Affiliation:
1. Harvard Business School and NBER, Morgan Hall 263, Boston, MA 02163.
2. George Washington University, 2115 G Street, NW, Suite 367, Washington, DC 20052.
Abstract
We examine the differential response of establishments to the recent global financial crisis with particular emphasis on the role of foreign ownership. Using a worldwide establishment panel dataset, we investigate how multinational subsidiaries around the world responded to the crisis relative to local establishments. We find that, first, multinational subsidiaries fared on average better than local counterfactuals with similar economic characteristics. Second, among multinational subsidiaries, establishments sharing stronger vertical production and financial linkages with parents exhibited greater resilience. Finally, in contrast to the crisis period, the effect of foreign ownership and linkages on establishment performance was insignificant in noncrisis years. (JEL F23, G01, L22, M16)
Publisher
American Economic Association
Subject
General Economics, Econometrics and Finance
Cited by
109 articles.
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