<p>In this study, we investigated how global air connectivity shapes the geography of multinational corporations (MNCs). Using a unique dataset merging 7.5 million firms with 400,000 international flight routes (1993–2023), we analyze how air network topology influences where MNCs establish foreign subsidiaries. First, we show that reductions in layovers are associated with a greater presence of subsidiaries in destination cities. Second, we show that MNCs in face-to-face-reliant sectors—such as knowledge-based services—are more responsive to air connectivity than firms in less interaction-intensive sectors. Third, we demonstrate that eigenvector centrality, capturing a city’s embeddedness within the global air network, is the most robust predictor of subsidiary locations. These results underscore the enduring role of physical connectivity in facilitating global firm coordination and suggest that a city’s position in air networks is crucial for attracting foreign investment.</p>