The Value of Managers’ Export Experience: Lessons from the Angolan Civil War

Abstract

We investigate how managers help firms grow by entering a new export market. We conduct an event study on the decision to export to Angola using data on Portuguese firms and workers. We evaluate the impact of the presence of managers with experience in exporting to the Angolan market on a firm's entry success in the aftermath of an exogenous shock: the sudden end of the Angolan civil war. We show that the presence of managers doubles the probability of a firm entering the market. We do not find any significant impact on the intensive margin of exports.