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30/11/2022
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Thi Ngoc Bich, L., Bao Tram, H., Quang Hung, D., Marchesani, F., & Quang Tuan, B. (2022). Firm innovation strategies and integration into the global value chains: how does the local business environment matter?. Journal of International Economics and Management, 22(3), 62-90. https://doi.org/10.38203/jiem.022.3.0054
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Firm innovation strategies and integration into the global value chains: how does the local business environment matter?
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Abstract
This study aims to reveal how different innovation strategies affect firms’ modes of integration into the global value chains (GVCs). Utilizing the self-selection hypothesis and applying the panel data analysis of 27,664 observations of firms, which were collected in Vietnam from 2012 to 2018, we find that innovation strategies affect the probability and modes of integration into the GVCs. While the firms that prioritize both product innovation and research and development are more likely to export, those that focus on process improvement tend to sell more to foreign invested buyers. These relationships are influenced by the quality of the local business environment. The improved quality of the local business environment enhances the positive effects of these innovation strategies on firms’ integration into the GVCs. This enhancement effect is particularly important for small- and medium-sized firms. These findings suggest that to support firms in Vietnam to integrate into the GVCs, the quality of the local business environment should be improved to complement firms’ innovation policies.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Keywords
Firm innovation, GVC integration, Local business environment, Vietnam
References
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Andersson, M. and Loof, H. (2009), “Learning-by-exporting revisited: the role of intensity and persistence”, Scandinavian Journal of Economics, Vol. 111 No. 4, pp. 893 - 916.
Baldwin, R. and Lopez-Gonzalez, J. (2015), “Supply-chain trade: a portrait of global patterns and several testable hypotheses”, The World Economy, Vol. 38 No. 11, pp. 1682 - 1721.
Banga, K. (2019), “Digital technologies and "value" capture in global value chains: empirical evidence from Indian manufacturing firms”, WIDER Working Paper, No. 2019/43, The United Nations University World Institute for Development Economics Research (UNU-WIDER), Helsinki.
Barrios, S., Gorg, H. and Strobl, E. (2003), “Explaining firms’ export behavior: R&D, spillovers and the destination market”, Oxford Bulletin of Economics and Statistics, Vol. 65 No. 4, pp. 475 - 496.
Berman, N. and Hericourt, J. (2010), “Financial factors and the margins of trade: evidence from cross country firm-level data”, Journal of Development Economics, Vol. 93 No. 2, pp. 206 - 217.
Bontadini, F., Rinaldo, E., Meliciani, V. and Savona, M. (2022), “Patterns of integration in global value chains and the changing structure of employment in Europe”, Industrial and Corporate Change, Vol. 31 No. 3, pp. 811 - 837.
Caldera, A. (2010), “Innovation and exporting: evidence from Spanish manufacturing firms”, Review of the World Economics, Vol. 146, pp. 657 - 689.
Cassiman, B. and Martinez-Ros, E. (2007), “Product innovation and exports: evidence from Spanish manufacturing”, IESE Business School Working Paper, Barcelona.
Commander, S. and Svejnar, J. (2011), “Business environment, exports, ownership, and firm performance”, The Review of Economics and Statistics, Vol. 93 No. 1, pp. 309 - 337.
Cusolito A.P., Safadi, R. and Taglioni, D. (2016), Inclusive global value chains: policy options for small and medium enterprises and low-income countries, World Bank, Washington, D.C.
D’Angelo, A. (2012), “Innovation and export performance: a study of Italian high-tech SMEs”, Journal of Management and Government, Vol. 16, pp. 393 - 423.
Del Prete, D., Giovannetti, G. and Marvasi, E. (2018), “Global value chains: new evidence for North Africa”, International Economics, Vol. 153, pp. 42 - 54.
Dovis, M. and Zaki, C. (2020), “Global value chains and local business environments: which factors really matter in developing countries?”, Review of Industrial Organization, Vol. 57 No. 2, pp. 481 - 513.
Edeh, J.N., Obodoechi, D.N. and Ramos-Hidalgo, E. (2020), “Effects of innovation strategies on export performance: new empirical evidence from developing market firms”, Technological Forecasting and Social Change, Vol. 158, 120167.
