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<p>Foreign-owned firms strongly increased their exports in the global financial crisis compared to domestically owned firms. We document this pattern and investigate the underlying reasons using rich microdata from Spain. Specifically, we propose a triple differences identification strategy to test how the exogenous shock to credit supply in the crisis differentially affected firm exports depending on ownership and pre-crisis financial vulnerability. We find that foreign ownership significantly stabilized exports in the crisis, in particular among financially vulnerable firms. This finding squares well with a financial advantage of foreign ownership: the fact that foreign-owned firms can access foreign capital markets via their multinational parents makes their exports more resilient to deteriorating credit conditions. We find robust evidence for this credit channel, while multinationals’ distribution networks, input prices, or differential demand shocks did not play a relevant role.</p>

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Firm Exports, Foreign Ownership, and the Global Financial Crisis

  • 期刊论文

  • 发表日期：

    2025年7月7日

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  • Peter Eppinger,
  • Marcel Smolka

摘要

Foreign-owned firms strongly increased their exports in the global financial crisis compared to domestically owned firms. We document this pattern and investigate the underlying reasons using rich microdata from Spain. Specifically, we propose a triple differences identification strategy to test how the exogenous shock to credit supply in the crisis differentially affected firm exports depending on ownership and pre-crisis financial vulnerability. We find that foreign ownership significantly stabilized exports in the crisis, in particular among financially vulnerable firms. This finding squares well with a financial advantage of foreign ownership: the fact that foreign-owned firms can access foreign capital markets via their multinational parents makes their exports more resilient to deteriorating credit conditions. We find robust evidence for this credit channel, while multinationals’ distribution networks, input prices, or differential demand shocks did not play a relevant role.