uluslararası İtibar yönetimi konferansı 2012- Ülke İtibarı ve uluslararası ticaret- dr. yoto...
DESCRIPTION
Cumhurbaşkanlığı himayelerinde, İtibar Yönetimi Enstitüsü ve Kadir Has Üniversitesi işbirliğiyle 17–19 Ekim 2012 tarihlerinde İstanbul’da Uluslararası İtibar Yönetimi Konferansı düzenlenmiştir. http://tr.reputationconference.org/TRANSCRIPT
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Country Reputation and International Trade:A Structural Gravity Approach
Yoto V. Yotov Daniel Korschun Boryana Dimitrova
DREXEL UNIVERSITY
International Reputation Management ConferenceIstanbul, 2012
We thank the Oxford Centre for Corporate Reputation and the LeBowCenter for Corporate Reputation Management for financial support.
Yoto V. Yotov Reputation & Trade
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Motivation
Countries devote significant effort and spending in order toenhance their reputation with foreign partners.
Chile’s “Frutas de Chile” promotional campaign is designed to “improve
Chile’s reputation and bolster the Chilean fruit industry in the USA,
Europe, and Asia.”
Yoto V. Yotov Reputation & Trade
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Motivation
Countries devote significant effort and spending in order toenhance their reputation with foreign partners.
Chile’s “Frutas de Chile” promotional campaign is designed to “improve
Chile’s reputation and bolster the Chilean fruit industry in the USA,
Europe, and Asia.”
Yoto V. Yotov Reputation & Trade
![Page 4: Uluslararası İtibar Yönetimi Konferansı 2012- Ülke İtibarı ve Uluslararası Ticaret- Dr. Yoto V. Yotov, Dr. Daniel Korschun ve Boryana V. Dimitrova](https://reader038.vdocument.in/reader038/viewer/2022110309/558e0dc91a28ab78318b471d/html5/thumbnails/4.jpg)
Motivation
Countries devote significant effort and spending in order toenhance their reputation with foreign partners.
The Serbian Investment and Export Promotion Agency strives “to raise
Serbia’s profile in the minds of international business decision-makers.”
Yoto V. Yotov Reputation & Trade
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Motivation
Countries devote significant effort and spending in order toenhance their reputation with foreign partners.
Turkey’s ExportPromotion Center hasbeen very active.
Efforts include: Establishing business relations between foreignimporters and Turkish exporters; Organizing national andinternational trade fairs; Organizing Turkish Export ProductsExhibitions abroad.
Yoto V. Yotov Reputation & Trade
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Motivation
Countries devote significant effort and spending in order toenhance their reputation with foreign partners.
Turkey’s Investment Promotion Centerhas been very active as well.
The 2007-2008 campaign includes2687 TV-Spots, 45 News Papers, 45Magazines in Asia, Europe, USA, GulfCountries, Middle East.
Yoto V. Yotov Reputation & Trade
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Motivation and Contributions
Countries devote significant effort and spending in order toenhance their reputation with foreign partners.
There is little (if any) rigorous empirical work quantifying theeffects of promotional and reputation efforts at the country level.
Contributions
Employ the latest theoretical and econometric developmentsfrom the trade literature to quantify the effects of countryreputation on international trade both at the aggregate andat the sectoral level.
Introduce the structural gravity model of international tradeto the fields of management and marketing.
Yoto V. Yotov Reputation & Trade
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Motivation and Contributions
Countries devote significant effort and spending in order toenhance their reputation with foreign partners.
There is little (if any) rigorous empirical work quantifying theeffects of promotional and reputation efforts at the country level.
Contributions
Employ the latest theoretical and econometric developmentsfrom the trade literature to quantify the effects of countryreputation on international trade both at the aggregate andat the sectoral level.
Introduce the structural gravity model of international tradeto the fields of management and marketing.
Yoto V. Yotov Reputation & Trade
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Motivation and Contributions
Countries devote significant effort and spending in order toenhance their reputation with foreign partners.
There is little (if any) rigorous empirical work quantifying theeffects of promotional and reputation efforts at the country level.
Contributions
Employ the latest theoretical and econometric developmentsfrom the trade literature to quantify the effects of countryreputation on international trade both at the aggregate andat the sectoral level.
Introduce the structural gravity model of international tradeto the fields of management and marketing.
Yoto V. Yotov Reputation & Trade
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Main Findings
Country reputation is an important determinant of trade.
We estimate positive and economically and statisticallysignificant effects of reputation on international trade.
All else equal, on average, a unit improvement in reputationtranslates into 2% increase in trade.
