Portuguese Economic Journal, 2019, Volume 18, nº 3
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- International trade in services : firm-level evidence for PortugalPublication . Amador, João; Cabral, Sónia; Ringstad, BirgitteThis paper adds to the existing firm-level evidence on international trade in non- tourism services, using a new Portuguese database merged with balance-sheet data. In accordance with the literature, we find that a small number of firms that both export and import services (two-way traders) with diversified service and geographi- cal portfolios account for a substantial share of trade flows. Compared with one-way traders, two-way traders are larger, older, more productive, more profitable and have a higher share of foreign equity. Considering all margins of firm-level trade and con- trolling for firms’ characteristics, the intensive margins of exports and imports of services are positively related to both productivity and profitability. Regarding the extensive margins, the number of services imported is also positively associated with firms’ performance.
- Which projects are selected for an innovation subsidy? The Portuguese casePublication . Santos, Anabela; Cincera, Michele; Neto, Paulo; Serrano, Maria ManuelSeveral empirical studies have analyzed which firm characteristics influence government evaluators in the decision to select specific firms to participate in Research and Develop- ment and Innovation subsidy programs. However, few authors have provided a precise analysis about the selection process of applications submitted for public support. The aim of the present article is to assess differences in investment project characteristics (expected impact) between firms with approved and non-approved applications and to understand which kinds of projects are selected for a subsidy. The analysis is focused on the case study of applications submitted to the Portuguese Innovation Incentive System (SI Innovation) between 2007 and 2013. The impact variables under study are those used in the selection procedure to grant the firm a subsidy, namely the expected impact on exports, value creation, productivity, patent application and qualified employment. Using a counterfactual analysis and Propensity Score Matching estimators, the results show that firms with approved applications are those that expect to invest more and forecast a higher increase in exports and productivity as the result of the investment project. However, these firms in comparison with the control group (those with non-approved applications) have investment projects with a lower contribution to growth and lower economic efficiency (return on investment in terms of productivity). The conclusions of this study could be useful for policy-makers since it provides evidence about firms’ strategic choice concerning investment projects submitted for an Innovation subsidy.
- FDI, income inequality and poverty : a time series analysis of Portugal, 1973–2016Publication . Teixeira, Aurora A. C.; Loureiro, Ana SofiaUsing time series data for Portugal between 1973 and 2016, this paper examines to what extent, inward FDI contributes to income inequality and poverty in the long-run. It was found that increased flows of inward FDI are associated with a less unequal income distribution and lower poverty rates. The results further suggest that, in the Portuguese case there is mutual causality between inward FDI and poverty in the long run, i.e., FDI significantly reduces poverty, and lower levels of poverty lead to higher inward FDI flows. In the case of inequality, the evidence shows that FDI does not contribute to higher (or lower) income inequality. Instead, more unequal income distributions significantly and negatively impact on inward FDI in the long run. Finally, human capital emerged as a key determinant to mitigate income inequality and circumvent poverty, contributing, indirectly, to fostering additional FDI inflows. Such results call for integrated public policy interventions that emphasize social and institu- tional dimensions.