This article explores how firm interconnectedness determines firm-level resilience. We argue that firms that engage in outward foreign direct investment are more interconnected, and therefore better equipped to deal with structural and economic shocks, than firms that are not engaged in outward foreign investment. Interconnectedness is measured along two dimensions; cross-border firm linkages and embeddedness in interconnected regions. We use a sample of 13,000 Italian manufacturing firms during the period 2008–2011. We find a positive association between firm interconnectedness and resilience. Moreover, we find the firms that operate in more interconnected regions to be more resilient than firms that operate in relatively isolated regions. Our results offer new insights into the complex interaction between firm and regional interconnectedness.

中文翻译：

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牢固的相互联系和韧性：来自意大利制造业的证据


本文探讨了企业相互关联性如何决定企业层面的韧性。我们认为，与不从事对外直接投资的公司相比，从事对外直接投资的公司相互关联性更强，因此更有能力应对结构和经济冲击。相互联系是从两个维度来衡量的;跨境企业联系和相互关联地区的嵌入性。我们使用了 2008 年至 2011 年期间 13,000 家意大利制造公司的样本。我们发现，企业相互关联性和韧性之间存在正相关。此外，我们发现，在相互关联性更强的地区运营的公司比在相对孤立地区运营的公司更具韧性。我们的研究结果为公司和区域相互联系之间的复杂互动提供了新的见解。