminuir suas utilidades e consequentemente sua rentabilidade.
The aim of this study was to contribute to the literature debate on financial behavior and corporate capital structure by focusing on two aspects. First of all, we analyzed how the intensity of ...exports and therefore the percentage weight of foreign sales compared to total sales affect the leverage of companies. Secondly, we have analyzed which are the most significant factors influencing the financial behavior of SMEs. The financial information for the analysis were collected from the Sabi database of Bureau Van Dijk (BVD). To select the companies to be included in the sample, we followed a methodology capable of ensuring that the sample of export oriented and non-export oriented companies was adequately represented. The overall sample size was 2000 companies. The analysis showed that export intensity has a negative and significant impact on leverage, suggesting that as exports increase, leverage decreases. In addition, profitability and business risk are negatively related to leverage, while the tangibility of the assets and growth correlates positively with leverage.
•We examine how financial capital affects the decision to export (export propensity) and the share of exports over total sales (export intensity) by foreign subsidiaries of multinational enterprises ...(MNEs).•We dissect exports into intra-firm exports (exports to sister affiliates and parent firms) and arm’s length exports (exports to third-party external customers). We focus on the types of capital which can be used to finance exports, namely, intra-firm loans and bank loans.•We theorise that these two financing sources have different impacts on subsidiary export behaviour.•We use a survey dataset of subsidiaries, host-country data, and two-part models to test our hypotheses.•We find that intra-firm loans are positively related to arm’s length export propensity and intensity; however, intra-firm loans have no significant relationship with intra-firm export propensity and export intensity. Bank loans only have a positive impact on the likelihood of subsidiaries becoming arm’s length exporters, but they do not help subsidiaries with arm’s length export intensity. Bank loans negatively impact the likelihood of subsidiaries becoming intra-firm exporters; however, once subsidiaries participate in intra-firm exports, bank loans are positively associated with intra-firm export intensity. We discuss the implications of our findings for theory and practice.
In this study, we build upon internalisation theory in the international business literature and international trade finance in the international economics literature to examine how financial capital affects the decision to export (export propensity) and the share of exports over total sales (export intensity) by the foreign subsidiaries of multinational enterprises. We dissect exports into intra-firm exports (exports to sister affiliates and parent firms) and arm’s length exports (exports to third-party external customers), and we focus on the types of capital that can be used for financing exports, namely intra-firm loans and bank loans. We theorise that these two financing sources have different impacts on subsidiary export behaviour. To test our hypotheses, we use a survey dataset of subsidiaries, host-country data, and two-part models. Our findings show that intra-firm loans are positively related to arm’s length export propensity and intensity; however, intra-firm loans have no significant relationship with intra-firm export propensity and export intensity. Additionally, on the one hand, bank loans have a positive impact on the likelihood of subsidiaries becoming arm’s length exporters, but they do not help subsidiaries with arm’s length export intensity. On the other hand, bank loans negatively impact the likelihood of subsidiaries becoming intra-firm exporters; however, once subsidiaries participate in intra-firm exports, bank loans are positively associated with intra-firm export intensity. We discuss the implications of our findings for theory and practice.
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