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

被引：31
|
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.
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页码：341 / 357
页数：17
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