Surviving the Global Financial Crisis : Foreign Ownership and Establishment Performance
This paper examines how different establishments performed during the recent global financial crisis, focusing on the role of foreign ownership. The paper investigates how foreign ownership affected establishments' responses to negative econom...
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| Format: | Policy Research Working Paper |
| Language: | English |
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2012
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| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20120112121253 http://hdl.handle.net/10986/3231 |
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okr-10986-32312021-04-23T14:02:08Z Surviving the Global Financial Crisis : Foreign Ownership and Establishment Performance Alfaro, Laura Chen, Maggie Xiaoyang AFFILIATED ORGANIZATIONS AMERICAN ECONOMIC ASSOCIATION AMERICAN ECONOMIC REVIEW ASSETS BANK CREDIT BANKING SYSTEM BANKRUPTCY BENCHMARK BENCHMARK DATA BUSINESS CYCLE CAPITAL FLOWS CAPITAL INTENSITY CAPITAL MARKETS COUNTRY DUMMIES CREDIT RATINGS DEBT DEPENDENT DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DIRECT FOREIGN INVESTMENT DOMESTIC DEMAND ECONOMIC CRISES ECONOMIC CRISIS ECONOMIC DOWNTURN ECONOMIC DOWNTURNS ECONOMIC EXPANSION ECONOMIC GROWTH ECONOMIC INTERDEPENDENCE ECONOMIC PERFORMANCE ECONOMIC RESEARCH ECONOMIC SHOCKS ECONOMIC VOLATILITY EMERGING ECONOMIES EXPORTS EXPOSURE FINANCIAL CONSTRAINTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL MARKETS FINANCING CONSTRAINTS FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN OWNERS FOREIGN OWNERSHIP FUTURE RESEARCH GDP GLOBAL CAPITAL GLOBAL CAPITAL FLOWS GROWTH RATES HOME COUNTRIES HOME MORTGAGE HUMAN CAPITAL INDUSTRIAL COUNTRIES INPUT-OUTPUT INSOLVENT INSOLVENT FIRMS INSTITUTIONAL INVESTOR INTERNATIONAL TRADE LENDERS LIQUIDITY LIQUIDITY CONSTRAINTS LIQUIDITY CRUNCH MANUFACTURING INDUSTRIES MANUFACTURING INDUSTRY MARKET SHARE MORTGAGE MORTGAGE INVESTMENT MULTINATIONAL CORPORATION MULTINATIONAL CORPORATIONS MULTINATIONAL FIRMS OWNERSHIP INFORMATION PARENT COMPANIES POLITICAL ECONOMY PRODUCTIVITY PROTECTIONISM PUBLIC REGISTRIES REVIEW OF ECONOMICS SALES GROWTH SHARE OF CAPITAL STANDARD ERRORS STOCK PRICES TAX TECHNOLOGY TRANSFER TOTAL OUTPUT TOTAL REVENUE TRADE LIBERALIZATION UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES VERTICAL INTEGRATION VOLATILITY WORLD ECONOMY WORLD TRADE This paper examines how different establishments performed during the recent global financial crisis, focusing on the role of foreign ownership. The paper investigates how foreign ownership affected establishments' responses to negative economic shocks, using a cross-country panel dataset with detailed information on operation, location and industry for more than 12 million establishments from 2005-2008. The evidence shows that multinational subsidiaries on average fared better than local counterfactuals with similar economic characteristics. Among multinational subsidiaries, establishments with stronger production and financial linkages with parent companies showed greater resilience. Finally, in contrast to the crisis period, the impact of foreign ownership and linkages on an establishment's performance was insignificant in non-crisis years. 2012-03-19T17:28:43Z 2012-03-19T17:28:43Z 2012-01-01 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20120112121253 http://hdl.handle.net/10986/3231 English Policy Research working paper ; no. WPS 5946 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Publications & Research :: Policy Research Working Paper The World Region The World Region |
| repository_type |
Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
AFFILIATED ORGANIZATIONS AMERICAN ECONOMIC ASSOCIATION AMERICAN ECONOMIC REVIEW ASSETS BANK CREDIT BANKING SYSTEM BANKRUPTCY BENCHMARK BENCHMARK DATA BUSINESS CYCLE CAPITAL FLOWS CAPITAL INTENSITY CAPITAL MARKETS COUNTRY DUMMIES CREDIT RATINGS DEBT DEPENDENT DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DIRECT FOREIGN INVESTMENT DOMESTIC DEMAND ECONOMIC CRISES ECONOMIC CRISIS ECONOMIC DOWNTURN ECONOMIC DOWNTURNS ECONOMIC EXPANSION ECONOMIC GROWTH ECONOMIC INTERDEPENDENCE ECONOMIC PERFORMANCE ECONOMIC RESEARCH ECONOMIC SHOCKS ECONOMIC VOLATILITY EMERGING ECONOMIES EXPORTS EXPOSURE FINANCIAL CONSTRAINTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL MARKETS FINANCING CONSTRAINTS FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN OWNERS FOREIGN