Global value chains, productivity and markup: Evidence from India
Global value chains, productivity and markup: Evidence from India
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DOI：
10.1016/j.iref.2023.10.005
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发表时间：
2023-10
期刊：
影响因子：
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通讯作者：
K. Reddy;Subash Sasidharan
中科院分区：
文献类型：
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作者：
K. Reddy;Subash Sasidharan
在这项研究中，我们使用大规模的公司产品层面的面板数据，印度制造业企业的全球价值链（GVC）的参与和企业绩效之间的联系。利用丰富的产品层面的价格和数量的信息，我们衡量企业产品层面的加价，生产率和研究的影响，全球价值链参与这两个措施的公司业绩。我们使用倾向评分匹配（PSM）来校正自我选择诱导的内分泌，以探索GVC -生产率/加价关系。我们提供的证据表明，企业参与全球价值链的经验生产率溢价。此外，实证分析还发现，全球价值链公司观察到的加价下降。在这方面，我们分解企业的变化，在标记的价格和成本渠道，并显示，在标记的下降主要是由公司的边际成本上升。这可归因于对进口中间投入的依赖性增加，从而导致全球价值链中与生产相关的成本上升。我们还研究了上述动态考虑到企业的异质性方面的规模和技术密集度的行业。我们的研究结果是强大的替代措施的GVC，和替代匹配程序。
In this study, we use large-scale firm-product-level panel data of Indian manufacturing firms to examine the link between global value chain (GVC) participation and firm performance. Using rich product-level information on prices and quantity, we measure firm-product level markup, productivity and examine the impact of GVC participation on these two measures of firm performance. We correct for self-selection induced endogeneity using propensity score matching (PSM) to explore the GVC – productivity/markup nexus. We provide evidence that firms participating in GVCs experience productivity premium. Moreover, the empirical analysis also discerns that GVCs firms observe fall in markups. In this regard, we decompose firms change in markup to price and cost channels and show that the fall in markup is predominantly driven by rising marginal costs of the firm. This can be attributed to the increasing dependence on imported intermediate inputs, which induces rise in costs associated with production in GVCs. We also examine the aforementioned dynamics taking into account firm heterogeneity in terms of size and technology intensity of industries. Our results are robust to alternate measures of GVC, and alternate matching procedures.