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Goedhuys, M., Janz, N. and Mohnen, P. (2008), “What drives productivity in Tanzanian manufacturing firms: technology or business environment?”, The European Journal of Development Research, Vol. 20 No. 2, pp. 199 - 218.
Gogokhia, T. and Burelava, G. (2020), “Business environment reforms, innovation and firm productivity in transition economies”, Eurasian Economic Review, Vol. 11 No. 2, pp. 221 - 245.
Golovko, E. and Valentini, G. (2011), “Exploring the complementarity between innovation and export for SMEs’ growth”, Journal of International Business Studies, Vol. 42 No. 3, pp. 362 - 380.
Grotti, R. and Cutuli, G. (2018), “Xtpdyn: a community-contributed command for fitting dynamic random-effects probit models with unobserved heterogeneity”, The Stata Journal, Vol. 18 No. 4, pp. 844 - 862.
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He, X. and Lin, C. (2012), “Can strong home country institutions foster the internationalization of MNEs?”, Multinational Business Review, Vol. 20 No. 4, pp. 352 - 375.
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Hernandez, V., Nieto, M.J. and Rodríguez, A. (2022), “Home country institutions and exports of firms in transition economies: does innovation matter?”, Long Range Planning, Vol. 1 No. 5, 102087.
Hoang, V.T. and Pham, T.H. (2010), “Productivity spillovers from foreign direct investment: the case of Vietnam”, in Hahn, C.H. and Narjoko, D. (Eds.), Causes and Consequences of Globalization in East Asia: What Do the Micro Data Analyses Show?, ERIA Research Project Report 2009, ERIA, Jakarta, pp. 228 - 246.
Hong, J., Zhou, C. and Wang, R. (2020), “Influence of local institutional profile on global value chain participation: An emerging market perspective”, Chinese Management Studies, Vol. 14 No. 3, pp. 715 - 735.
Isaksson, A. (2007), “Determinants of total factor productivity: a literature review”, Research and Statistics Branch (UNIDO), Vol. 101, 672.
Kimseng, T., Javed, A., Jeenanunta, C. and Kohda, Y. (2020), “Sustaining innovation through joining global supply chain networks: the case of manufacturing firms in Thailand”, Sustainability, Vol. 12 No. 13, pp. 52 - 59.
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Lachenmaier, S. and Woessmann, L. (2006), “Does innovation cause exports? Evidence from exogenous innovation impulses and obstacles using German micro data”, Oxford Economic Papers, Vol. 58 No. 2, pp. 317 - 350.
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Love, J.H. and Ganotakis, P. (2013), “Learning by exporting: lessons from high-technology SMEs”, International Business Review, Vol. 22 No. 1, pp. 1 - 17.
Lu, Y., Shi, H., Luo, W. and Liu, B. (2018), “Productivity, financial constraints, and firms’ global value chain participation: evidence from China”, Economic Modelling, Vol. 73, pp. 184 - 194.
Melitz, M.J. (2003), “The impact of trade on intra-industry reallocations and aggregate industry productivity”, Econometrica, Vol. 71 No. 6, pp. 1695 - 1725.
Monreal-Perez, J., Aragon-Sanchez, A. and Sanchez-Marin, G. (2012), “A longitudinal study of the relationship between export activity and innovation in the Spanish firm: the moderating role of productivity”, International Business Review, Vol. 21 No. 5, pp. 862 - 877.
Montalbano, P., Nenci, S. and Pietrobelli, C. (2018), “Opening and linking up: firms, GVCs, and productivity in Latin America “, Small Business Economics, Vol. 50 No. 4, pp. 917 - 935.
Nguyen, A.N., Pham, N.Q., Nguyen, C.D. and Nguyen, N.D. (2008), “Innovation and exports in Vietnam’s SME sector”, The European Journal of Development Research, Vol. 20 No. 2, pp. 262 - 280.
Nguyen, T.Q., Pham, H.C. and McClelland, R. (2020), “Participating and upgrading in global value chains: the case of small and medium enterprises in Vietnam”, in Macdonald, R. (Ed.), The Economy and Business Environment of Vietnam, Springer International Publishing, Cham, pp. 75 - 92.
