Data and Code for: Antitrust Policies and Profitability in Non-Tradable Sectors

Firms in tradable sectors are more likely to be subject to external competition to limit market power while non-tradable firms are more dependent on domestic policies and institutions. This paper combines an antitrust index available for multiple countries with firm-level data from Orbis covering more than 10 million firms from 90 countries, covering 20 sectors over 10 years and finds that profit margins of firms operating in non-tradable sectors are significantly lower in countries with stronger antitrust policies compared to firms operating in tradable sectors. The results are robust to a wide variety of empirical specifications.

在可交易行业中的企业更易受到外部竞争以限制市场力量，而不可交易行业的企业则更多地依赖于国内政策和制度。本文结合了多国可用的反垄断指数与Orbis提供的企业层级数据，覆盖了来自90个国家的超过1000万家企业，涉及20个行业，时间跨度为10年，研究发现，在反垄断政策较为严格的国家，从事不可交易行业的企业利润率显著低于从事可交易行业的企业。研究结果在各种实证设定中均具有稳健性。