Robustness with Adaptation. Ownership Networks of Multinationals through COVID-19

Charlie Joyez

No 2025-46, GREDEG Working Papers from Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France

Abstract: We study how COVID-19 a ected the ownership co-location network of French multinationals over 2012-2022. Using INSEE's LiFi, we build annual country-industry co-location networks and assess robustness via topology (density, centralization, assortativity, clustering) and edge survival (Weighted Jaccard). We then test for post-shock shifts in the determinants of dyadic co-location with MRQAP. Three results emerge. First, the network's core is robust: topology shows no discontinuity and centrality persists. Second, adaptation is continuous at the margin: around one-third of edges rewire, concentrated in the periphery while core ties endure. Third, after 2020 the determinants of tie weights change, with a reduced role for gravity-like factors and greater cross-sector rebalancing. Thus the system is structurally robust with active peripheral adjustment. Rather than strict resilience in the sense of a return to the pre-COVID configuration, we observe durable strategic reweighting.

Keywords: Global Value Chain; Multinational Firms; Location Choices; Weighted Directed Networks (search for similar items in EconPapers)
JEL-codes: C4 F02 F23 F60 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2025-11
New Economics Papers: this item is included in nep-inv and nep-net
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Journal Article: Robustness with adaptation. Ownership networks of multinationals through COVID-19 (2025)
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