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Firm heterogeneity and performance in a turbulent economic environment : evidence from Greece

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Georgopoulos, Andreas and Glaister, Keith W. (2018) Firm heterogeneity and performance in a turbulent economic environment : evidence from Greece. European Management Review, 15 (2). pp. 237-254. doi:10.1111/emre.12144 ISSN 1740-4754.

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Official URL: http://dx.doi.org/10.1111/emre.12144

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Abstract

We examine the explanatory power of foreign ownership and domestic multinationality on firm performance among three different groups of sample firms over a turbulent economic period drawing on a unique dataset from Greece. Although the performance of each group of firms declines during the economic recession, we find that compared to Greek non-multinational enterprises (MNEs), foreign-owned firms show a profitability advantage, albeit at a lower profit performance level, and a much higher sales growth performance, considerably smoothing out fluctuations in sales. In turn, over the recession Greek MNEs do not achieve better performance compared to Greek non-MNEs, either in terms of profitability or of sales growth. This finding runs counter to the predominant view that the domestic multinationality factor per se matters, and prompts the need for future research to address particularly the performance impact of new multinationals from small and emerging economies. Hence, we suggest that neither domestic ownership nor domestic multinationality can boost firm performance in turbulent years.

Item Type: Journal Article
Subjects: H Social Sciences > HD Industries. Land use. Labor
Divisions: Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Corporations, Foreign -- Greece, International business enterprises -- Greece, Greece -- Economic conditions -- 21st century
Journal or Publication Title: European Management Review
Publisher: Wiley-Blackwell Publishing Ltd.
ISSN: 1740-4754
Official Date: July 2018
Dates:
DateEvent
July 2018Published
2 November 2017Available
17 August 2017Accepted
Volume: 15
Number: 2
Page Range: pp. 237-254
DOI: 10.1111/emre.12144
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
Date of first compliant deposit: 24 August 2017
Date of first compliant Open Access: 2 November 2019

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