OWNERSHIP FUTURE RESEARCH GDP GLOBAL CAPITAL GLOBAL CAPITAL FLOWS GROWTH RATES HOME COUNTRIES HOME MORTGAGE HUMAN CAPITAL INDUSTRIAL COUNTRIES INPUT-OUTPUT INSOLVENT INSOLVENT FIRMS INSTITUTIONAL INVESTOR INTERNATIONAL TRADE LENDERS LIQUIDITY LIQUIDITY CONSTRAINTS LIQUIDITY CRUNCH MANUFACTURING INDUSTRIES MANUFACTURING INDUSTRY MARKET SHARE MORTGAGE MORTGAGE INVESTMENT MULTINATIONAL CORPORATION MULTINATIONAL CORPORATIONS MULTINATIONAL FIRMS OWNERSHIP INFORMATION PARENT COMPANIES POLITICAL ECONOMY PRODUCTIVITY PROTECTIONISM PUBLIC REGISTRIES REVIEW OF ECONOMICS SALES GROWTH SHARE OF CAPITAL STANDARD ERRORS STOCK PRICES TAX TECHNOLOGY TRANSFER TOTAL OUTPUT TOTAL REVENUE TRADE LIBERALIZATION UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES VERTICAL INTEGRATION VOLATILITY WORLD ECONOMY WORLD TRADE |
| spellingShingle |
AFFILIATED ORGANIZATIONS AMERICAN ECONOMIC ASSOCIATION AMERICAN ECONOMIC REVIEW ASSETS BANK CREDIT BANKING SYSTEM BANKRUPTCY BENCHMARK BENCHMARK DATA BUSINESS CYCLE CAPITAL FLOWS CAPITAL INTENSITY CAPITAL MARKETS COUNTRY DUMMIES CREDIT RATINGS DEBT DEPENDENT DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DIRECT FOREIGN INVESTMENT DOMESTIC DEMAND ECONOMIC CRISES ECONOMIC CRISIS ECONOMIC DOWNTURN ECONOMIC DOWNTURNS ECONOMIC EXPANSION ECONOMIC GROWTH ECONOMIC INTERDEPENDENCE ECONOMIC PERFORMANCE ECONOMIC RESEARCH ECONOMIC SHOCKS ECONOMIC VOLATILITY EMERGING ECONOMIES EXPORTS EXPOSURE FINANCIAL CONSTRAINTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL MARKETS FINANCING CONSTRAINTS FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN OWNERS FOREIGN OWNERSHIP FUTURE RESEARCH GDP GLOBAL CAPITAL GLOBAL CAPITAL FLOWS GROWTH RATES HOME COUNTRIES HOME MORTGAGE HUMAN CAPITAL INDUSTRIAL COUNTRIES INPUT-OUTPUT INSOLVENT INSOLVENT FIRMS INSTITUTIONAL INVESTOR INTERNATIONAL TRADE LENDERS LIQUIDITY LIQUIDITY CONSTRAINTS LIQUIDITY CRUNCH MANUFACTURING INDUSTRIES MANUFACTURING INDUSTRY MARKET SHARE MORTGAGE MORTGAGE INVESTMENT MULTINATIONAL CORPORATION MULTINATIONAL CORPORATIONS MULTINATIONAL FIRMS OWNERSHIP INFORMATION PARENT COMPANIES POLITICAL ECONOMY PRODUCTIVITY PROTECTIONISM PUBLIC REGISTRIES REVIEW OF ECONOMICS SALES GROWTH SHARE OF CAPITAL STANDARD ERRORS STOCK PRICES TAX TECHNOLOGY TRANSFER TOTAL OUTPUT TOTAL REVENUE TRADE LIBERALIZATION UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES VERTICAL INTEGRATION VOLATILITY WORLD ECONOMY WORLD TRADE Alfaro, Laura Chen, Maggie Xiaoyang Surviving the Global Financial Crisis : Foreign Ownership and Establishment Performance |
| geographic_facet |
The World Region The World Region |
| relation |
Policy Research working paper ; no. WPS 5946 |
| description |
This paper examines how different
establishments performed during the recent global financial
crisis, focusing on the role of foreign ownership. The paper
investigates how foreign ownership affected
establishments' responses to negative economic shocks,
using a cross-country panel dataset with detailed
information on operation, location and industry for more
than 12 million establishments from 2005-2008. The evidence
shows that multinational subsidiaries on average fared
better than local counterfactuals with similar economic
characteristics. Among multinational subsidiaries,
establishments with stronger production and financial
linkages with parent companies showed greater resilience.
Finally, in contrast to the crisis period, the impact of
foreign ownership and linkages on an establishment's
performance was insignificant in non-crisis years. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Alfaro, Laura Chen, Maggie Xiaoyang |
| author_facet |
Alfaro, Laura Chen, Maggie Xiaoyang |
| author_sort |
Alfaro, Laura |
| title |
Surviving the Global Financial Crisis : Foreign Ownership and Establishment Performance |
| title_short |
Surviving the Global Financial Crisis : Foreign Ownership and Establishment Performance |
| title_full |
Surviving the Global Financial Crisis : Foreign Ownership and Establishment Performance |
| title_fullStr |
Surviving the Global Financial Crisis : Foreign Ownership and Establishment Performance |
| title_full_unstemmed |
Surviving the Global Financial Crisis : Foreign Ownership and Establishment Performance |
| title_sort |
surviving the global financial crisis : foreign ownership and establishment performance |
| publishDate |
2012 |
| url |
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20120112121253 http://hdl.handle.net/10986/3231 |
| _version_ |
1764386645888466944 |