Export Entrepreneurs : Evidence from Peru
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This paper examines firm entry and
survival in exporting, and in products and markets not
previously served by any domestic exporters. The authors use
data on the nontraditional agriculture sector in Peru, which
grew seven-fold from 1994 to 2007. They find tremendous firm
entry and exit in the export sector, with exits more likely
after one year and among firms that start small. There is
also significant entry and exit in new markets. In contrast,
such trial and error in new products is rare. New products
are typically discovered by large experienced exporters and
there is increased entry after products are discovered. The
results imply that high sunk costs of entry are of concern
for product discovery, especially for products that are not
consumed domestically. In contrast, the tremendous entry and
exit in exporting and in new markets suggests that initial
sunk costs are relatively low. The authors develop a model
that explains how entrepreneurs decide to export and to
develop new export products and markets when there are sunk
costs of discovery and uncertainty about idiosyncratic
costs. The model explains many features of the data.
Palabras clave
ACCOUNTING, AGRICULTURE, BRAND, BRAND NAMES, CD, CENTRAL BANK, COMPANY, COMPETITIVENESS, COMPETITOR, COMPETITORS, DEVELOPING COUNTRIES, DEVELOPING COUNTRY, DEVELOPMENT ECONOMICS, DIRECT MARKET, DISCOUNTED VALUE, DOMESTIC MARKET, DOMESTIC MARKETS, ECONOMIC DEVELOPMENT, ENTREPRENEUR, ENTREPRENEURS, ENTREPRENEURSHIP, EXCHANGE RATE, EXPANSION, EXPECTED VALUE, EXPORT GROWTH, EXPORT MARKET, EXPORT MARKETS, EXPORTER, EXPORTERS, EXPORTS, FEDERAL RESERVE, FEDERAL RESERVE BANK, FINANCIAL SUPPORT, FIRMS, FIXED COSTS, FOREIGN MARKET, FOREIGN MARKETS, GLOBAL ECONOMY, GLOBALIZATION, GOVERNMENT POLICY, HOME MARKET, INTERNATIONAL BANK, INTERNATIONAL DEVELOPMENT, INTERNATIONAL ECONOMICS, INTERNATIONAL MARKETS, INTERNATIONAL TRADE, INTERNATIONAL TRANSACTIONS, INVESTING, INVESTOR CONFIDENCE, LAND PRIVATIZATION, MARKET ACCESS, MARKET CONDITIONS, MARKET DEVELOPMENT, MARKET INFORMATION, MARKET PARTICIPANTS, MARKET REQUIREMENTS, MARKET SHARE, MARKET SHARES, MARKETING, MERCHANDISE, NEGATIVE SHOCK, OPPORTUNITY COST, OVERHEAD COST, POLITICAL ECONOMY, PRODUCT MARKET, PRODUCTION FUNCTION, PRODUCTIVITY, REGRESSION ANALYSIS, RETURN, SALES, SIZE OF FIRMS, SUNK COSTS, TAX, TRANSACTION, TRUST FUND, WAGES