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Market structure, external exposure and industry profitability: evidence from taiwan
Song-Ken Hsu,Ming-Fang Tsai,Chih-Hai Yang 한국국제경제학회 2008 International Economic Journal Vol.22 No.2
This article aims to empirically investigate the influences of concentration, exports, and exchange rate on industry profitability in a small open economy, Taiwan. Developing a simple theoretical framework and utilizing a panel data of four-digit manufacturing industries over the 1986-1996 to test, our findings indicate that concentration has a positive impact on profit margin, while the impacts of export intensity and external exposure are significantly negative. This result indicates that export-intensive industries tend to have a lower profitability in Taiwan, because export firms act as price takers in international markets. Moreover, exchange rate is found to have a relatively strong and significant effect on industry profitability, whereby the devaluation of the New Taiwan Dollar hurts more those industries with a higher share of imported inputs during the sample period.