Determinants of export performance - A case of companies listed in HNX and HOSE
Abstract
The object of the study is to investigate which factors have an impact on export performance. Though many empirical have studied a lot about the determinants of export performance, a few of them, at least in Vietnam, concentrate on the effect of both firm characteristics and economic factors. To fill the gap in the previous studies, this study will conduct an analysis of the effect of firm characteristics and economic factors on the export performance of Vietnamese companies. This study is carried out by using the data of 61 firms coming from 4 industries involving material, fishery, agriculture, and textile. The data covers the period from 2012 to 2020 on yearly basis. In this study, the export intensity and export revenue are used as measures of export performance. The explanatory variables are leverage, liquidity, profitability, exchange rate, and trade openness. All analyzes of the study are conducted by “Stata-14”. The result reveals that only leverage and profitability have an impact on both export intensity and export revenue while the liquidity, exchange rate, and trade openness have no significant impact on them. Moreover, for the control variables, firm size and industry are statistically significant in both export revenue and export intensity. Additionally, firm age is found to have a negative impact on the export intensity whereas it affects insignificantly export revenue. Besides that, the study also presents the level’s impact of each industry on the export revenue and export intensity.