Firms with more export destinations are more profitable and innovative.
The study looked at how firms decide on the number of countries to export to, which shows how complex their international business is. They used a special statistical model to analyze the data. The results showed that firms with more export destinations are usually bigger, more profitable, and more willing to invest. Also, firms that export to multiple countries tend to be older, financially stable, and open to new ways of running their business. Interestingly, firms that are more open to international markets tend to use their money more effectively to make profits. Additionally, firms that export need to change their management style to stay competitive in the global market.