All else equal, a unit improvement in reputation is equivalentto 4% tariff-equivalent trade liberalization.
All else equal, a unit improvement in reputation is equivalentto 2% hypothetical decrease in average exports distance.
The effects of reputation are stronger for more heterogeneousproducts.
The effects of reputation are equally strong across developedand developing nations.
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The Structural Gravity Model
Remember Newton?
Fij = Gmimj
d2ij
Under standard assumptions (Armington and CES), trade theory obtains:
Xij = AYiEj
Tσ−1ij
where:
Tσ−1ij = eβ1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β5 ln Πi+β6 ln Pj+eij
Tσ−1ij = eβ1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β5 ln Πi+β6 ln Pj+β7RPTNij+eij
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The Structural Gravity Model
Remember Newton?
Fij = Gmimj
d2ij
Under standard assumptions (Armington and CES), trade theory obtains:
Xij = AYiEj
Tσ−1ij
where:
Tσ−1ij = eβ1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β5 ln Πi+β6 ln Pj+eij
Tσ−1ij = eβ1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β5 ln Πi+β6 ln Pj+β7RPTNij+eij
Yoto V. Yotov Reputation & Trade
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The Structural Gravity Model
Remember Newton?
Fij = Gmimj
d2ij
Under standard assumptions (Armington and CES), trade theory obtains:
Xij = AYiEj
Tσ−1ij
where:
Tσ−1ij = eβ1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β5 ln Πi+β6 ln Pj+eij
Tσ−1ij = eβ1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β5 ln Πi+β6 ln Pj+β7RPTNij+eij
Yoto V. Yotov Reputation & Trade
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The Structural Gravity Model
Remember Newton?
Fij = Gmimj
d2ij
Under standard assumptions (Armington and CES), trade theory obtains:
Xij = AYiEj
Tσ−1ij
where:
Tσ−1ij = eβ1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β5 ln Πi+β6 ln Pj+eij
Tσ−1ij = eβ1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β5 ln Πi+β6 ln Pj+β7RPTNij+eij
Yoto V. Yotov Reputation & Trade
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Econometric Specification & Data
Log-linearized specification→ OLS
lnXij = β0 + β1 ln DISTij + β2BRDRij + β3LANGij + β4CLNYij +
β5 ln Πi + β6 ln Pj + β7RPTNij + lnYi + lnEj + eij
Zeros and heteroskedasticity? → PPML
Xij = eβ0+β1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β5 ln Πi+β6 ln Pj+β7RPTNij+ln Yi+ln Ej+eij
Unobservables and endogeneity?→ Fixed Effects
Xij = eβ0+β1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β7RPTNij+γi+φj+eij
Data: 2009/50 exporters/20 importers; Trade Flows (United Nations
COMTRADE); Gravity variables (CEPII’s Gravity Database); Reputation
data (Anholt-GfK Nation Brands Index Database).
Yoto V. Yotov Reputation & Trade
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Econometric Specification & Data
Log-linearized specification→ OLS
lnXij = β0 + β1 ln DISTij + β2BRDRij + β3LANGij + β4CLNYij +
β5 ln Πi + β6 ln Pj + β7RPTNij + lnYi + lnEj + eij
Zeros and heteroskedasticity?
→ PPML
Xij = eβ0+β1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β5 ln Πi+β6 ln Pj+β7RPTNij+ln Yi+ln Ej+eij
Unobservables and endogeneity?→ Fixed Effects
Xij = eβ0+β1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β7RPTNij+γi+φj+eij
Data: 2009/50 exporters/20 importers; Trade Flows (United Nations
COMTRADE); Gravity variables (CEPII’s Gravity Database); Reputation
data (Anholt-GfK Nation Brands Index Database).
Yoto V. Yotov Reputation & Trade
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Econometric Specification & Data
Log-linearized specification→ OLS
lnXij = β0 + β1 ln DISTij + β2BRDRij + β3LANGij + β4CLNYij +
β5 ln Πi + β6 ln Pj + β7RPTNij + lnYi + lnEj + eij
Zeros and heteroskedasticity? → PPML
Xij = eβ0+β1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β5 ln Πi+β6 ln Pj+β7RPTNij+ln Yi+ln Ej+eij
Unobservables and endogeneity?→ Fixed Effects
Xij = eβ0+β1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β7RPTNij+γi+φj+eij
Data: 2009/50 exporters/20 importers; Trade Flows (United Nations
COMTRADE); Gravity variables (CEPII’s Gravity Database); Reputation
data (Anholt-GfK Nation Brands Index Database).
