Izvorni znanstveni članak
https://doi.org/10.18045/zbefri.2023.1.113
Productivity shocks and industry specific effects on export and internationalisation: VAR approach*
Maja Bašić
orcid.org/0000-0002-1842-7091
Mile Bošnjak
Ivan Novak
orcid.org/0000-0003-1473-7049
Sažetak
This study examines the industry-specific effects of productivity shocks on exports
and the internationalisation of the largest Croatian exporters. In order to answer
two research questions: (1) Which hypothesis, the productivity-led hypothesis or
export-led hypothesis, holds in the case of the largest Croatian exporters? (2) Are
the effects of productivity shocks on exports and internationalisation sectoral
dependent, and in what way? The authors tested 300 largest exporters’ micro-
financial data for the 2006-2015 period by using a vector autoregression (VAR)
method. Three productivity measures examined are total factor productivity, labour
productivity and capital productivity. The results imply that productivity-led
hypothesis holds for majority of Croatian largest exporters’ sectors. Rather than a
specific export-led hypothesis, a bi-directional flow has proved to have greater
influence on several industrial sectors, including professional and scientific
services and administrative services sectors, and to a lesser extent, transport and
warehousing, accommodation and food sectors. It is predominantly negative in
terms of TFP and positive in terms of labour productivity (agriculture, electricity
and gas supply, wholesale and transport and warehousing, and information and
communication) and capital productivity (electricity and gas supply). Managerial
and policy implications of productivity shocks are discussed in the paper.
Ključne riječi
export; productivity; VAR; industry sectors; Croatia
Hrčak ID:
305134
URI
Datum izdavanja:
30.6.2023.
Posjeta: 233 *