Global integration strategies in times of crisis: An event study of the impact the global financial crisis has on Turkish subsidiaries' exporting strategies

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Past research suggests that a financial crisis event has a dual and ambiguous effect on the exporting strategy of subsidiaries of multinational firms in a value chain and offshoring perspective. From a total volume perspective exports are expected to contract due to a decline in demand (demand shock) from other subsidiaries downstream in the value chain. While in a comparative perspective multinational subsidiaries are found to perform relatively better than local firms that are integrated differently (arms’ length) in global production networks (e.g., offshoring outsourcing). This chapter tries to reconcile these findings by testing a number of hypothesis about global integration strategies in the context of the Global Financial Crisis (GFC) and how it affected exporting among multinational subsidiaries operating out of Turkey. Controlling for the impact that exchange rate depreciations and volatility has on firm-level exports the study shows that the particular global event studied had no additional impact on individual firms’ exports. Since multinational subsidiaries are more insulated from these effects they are able to expand rather than contract their global integration strategies throughout the course of the GFC.
TitelBreaking up the global value chains : opportunities and consequences
RedaktørerTorben Pedersen, Timothy M. Devinney, Laszlo Tihanyi, Arnaldo Camuffo
Antal sider39
UdgivelsesstedBingley UK
ForlagEmerald Group Publishing
Publikationsdato1 aug. 2017
ISBN (Trykt)978-1-78743-072-3
ISBN (Elektronisk)978-1-78743-071-6
StatusUdgivet - 1 aug. 2017
Udgivet eksterntJa
NavnAdvances in International Management


  • Exporting strategies
  • Global financial crisis
  • Integration strategies

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