TY  - BOOK
AU  - Alfaro,Laura
AU  - Alfaro,Laura
AU  - Chen,Maggie Xiaoyang
TI  - Surviving the Global Financial Crisis: Foreign Ownership and Establishment Performance 
PY  - 2012///
CY  - Washington, D.C.
PB  - The World Bank
KW  - Bankruptcy and Resolution of Financial Distress
KW  - Economic Conditions and Volatility
KW  - Economic Theory & Research
KW  - Emerging Markets
KW  - Establishment response
KW  - Finance and Financial Sector Development
KW  - Financial linkage
KW  - Foreign ownership
KW  - Global financial crisis
KW  - International Economics & Trade
KW  - Investment and Investment Climate
KW  - Production linkage
N2  - 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
UR  - http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-5946
ER  -