Yoto V. Yotov Reputation & Trade
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Econometric Specification & Data
Log-linearized specification→ OLS
lnXij = β0 + β1 ln DISTij + β2BRDRij + β3LANGij + β4CLNYij +
β5 ln Πi + β6 ln Pj + β7RPTNij + lnYi + lnEj + eij
Zeros and heteroskedasticity? → PPML
Xij = eβ0+β1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β5 ln Πi+β6 ln Pj+β7RPTNij+ln Yi+ln Ej+eij
Unobservables and endogeneity?
→ Fixed Effects
Xij = eβ0+β1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β7RPTNij+γi+φj+eij
Data: 2009/50 exporters/20 importers; Trade Flows (United Nations
COMTRADE); Gravity variables (CEPII’s Gravity Database); Reputation
data (Anholt-GfK Nation Brands Index Database).
Yoto V. Yotov Reputation & Trade
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Econometric Specification & Data
Log-linearized specification→ OLS
lnXij = β0 + β1 ln DISTij + β2BRDRij + β3LANGij + β4CLNYij +
β5 ln Πi + β6 ln Pj + β7RPTNij + lnYi + lnEj + eij
Zeros and heteroskedasticity? → PPML
Xij = eβ0+β1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β5 ln Πi+β6 ln Pj+β7RPTNij+ln Yi+ln Ej+eij
Unobservables and endogeneity?→ Fixed Effects
Xij = eβ0+β1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β7RPTNij+γi+φj+eij
Data: 2009/50 exporters/20 importers; Trade Flows (United Nations
COMTRADE); Gravity variables (CEPII’s Gravity Database); Reputation
data (Anholt-GfK Nation Brands Index Database).
Yoto V. Yotov Reputation & Trade
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Econometric Specification & Data
Log-linearized specification→ OLS
lnXij = β0 + β1 ln DISTij + β2BRDRij + β3LANGij + β4CLNYij +
β5 ln Πi + β6 ln Pj + β7RPTNij + lnYi + lnEj + eij
Zeros and heteroskedasticity? → PPML
Xij = eβ0+β1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β5 ln Πi+β6 ln Pj+β7RPTNij+ln Yi+ln Ej+eij
Unobservables and endogeneity?→ Fixed Effects
Xij = eβ0+β1 ln DISTij+β2BRDRij+β3LANGij+β4CLNYij+β7RPTNij+γi+φj+eij
Data: 2009/50 exporters/20 importers; Trade Flows (United Nations
COMTRADE); Gravity variables (CEPII’s Gravity Database); Reputation
data (Anholt-GfK Nation Brands Index Database).
Yoto V. Yotov Reputation & Trade
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Main Estimation Results
ALL AGRIC MINING MNFRGDIST -1.032 -1.112 -1.819 -1.027
(0.039)** (0.085)** (0.169)** (0.037)**BRDR 0.289 0.638 0.551 0.264
(0.081)** (0.159)** (0.361) (0.076)**LANG 0.252 -0.193 0.790 0.262
(0.092)** (0.188) (0.409)+ (0.082)**CLNY 0.011 -0.237 -0.554 0.032
(0.093) (0.252) (0.769) (0.090)RPTN 0.020 0.018 -0.014 0.019
(0.006)** (0.007)** (0.013) (0.005)**CONST 22.745 13.604 24.978 22.944
(0.906)** (0.907)** (1.773)** (0.836)**N 881 881 881 881R2 0.940 0.849 0.856 0.950
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Sensitivity Experiments
Reputation Effects and Product Heterogeneity:
FRNTR PBLISH CHMCLS MNRLS
RPTN 0.042 0.015 0.029 0.022(0.008)** (0.008)+ (0.005)** (0.007)**
MCHNS FOOD TEXTL METLS
RPTN 0.013 0.011 0.011 0.025(0.005)** (0.007)+ (0.007)+ (0.009)**
corr(RPTN, σ)= -.74!
Reputation Effects and Country Risk
DEVELPD POLITY ECFREEDM RULEOFLAW
LOWER 0.019 0.024 0.018 0.018(0.007)* (0.007)** (0.007)* (0.007)*
UPPER 0.023 0.008 0.025 0.026(0.008)** (0.008) (0.008)** (0.008)**
χ2 .189 2.271 .385 .601p-value .664 .132 .535 .438
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Sensitivity Experiments
Reputation Effects and Product Heterogeneity:
FRNTR PBLISH CHMCLS MNRLS
RPTN 0.042 0.015 0.029 0.022(0.008)** (0.008)+ (0.005)** (0.007)**
MCHNS FOOD TEXTL METLS
RPTN 0.013 0.011 0.011 0.025(0.005)** (0.007)+ (0.007)+ (0.009)**
corr(RPTN, σ)= -.74!