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Qiang, C.Z., Liu, Y. and Steenbergen, V. (2021), “An investment perspective on global value chains”, World Bank, Washington, D.C.
Rabe-Hesketh, S. and Skrondal, A. (2013), “Avoiding biased versions of Wooldridge’s simple solution to the initial conditions problem”, Economics Letters, Vol. 120 No. 2, pp. 346 - 349.
Reddy, K., Chundakkadan, R. and Sasidharan, S. (2021), “Firm innovation and global value chain participation”, Small Business Economics, Vol. 57 No. 4, pp. 1995 - 2015.
Rialp-Criado, A. and Komochkova, K. (2017), “Innovation strategy and export intensity of Chinese SMEs: the moderating role of the home-country business environment”, Asian Business and Management, Vol. 16 No. 3, pp. 158 - 186.
Rigo, D. (2017), “A portrait of firms participating in global value chains”, CTEI Working Papers series 01-2017, Centre for Trade and Economic Integration, The Graduate Institute, Geneva.
Roxas, B., Chadee, D. and Erwee, R. (2012), “Effects of rule of law on firm performance in South Africa”, European Business Review, Vol. 24 No. 5, pp. 478 - 492.
Skrondal, A. and Rabe-Hesketh, S.(2014), “Handling initial conditions and endogenous covariates in dynamic/transition models for binary data with unobserved heterogeneity”, Journal of the Royal Statistical Society, Vol. 63 No. 2, pp. 211 - 237.
Tavassoli, S. (2018), “The role of product innovation on export behavior of firms: is it innovation input or innovation output that matters?”, European Journal of Innovation Management, Vol. 21 No. 2, pp. 294 - 314.
Tong, Y.-S., Kokko, A. and Seric, A. (2019), “Linking FDI and local firms for global value chain upgrading: policy lessons from Samsung mobile phone production in Viet Nam”, Working Paper No. 5, Inclusive and Sustainable Industrial Development Working Paper Series, UNIDO, Geneva.
Tran, H.T. (2019), “Institutional quality and market selection in the transition economy”, Journal of Business Venturing, Vol. 34 No. 5, 105890.
Urata, S. and Baek, Y. (2020), “The determinants of participation in global value chains: a cross-country, firm-level analysis”, ADBI Working Paper 1116, Asian Development Bank Institute, Tokyo.
Uyar, K. and Oralhan, B. (2017), “Innovation capability and export performance of Turkish export firms”, Chinese Business Review, Vol. 16 No. 10, pp. 481 - 495.
Vinh, N.T.T. and Duong, T.T.T. (2020), “Firm export and the impact of foreign ownership in Vietnam: a micro-data analysis”, Journal of Economic Development, Vol. 45 No. 1, pp. 123 - 143.
Wagner, J. (2007), “Exports and productivity: a survey of the evidence from firm-level data”, The World Economy, Vol. 30 No. 1, pp. 60 - 82.
Wan, W.P. and Hoskisson, R.E. (2003), “Home country environments, corporate diversification strategies, and firm performance”, The Academy of Management Journal, Vol. 46 No. 1, pp. 27 - 45.
Wang, J. and Tsai, K. (2003), “Productivity growth and RandD expenditure in Taiwan’s manufacturing firms”, NBER Working Paper Series No. 9724, National Bureau of Economic Research, Massachusetts.
Wooldridge, J.M. (2005), “Simple solutions to the initial conditions problem in dynamic, nonlinear panel data models with unobserved heterogeneity”, Journal of Applied Econometrics, Vol. 20 No. 1, pp. 39 - 54.
WTO. (2019), Global value chain development report 2019: technological innovation, supply chain trade, and workers in a globalized world, World Trade Organization, Geneva.
WTO. (2014), World trade report: trade and development: recent trends and the role of WTO, World Trade Organization, Geneva.
Yang, C.H., Chen, J.R. and Chuang, W.B. (2004), “Technology and export decision”, Small Business Economics, Vol. 22 No. 5, pp. 349 - 364.
Andersson, M. and Loof, H. (2009), “Learning-by-exporting revisited: the role of intensity and persistence”, Scandinavian Journal of Economics, Vol. 111 No. 4, pp. 893 - 916.
