Firms in the great global recession: The role of foreign ownership and financial dependence

被引：32

作者：

Kolasa, Marcin ^{[1
,2
]}

Rubaszek, Michal ^{[1
,2
]}

Taglioni, Daria ^{[3
,4
]}

机构：

[1] Natl Bank Poland, PL-00919 Warsaw, Poland

[2] Warsaw Sch Econ, PL-02554 Warsaw, Poland

[3] European Cent Bank, D-60311 Frankfurt, Germany

[4] Ctr Trade & Econ Integrat, Grad Inst Int & Dev Studies, CH-1211 Geneva 21, Switzerland

来源：

EMERGING MARKETS REVIEW | 2010年 / 11卷 / 04期

关键词：

Global crisis; Firm-level data; Foreign ownership; Financial constraints; Internal capital market; CONSTRAINTS; CRISES;

D O I：

10.1016/j.ememar.2010.06.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the channels through which the global crisis of 2008-2009 spread to economic activity of an emerging, fast growing economy with sound macroeconomic fundamentals. On the basis of Polish firm-level data we find that a number of individual firm characteristics account for a heterogeneous response. In particular, foreign ownership appears to have provided a higher degree of resilience to the crisis. Our results indicate that this effect might be due to intra-group lending mechanisms supporting affiliates facing external credit constraints. (C) 2010 Elsevier By. All rights reserved.

引用

页码：341 / 357

页数：17

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