Reputation Effects and Country Risk
DEVELPD POLITY ECFREEDM RULEOFLAW
LOWER 0.019 0.024 0.018 0.018(0.007)* (0.007)** (0.007)* (0.007)*
UPPER 0.023 0.008 0.025 0.026(0.008)** (0.008) (0.008)** (0.008)**
χ2 .189 2.271 .385 .601p-value .664 .132 .535 .438
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Sensitivity Experiments
Reputation Effects and Product Heterogeneity:
FRNTR PBLISH CHMCLS MNRLS
RPTN 0.042 0.015 0.029 0.022(0.008)** (0.008)+ (0.005)** (0.007)**
MCHNS FOOD TEXTL METLS
RPTN 0.013 0.011 0.011 0.025(0.005)** (0.007)+ (0.007)+ (0.009)**
corr(RPTN, σ)= -.74!
Reputation Effects and Country Risk
DEVELPD POLITY ECFREEDM RULEOFLAW
LOWER 0.019 0.024 0.018 0.018(0.007)* (0.007)** (0.007)* (0.007)*
UPPER 0.023 0.008 0.025 0.026(0.008)** (0.008) (0.008)** (0.008)**
χ2 .189 2.271 .385 .601p-value .664 .132 .535 .438
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Quantitative Implications
Based on our aggregate sample estimates RPTN = 0.020 (std.err.0.006), a unit improvement in a country’s reputation is equivalentto:
(e βRPTN − 1
)=1.987% (std.err. 0.562) increase in trade.
(e
βRPTN1−σ − 1
)=-3.856% (std.err. 1.059) trade liberalization.
(e
βRPTNβDIST − 1
)=-1.889% (std.err. 0.525) decrease in distance.
Turkey can double its exports by improving its reputation!
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Quantitative Implications
Based on our aggregate sample estimates RPTN = 0.020 (std.err.0.006), a unit improvement in a country’s reputation is equivalentto:
(e βRPTN − 1
)=1.987% (std.err. 0.562) increase in trade.
(e
βRPTN1−σ − 1
)=-3.856% (std.err. 1.059) trade liberalization.
(e
βRPTNβDIST − 1
)=-1.889% (std.err. 0.525) decrease in distance.
Turkey can double its exports by improving its reputation!
Yoto V. Yotov Reputation & Trade
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Quantitative Implications
Based on our aggregate sample estimates RPTN = 0.020 (std.err.0.006), a unit improvement in a country’s reputation is equivalentto:
(e βRPTN − 1
)=1.987% (std.err. 0.562) increase in trade.
(e
βRPTN1−σ − 1
)=-3.856% (std.err. 1.059) trade liberalization.
(e
βRPTNβDIST − 1
)=-1.889% (std.err. 0.525) decrease in distance.
Turkey can double its exports by improving its reputation!
Yoto V. Yotov Reputation & Trade
![Page 28: Uluslararası İtibar Yönetimi Konferansı 2012- Ülke İtibarı ve Uluslararası Ticaret- Dr. Yoto V. Yotov, Dr. Daniel Korschun ve Boryana V. Dimitrova](https://reader038.vdocument.in/reader038/viewer/2022110309/558e0dc91a28ab78318b471d/html5/thumbnails/28.jpg)
Quantitative Implications
Based on our aggregate sample estimates RPTN = 0.020 (std.err.0.006), a unit improvement in a country’s reputation is equivalentto:
(e βRPTN − 1
)=1.987% (std.err. 0.562) increase in trade.
(e
βRPTN1−σ − 1
)=-3.856% (std.err. 1.059) trade liberalization.
(e
βRPTNβDIST − 1
)=-1.889% (std.err. 0.525) decrease in distance.
Turkey can double its exports by improving its reputation!
Yoto V. Yotov Reputation & Trade
![Page 29: Uluslararası İtibar Yönetimi Konferansı 2012- Ülke İtibarı ve Uluslararası Ticaret- Dr. Yoto V. Yotov, Dr. Daniel Korschun ve Boryana V. Dimitrova](https://reader038.vdocument.in/reader038/viewer/2022110309/558e0dc91a28ab78318b471d/html5/thumbnails/29.jpg)
Conclusions & Extensions
We quantify the effects of country reputation oninternational trade.
We introduce the structural gravity model to thefields of management and marketing.
Our theoretical framework is flexible and allows for numerousextensions and policy experiments.
Yoto V. Yotov Reputation & Trade