Baldwin, R. and Lopez-Gonzalez, J. (2015), “Supply-chain trade: a portrait of global patterns and several testable hypotheses”, The World Economy, Vol. 38 No. 11, pp. 1682 - 1721.
Banga, K. (2019), “Digital technologies and "value" capture in global value chains: empirical evidence from Indian manufacturing firms”, WIDER Working Paper, No. 2019/43, The United Nations University World Institute for Development Economics Research (UNU-WIDER), Helsinki.
Barrios, S., Gorg, H. and Strobl, E. (2003), “Explaining firms’ export behavior: R&D, spillovers and the destination market”, Oxford Bulletin of Economics and Statistics, Vol. 65 No. 4, pp. 475 - 496.
Berman, N. and Hericourt, J. (2010), “Financial factors and the margins of trade: evidence from cross country firm-level data”, Journal of Development Economics, Vol. 93 No. 2, pp. 206 - 217.
Bontadini, F., Rinaldo, E., Meliciani, V. and Savona, M. (2022), “Patterns of integration in global value chains and the changing structure of employment in Europe”, Industrial and Corporate Change, Vol. 31 No. 3, pp. 811 - 837.
Caldera, A. (2010), “Innovation and exporting: evidence from Spanish manufacturing firms”, Review of the World Economics, Vol. 146, pp. 657 - 689.
Cassiman, B. and Martinez-Ros, E. (2007), “Product innovation and exports: evidence from Spanish manufacturing”, IESE Business School Working Paper, Barcelona.
Commander, S. and Svejnar, J. (2011), “Business environment, exports, ownership, and firm performance”, The Review of Economics and Statistics, Vol. 93 No. 1, pp. 309 - 337.
Cusolito A.P., Safadi, R. and Taglioni, D. (2016), Inclusive global value chains: policy options for small and medium enterprises and low-income countries, World Bank, Washington, D.C.
D’Angelo, A. (2012), “Innovation and export performance: a study of Italian high-tech SMEs”, Journal of Management and Government, Vol. 16, pp. 393 - 423.
Del Prete, D., Giovannetti, G. and Marvasi, E. (2018), “Global value chains: new evidence for North Africa”, International Economics, Vol. 153, pp. 42 - 54.
Dovis, M. and Zaki, C. (2020), “Global value chains and local business environments: which factors really matter in developing countries?”, Review of Industrial Organization, Vol. 57 No. 2, pp. 481 - 513.
Edeh, J.N., Obodoechi, D.N. and Ramos-Hidalgo, E. (2020), “Effects of innovation strategies on export performance: new empirical evidence from developing market firms”, Technological Forecasting and Social Change, Vol. 158, 120167.
Fujita, M. (2017), “Vietnamese state-owned enterprises under international economic integration”, RIETI Discussion Paper Series 17-E-121, Research Institute of Economy, Trade, and Industry (RIETI), Tokyo.
General Statistics Office of Vietnam. (2020), Statistical yearbook of Vietnam 2019, Statistical Publishing House, Hanoi.
Goedhuys, M., Janz, N. and Mohnen, P. (2008), “What drives productivity in Tanzanian manufacturing firms: technology or business environment?”, The European Journal of Development Research, Vol. 20 No. 2, pp. 199 - 218.
Gogokhia, T. and Burelava, G. (2020), “Business environment reforms, innovation and firm productivity in transition economies”, Eurasian Economic Review, Vol. 11 No. 2, pp. 221 - 245.
Golovko, E. and Valentini, G. (2011), “Exploring the complementarity between innovation and export for SMEs’ growth”, Journal of International Business Studies, Vol. 42 No. 3, pp. 362 - 380.
Grotti, R. and Cutuli, G. (2018), “Xtpdyn: a community-contributed command for fitting dynamic random-effects probit models with unobserved heterogeneity”, The Stata Journal, Vol. 18 No. 4, pp. 844 - 862.
Guan, J. and Ma, N. (2003), “Innovative capability and export performance of Chinese firms”, Technovation, Vol. 23 No. 9 , pp. 737 - 747.
