This paper reviews and summarises the results of selected empirical studies on performance gaps between multinational enterprises and their domestic counterparts. Performance gaps arise in such fields as productivity, profitability, wages, skills, factor intensity and growth. Of central interest is the question to what extent is foreign ownership an explanatory factor of performance gaps? Empirical evidence supports the existence of performance gaps between foreign and domestic firms, yet foreign ownership is a much less important explanatory factor than normally assumed. Structural factors like industry, size and multi-nationality per se are more important. It is argued that such results are broadly consistent with those derived in the literatures on ownership change, on foreign entry and on spillovers. The concluding section discusses the normative issue whether there is a case for investment promotion policies to discriminate between firms on the basis of performance gaps by ownership. / Series: Working Papers Series "Growth and Employment in Europe: Sustainability and Competitiveness"

A dupla listagem é uma estratégia que supostamente pode minimizar os efeitos de uma crise financeira internacional sobre as empresas. Este estudo buscou analisar se esta suposição é válida para companhias brasileiras, no contexto da crise de 2008. O problema de pesquisa que direcionou este estudo foi: A dupla listagem internacional fez com que os impactos da crise financeira de 2008 sobre determinados indicadores das empresas fossem compatíveis com os previstos na literatura e fossem diferentes daqueles sofridos pelas empresas domésticas? O objetivo foi analisar se a dupla listagem pode minimizar os efeitos gerados pela crise financeira de 2008 sobre determinados indicadores associados às empresas listadas. Os efeitos da crise de 2008 foram também comparados com os sofridos pelos papéis de empresas domésticas, sem dupla listagem. Os indicadores analisados foram: liquidez, volume, risco, retorno, custo de capital, alavancagem financeira, valor da empresa e concorrência. O teste de hipóteses foi utilizado para verificar se houve impacto significativo nas variáveis das empresas antes e após a crise financeira. Foram utilizadas para a amostra 37 empresas duplamente listadas (EDL) e 37 empresas domésticas (ED). Os resultados obtidos com o estudo sugerem que, durante uma crise financeira internacional, a maioria dos indicadores das EDL apresenta diferença significativa quando comparados os períodos pré e pós-crise. Os resultados das empresas domésticas foram semelhantes. Estes resultados estão em consonância com os apresentados nos estudos de Bailey, Chan e Chung (2000), Huang e Stoll (2001), Bin, Blenman e Chen (2004), mas contradizem os resultados de Huang e Stoll (2001). Em relação às diferenças entre os dois grupos de empresas Chandar, Patro e Yezegel (2009) afirmam que empresas com dupla listagem ficaram mais protegidas no período da crise; porém, Chira e Marciniak (2014) comprovaram que por serem duplamente listadas as empresas ficaram mais expostas durante as crises financeiras. As duas conclusões principais do estudo são que a crise afetou de forma semelhante os dois grupos de empresas e que, portanto, a dupla listagem não minimizou seus efeitos / The cross-listing is a strategy that supposedly can minimize the effects of an international financial crisis on businesses. This study sought to analyze if this supposition is valid for Brazilian companies, in the context of the crisis of 2008. The research problem that directed this study was: The international cross-listing has meant that the impact of the financial crisis of 2008 on certain indicators of the companies were compatible with the expected in the literature and were different from those experienced by domestic firms? The objective was to analyze if the cross-listing can minimize the effects generated by the 2008 financial crisis on certain indicators associated with listed companies. The effects of the 2008 crisis were also compared with those suffered by the papers of domestic companies, without cross-listing. The indicators analyzed were: liquidity, scale, risk and return, cost of capital, financial leverage, firm\'s value and competitors. The hypothesis testing was used to verify if there was significant impact on the variables of enterprises before and after the financial crisis. The hypothesis testing was used to verify if there was significant impact on the variables of enterprises before and after the financial crisis. They were used for the sample 37 cross-listed firms (CLF) and 37 domestic firms (DF). The results of the study suggest that, during an international financial crisis, most of the indicators of the CLF presents significant difference when compared to the periods before and after the crisis. The results of domestic companies were similar. These results are consistent with those presented in studies by Bailey, Chan and Chung (2000), Huang and Stoll (2001), Bin, Blenman and Chen (2004), but contradict the results by Huang and Stoll (2001). Regarding the differences between the two groups of companies Chandar, Patro and Yezegel (2009) state that companies with cross-listing were more protected in times of crisis; however, Chira and Marciniak (2014) confirmed that cross-listed companies were more exposed during the financial crisis. The two principal conclusions of the study are that the crisis affected in a similar manner both groups of companies and, therefore, the cross-listing did not minimize their effects

