-financial firms. This study tests whether a productivity pecking order also determines international banking activities. Using a novel … probit. Four main findings emerge. First, similar to results for non-financial firms, a productivity pecking order drives …Modern trade theory emphasizes firm-level productivity differentials to explain the cross-border activities of non …

-financial firms. This study tests whether a productivity pecking order also determines international banking activities. Using a novel … probit. Four main findings emerge. First, similar to results for non-financial firms, a productivity pecking order drives …Modern trade theory emphasizes firm-level productivity differentials to explain the cross-border activities of non …

size and productivity on firms’ international activities. Second, small firms suffer more frequently from financial … productivity, financial constraints and labor market constraints might constitute barriers to entry into foreign markets. We … German firms. Our paper has three main findings. First, in line with earlier literature, we find a positive impact of firm …

-financial firms. This study tests whether a productivity pecking order also determines international banking activities. Using a novel … probit. Four main findings emerge. First, similar to results for non-financial firms, a productivity pecking order drives …Modern trade theory emphasizes firm-level productivity differentials to explain the cross-border activities of non …

-financial firms. This study tests whether a productivity pecking order also determines international banking activities. Using a novel … probit. Four main findings emerge. First, similar to results for non-financial firms, a productivity pecking order drives …Modern trade theory emphasizes firm-level productivity differentials to explain the cross-border activities of non …

Recent literature on multinational firms has stressed the importance of low productivity as a barrier to the cross …-border expansion of firms. But firms may also need external finance to shoulder the costs of entering foreign markets. We develop a … model of multinational firms facing real and financial barriers to foreign direct investment (FDI), and we analyze their …

size and productivity on firms' international activities. Second, small firms suffer more frequently from financial … productivity, financial constraints and labor market constraints might constitute barriers to entry into foreign markets. We … German firms. Our paper has three main findings. First, in line with earlier literature, we find a positive impact of firm …