He, X. and Lin, C. (2012), “Can strong home country institutions foster the internationalization of MNEs?”, Multinational Business Review, Vol. 20 No. 4, pp. 352 - 375.
Heckman, J.J. (1981), “The incidental parameters problem and the problem of initial conditions in estimating a time-discrete data stochastic process”, in Manski, C. and McFadden, D. (Eds.), The Structural Analysis of Discrete Data, MIT Press, Massachusetts, pp. 179 - 195.
Helpman, E., Melitz, M. and Yeaple, S. (2004), “Export versus FDI with heterogeneous firms”, American Economic Review, Vol. 94 No. 1, pp. 300 - 316.
Hernandez, V., Nieto, M.J. and Rodríguez, A. (2022), “Home country institutions and exports of firms in transition economies: does innovation matter?”, Long Range Planning, Vol. 1 No. 5, 102087.
Hoang, V.T. and Pham, T.H. (2010), “Productivity spillovers from foreign direct investment: the case of Vietnam”, in Hahn, C.H. and Narjoko, D. (Eds.), Causes and Consequences of Globalization in East Asia: What Do the Micro Data Analyses Show?, ERIA Research Project Report 2009, ERIA, Jakarta, pp. 228 - 246.
Hong, J., Zhou, C. and Wang, R. (2020), “Influence of local institutional profile on global value chain participation: An emerging market perspective”, Chinese Management Studies, Vol. 14 No. 3, pp. 715 - 735.
Isaksson, A. (2007), “Determinants of total factor productivity: a literature review”, Research and Statistics Branch (UNIDO), Vol. 101, 672.
Kimseng, T., Javed, A., Jeenanunta, C. and Kohda, Y. (2020), “Sustaining innovation through joining global supply chain networks: the case of manufacturing firms in Thailand”, Sustainability, Vol. 12 No. 13, pp. 52 - 59.
Krammer, S.M. (2009), “Drivers of national innovation in transition: evidence from a panel of Eastern European countries”, Research Policy, Vol. 38 No. 5, pp. 845 - 860.
Lachenmaier, S. and Woessmann, L. (2006), “Does innovation cause exports? Evidence from exogenous innovation impulses and obstacles using German micro data”, Oxford Economic Papers, Vol. 58 No. 2, pp. 317 - 350.
Le, D.B. (2018), Viet Nam private sector, Economica, Hanoi.
Love, J.H. and Ganotakis, P. (2013), “Learning by exporting: lessons from high-technology SMEs”, International Business Review, Vol. 22 No. 1, pp. 1 - 17.
Lu, Y., Shi, H., Luo, W. and Liu, B. (2018), “Productivity, financial constraints, and firms’ global value chain participation: evidence from China”, Economic Modelling, Vol. 73, pp. 184 - 194.
Melitz, M.J. (2003), “The impact of trade on intra-industry reallocations and aggregate industry productivity”, Econometrica, Vol. 71 No. 6, pp. 1695 - 1725.
Monreal-Perez, J., Aragon-Sanchez, A. and Sanchez-Marin, G. (2012), “A longitudinal study of the relationship between export activity and innovation in the Spanish firm: the moderating role of productivity”, International Business Review, Vol. 21 No. 5, pp. 862 - 877.
Montalbano, P., Nenci, S. and Pietrobelli, C. (2018), “Opening and linking up: firms, GVCs, and productivity in Latin America “, Small Business Economics, Vol. 50 No. 4, pp. 917 - 935.
Nguyen, A.N., Pham, N.Q., Nguyen, C.D. and Nguyen, N.D. (2008), “Innovation and exports in Vietnam’s SME sector”, The European Journal of Development Research, Vol. 20 No. 2, pp. 262 - 280.
Nguyen, T.Q., Pham, H.C. and McClelland, R. (2020), “Participating and upgrading in global value chains: the case of small and medium enterprises in Vietnam”, in Macdonald, R. (Ed.), The Economy and Business Environment of Vietnam, Springer International Publishing, Cham, pp. 75 - 92.
North, D.C. (1990), Institutions, institutional change and economic performance, Cambridge University Press, Cambridge.
OECD. (2004), “Promoting entrepreneurship and innovative SMEs in a global economy. Towards a more responsible and inclusive globalization”, in 2nd OECD Ministerial Conference on SMEs, Istanbul, Turkey.