A dupla listagem é uma estratégia que supostamente pode minimizar os efeitos de uma crise financeira internacional sobre as empresas. Este estudo buscou analisar se esta suposição é válida para companhias brasileiras, no contexto da crise de 2008. O problema de pesquisa que direcionou este estudo foi: A dupla listagem internacional fez com que os impactos da crise financeira de 2008 sobre determinados indicadores das empresas fossem compatíveis com os previstos na literatura e fossem diferentes daqueles sofridos pelas empresas domésticas? O objetivo foi analisar se a dupla listagem pode minimizar os efeitos gerados pela crise financeira de 2008 sobre determinados indicadores associados às empresas listadas. Os efeitos da crise de 2008 foram também comparados com os sofridos pelos papéis de empresas domésticas, sem dupla listagem. Os indicadores analisados foram: liquidez, volume, risco, retorno, custo de capital, alavancagem financeira, valor da empresa e concorrência. O teste de hipóteses foi utilizado para verificar se houve impacto significativo nas variáveis das empresas antes e após a crise financeira. Foram utilizadas para a amostra 37 empresas duplamente listadas (EDL) e 37 empresas domésticas (ED). Os resultados obtidos com o estudo sugerem que, durante uma crise financeira internacional, a maioria dos indicadores das EDL apresenta diferença significativa quando comparados os períodos pré e pós-crise. Os resultados das empresas domésticas foram semelhantes. Estes resultados estão em consonância com os apresentados nos estudos de Bailey, Chan e Chung (2000), Huang e Stoll (2001), Bin, Blenman e Chen (2004), mas contradizem os resultados de Huang e Stoll (2001). Em relação às diferenças entre os dois grupos de empresas Chandar, Patro e Yezegel (2009) afirmam que empresas com dupla listagem ficaram mais protegidas no período da crise; porém, Chira e Marciniak (2014) comprovaram que por serem duplamente listadas as empresas ficaram mais expostas durante as crises financeiras. As duas conclusões principais do estudo são que a crise afetou de forma semelhante os dois grupos de empresas e que, portanto, a dupla listagem não minimizou seus efeitos / The cross-listing is a strategy that supposedly can minimize the effects of an international financial crisis on businesses. This study sought to analyze if this supposition is valid for Brazilian companies, in the context of the crisis of 2008. The research problem that directed this study was: The international cross-listing has meant that the impact of the financial crisis of 2008 on certain indicators of the companies were compatible with the expected in the literature and were different from those experienced by domestic firms? The objective was to analyze if the cross-listing can minimize the effects generated by the 2008 financial crisis on certain indicators associated with listed companies. The effects of the 2008 crisis were also compared with those suffered by the papers of domestic companies, without cross-listing. The indicators analyzed were: liquidity, scale, risk and return, cost of capital, financial leverage, firm\'s value and competitors. The hypothesis testing was used to verify if there was significant impact on the variables of enterprises before and after the financial crisis. The hypothesis testing was used to verify if there was significant impact on the variables of enterprises before and after the financial crisis. They were used for the sample 37 cross-listed firms (CLF) and 37 domestic firms (DF). The results of the study suggest that, during an international financial crisis, most of the indicators of the CLF presents significant difference when compared to the periods before and after the crisis. The results of domestic companies were similar. These results are consistent with those presented in studies by Bailey, Chan and Chung (2000), Huang and Stoll (2001), Bin, Blenman and Chen (2004), but contradict the results by Huang and Stoll (2001). Regarding the differences between the two groups of companies Chandar, Patro and Yezegel (2009) state that companies with cross-listing were more protected in times of crisis; however, Chira and Marciniak (2014) confirmed that cross-listed companies were more exposed during the financial crisis. The two principal conclusions of the study are that the crisis affected in a similar manner both groups of companies and, therefore, the cross-listing did not minimize their effects