Multinationals' response to major disasters: how does subsidiary investment vary in response to the type of disaster and the quality of country governance?
研究了71家大型欧洲跨国公司2001-2006年子公司的面板数据，发现恐怖袭击和技术灾难会减少子公司数量，但自然灾害不会；东道国治理质量高时，恐怖袭击导致的撤资更少。
Abstract We investigate the response of multinational corporations (MNCs) to major disasters at the subsidiary level. We examine the type and severity of the disaster and whether and how country governance moderates the relationship between exogenous disaster risk and subsidiary investment. We test our hypotheses with a panel dataset of 71 large European MNCs and their subsidiaries (2001–2006) with 31,285 total observations. Findings suggest that the number of a firm's foreign subsidiaries is likely to decrease in response to terrorist attacks or technological disasters but not natural disasters, regardless of the severity of the event. For terrorist activities, MNC subsidiary‐level disinvestment is less likely when the quality of host country governance is higher. Copyright © 2011 John Wiley & Sons, Ltd.