This paper exploits a panel data ranging from 2010 to 2019 to investigate firm-levelThis paper exploits a panel data ranging from 2010 to 2019 to investigate firm-leveldeterminants of export intensity in the Portuguese defense industry, using a fixed effectsmodel. As in any study exploiting corporate finance panel data, it is likely that some variablesare endogenous due to reverse causality. Although we address this issue, the interpretation ofour results cannot be fully causal. We find evidence that learning economies, proxied by exportpersistence, are the largest determinants associated with export intensity at firm level. Workerproductivity and firm size also play a positive and significant role. Financial indicators such asfinancial pressure and leverage ratio negatively correlate with export intensity, albeit notalways significantly. Finally, and contrary to the literature, we cannot find evidence that thePortuguese defense industry’s competitiveness rely on investment and R&D, nor is it impactedby geographical agglomeration.
