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Exports, Sunk Costs and Financial Restrictions in Argentina during the 1990s

This paper examines firms’ export decisions in Argentina during the 1990s. Using a sample of 1600 Argentine industrial firms with information for years 1992, 1996, 1998 and 2001, we test which factors affect the probability of entering foreign markets. We focus on the role of export experience and the access to financial markets as key determinants of firms’ export decision. The estimation of a non-linear binary variable model using explicit sunk costs variables, confirms self-selection on exports, in line with the sunk costs models. Results also suggest that firm-specific characteristics are significant to explain export decision, particularly firm’s access to the financial system.