A carregar...
Publicação
Market potential, road accessibility, and firm births : evidence from twenty years of road investment
| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 9.77 MB | Adobe PDF |
Orientador(es)
Resumo(s)
This paper investigates the causal effects of road accessibility, measured by
market potential, on firm births in Portuguese municipalities between 1991 and 2016, a
period marked by significant road improvements. We address the endogeneity of market
potential by employing instrumental variables within Poisson Pseudo-maximum
Likelihood estimates with fixed effects, which we refer to as “non-local time-variant
historical instruments”. Our estimated elasticities for firm births range from 1.6 to 1.9 for
the 1-year interval and 1.2 to 1.3 for the 5-year interval. Additionally, we find a greater
positive effect on firm births when excluding the metropolitan areas of Lisbon and Porto,
which is indicative evidence of a heterogeneous spatial effect. We also find that the
impact of the enlarged market potential is heterogeneous across sectors. Our results are
robust to changes in model specification and the usage of alternative measures of the
instruments.
Descrição
Palavras-chave
road investment firm births market potential Poisson Pseudo-maximum Likelihood instrumental variables
Contexto Educativo
Citação
Carvalho, Maurício S. de ..., [et al.] (2025). "Market potential, road accessibility, and firm births : evidence from twenty years of road investment". REM Working paper series, nº 0364/2025
Editora
ISEG – REM (Research in Economics and Mathematics)