Econ Papers Daily / 期刊论文
国内竞争如何影响企业的海外市场扩张？
How Does Domestic Competition Affect Firms’ Foreign Market Expansion?
摘要
We examine how domestic product market competition shapes firms’ foreign market expansion. Using a panel of U.S. public firms from 1997 to 2017 and text-based measures of output offshoring, we show that stronger domestic competition increases foreign sales activity. To address endogeneity concerns, we exploit the competitive effects of policy-induced variation from staggered rejections of the Inevitable Disclosure Doctrine. Further tests indicate that these labor mobility shocks that intensify competitive pressure spur foreign expansion primarily among firms with stronger intangible and organizational capabilities and higher profitability. The findings suggest that domestic competition is an important driver of foreign market expansion.
中文摘要
我们考察国内产品市场竞争如何塑造企业的海外市场扩张。基于1997年至2017年美国上市公司的面板数据以及基于文本的产出离岸外包衡量指标，我们表明更强的国内竞争会增加海外销售活动。为解决内生性问题，我们利用《不可避免披露原则》交错驳回所引发的政策冲击带来的竞争效应。进一步检验表明，这些加剧竞争压力的劳动力流动冲击，主要促使具有更强无形资产和组织能力以及更高盈利能力的公司进行海外扩张。研究结果表明，国内竞争是海外市场扩张的重要驱动因素。