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By combining economic and financial data for Portuguese manufacturing firms with data on their exports and imports, we uncover some aspects of the relationship between international trade engagement and firms' performance. In line with recent theoretical and empirical developments in the international trade literature: (i) we testify that Portuguese international trade is highly concentrated, especially on the import side, and both in inter-and intra-sector terms; (ii) we corroborate previous studies and theses according to which two-way traders outperform only importers, only exporters and above all domestic firms; (iii) we find that the greater the diversification of markets and goods (especially with regard to imports), the better the performance achieved by internationalised firms; (iv) we notice that the higher the intensity of international trade of firms (especially imports), the better the performance of firms; (v) we also present evidence that destination markets, for exports, and, origin markets, for imports, are also important in explaining firm performance.

A navegação consulta e descarregamento dos títulos inseridos nas Bibliotecas Digitais UC Digitalis, UC Pombalina e UC Impactum, pressupõem a aceitação plena e sem reservas dos Termos e Condições de Uso destas Bibliotecas Digitais, disponíveis em https://digitalis.uc.pt/pt-pt/termos.Conforme exposto nos referidos Termos e Condições de Uso, o descarregamento de títulos de acesso restrito requer uma licença válida de autorização devendo o utilizador aceder ao(s) documento(s) a partir de um endereço de IP da instituição detentora da supramencionada licença.Ao utilizador é apenas permitido o descarregamento para uso pessoal, pelo que o emprego do(s) título(s) descarregado(s) para outro fim, designadamente comercial, carece de autorização do respetivo autor ou editor da obra.Na medida em que todas as obras da UC Digitalis se encontram protegidas pelo Código do Direito de Autor e Direitos Conexos e demais legislação aplicável, toda a cópia, parcial ou total, deste documento, nos casos em que é legalmente admitida, deverá conter ou fazer-se acompanhar por este aviso. Panel analysis of the FDI impact on international trade revisited Autor(es):Magalhães, Manuela; Africano, Ana Paula ABSTRACT This paper examines the relationship between Foreign Direct Investment (FDI) and international trade. Specifically, the relationship between the stock of outward FDI, and inward FDI and Imports and Exports in the Portuguese economy. This paper also studies some technical problems associated with panel data that have frequently been ignored in previous studies. And the problems of serial and contemporaneous correlation in particular can have a sizeable impact on estimates and statistical inferences. Our results show that there exist country -specific and time effects on the corrected panel data of heteroscedasticity and correlation and a substitutability relationship between imports and outward stock of FDI over the period 2000 -2013.

We test the Global Engagement (GE) hypothesis according to which the most globally engaged firms, whether multinationals or exporters, are the most innovative. The test is applied to data from 4815 Portuguese firms for the period 2002–2004 based on the 4th Community Innovation Survey for Portugal. We estimated several Knowledge Production Functions, assuming that knowledge outputs result from the combination of certain knowledge inputs with the flow of ideas coming from the existing stock of knowledge. We found that the more internationally engaged firms create more knowledge output than their domestic counterparts; indeed, the more globalised firms apply more inputs and have the opportunity to use a larger stock of knowledge. Nevertheless, the relative perceived advantage of the more internationally exposed firms is also the result of their globalised nature, and is not directly connected with knowledge inputs or information flows.