The Value of Managers’ Export Experience: Lessons from the Angolan Civil War

The authors investigate how managers help firms grow by entering a new export market. The authors conduct an event study on the decision to export to Angola using data on Portuguese firms and workers. They evaluate the impact of the presence of managers with experience in exporting to the Angolan market on a firm’s entry success in the aftermath of an exogenous shock: the sudden end of the Angolan civil war. The authors show that the presence of managers doubles the probability of a firm entering the market. The authors do not find any significant impact on the intensive margin of exports.