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

Marcin Kolasa (), Michał Rubaszek () and Daria Taglioni ()

No 77, NBP Working Papers from Narodowy Bank Polski, Economic Research Department

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 f irm characteristics account for a heterogeneous response. In p articular, 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)
JEL-codes: C23 E44 F23 G32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec and nep-ifn
Date: 2010
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