OECD. (2005), OECD science, technology and industry scoreboard 2005, OECD, Paris.
Qiang, C.Z., Liu, Y. and Steenbergen, V. (2021), “An investment perspective on global value chains”, World Bank, Washington, D.C.
Rabe-Hesketh, S. and Skrondal, A. (2013), “Avoiding biased versions of Wooldridge’s simple solution to the initial conditions problem”, Economics Letters, Vol. 120 No. 2, pp. 346 - 349.
Reddy, K., Chundakkadan, R. and Sasidharan, S. (2021), “Firm innovation and global value chain participation”, Small Business Economics, Vol. 57 No. 4, pp. 1995 - 2015.
Rialp-Criado, A. and Komochkova, K. (2017), “Innovation strategy and export intensity of Chinese SMEs: the moderating role of the home-country business environment”, Asian Business and Management, Vol. 16 No. 3, pp. 158 - 186.
Rigo, D. (2017), “A portrait of firms participating in global value chains”, CTEI Working Papers series 01-2017, Centre for Trade and Economic Integration, The Graduate Institute, Geneva.
Roxas, B., Chadee, D. and Erwee, R. (2012), “Effects of rule of law on firm performance in South Africa”, European Business Review, Vol. 24 No. 5, pp. 478 - 492.
Skrondal, A. and Rabe-Hesketh, S.(2014), “Handling initial conditions and endogenous covariates in dynamic/transition models for binary data with unobserved heterogeneity”, Journal of the Royal Statistical Society, Vol. 63 No. 2, pp. 211 - 237.
Tavassoli, S. (2018), “The role of product innovation on export behavior of firms: is it innovation input or innovation output that matters?”, European Journal of Innovation Management, Vol. 21 No. 2, pp. 294 - 314.
Tong, Y.-S., Kokko, A. and Seric, A. (2019), “Linking FDI and local firms for global value chain upgrading: policy lessons from Samsung mobile phone production in Viet Nam”, Working Paper No. 5, Inclusive and Sustainable Industrial Development Working Paper Series, UNIDO, Geneva.
Tran, H.T. (2019), “Institutional quality and market selection in the transition economy”, Journal of Business Venturing, Vol. 34 No. 5, 105890.
Urata, S. and Baek, Y. (2020), “The determinants of participation in global value chains: a cross-country, firm-level analysis”, ADBI Working Paper 1116, Asian Development Bank Institute, Tokyo.
Uyar, K. and Oralhan, B. (2017), “Innovation capability and export performance of Turkish export firms”, Chinese Business Review, Vol. 16 No. 10, pp. 481 - 495.
Vinh, N.T.T. and Duong, T.T.T. (2020), “Firm export and the impact of foreign ownership in Vietnam: a micro-data analysis”, Journal of Economic Development, Vol. 45 No. 1, pp. 123 - 143.
Wagner, J. (2007), “Exports and productivity: a survey of the evidence from firm-level data”, The World Economy, Vol. 30 No. 1, pp. 60 - 82.
Wan, W.P. and Hoskisson, R.E. (2003), “Home country environments, corporate diversification strategies, and firm performance”, The Academy of Management Journal, Vol. 46 No. 1, pp. 27 - 45.
Wang, J. and Tsai, K. (2003), “Productivity growth and RandD expenditure in Taiwan’s manufacturing firms”, NBER Working Paper Series No. 9724, National Bureau of Economic Research, Massachusetts.
Wooldridge, J.M. (2005), “Simple solutions to the initial conditions problem in dynamic, nonlinear panel data models with unobserved heterogeneity”, Journal of Applied Econometrics, Vol. 20 No. 1, pp. 39 - 54.
WTO. (2019), Global value chain development report 2019: technological innovation, supply chain trade, and workers in a globalized world, World Trade Organization, Geneva.
WTO. (2014), World trade report: trade and development: recent trends and the role of WTO, World Trade Organization, Geneva.
Yang, C.H., Chen, J.R. and Chuang, W.B. (2004), “Technology and export decision”, Small Business Economics, Vol. 22 No. 5, pp. 349 - 364.