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

Marcin Kolasa, Michał Rubaszek and Daria Taglioni ()

Emerging Markets Review, 2010, vol. 11, issue 4, 341-357

Abstract: 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.

Keywords: Global; crisis; Firm-level; data; Foreign; ownership; Financial; constraints; Internal; capital; market (search for similar items in EconPapers)
Date: 2010
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (38)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1566-0141(10)00030-0
Full text for ScienceDirect subscribers only

Related works:
Working Paper: Firms in the great global recession: The role of foreign ownership and financial dependence (2010)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:11:y:2010:i:4:p:341-357

Access Statistics for this article

Emerging Markets Review is currently edited by Jonathan A. Batten

More articles in Emerging Markets Review from Elsevier
Bibliographic data for series maintained by Catherine Liu ().