发帖
雷达卡
We perform a series of sensitivity analyses to verify that our results are not driven by firm
attributes correlated with ownership status or by sector characteristics correlated with financial
vulnerability. The patterns we document are robust to controlling for sectors’ technological sophistication,
contract intensity, and physical and human capital intensity, which can affect the sectoral composition of
MNC activity for reasons other than financial considerations. Since bigger Chinese firms might enjoy
easier access to external capital, we further confirm that the role of foreign ownership in mitigating the
effects of credit constraints on export performance is independent from that of firm size. Finally, we
provide evidence that the advantage of joint ventures and MNC affiliates over private domestic firms in
financially vulnerable industries is particularly strong when exporting is more costly. Specifically, we show
that the relative performance of foreign-owned companies in such sectors is systematically better when the
destination market is more distant or has higher entry costs.
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