and existing hypotheses about the impact of foreign direct investment (FDI) on the efficiency of domestic firms in the … host country (i.e., spillovers). We document that backward linkages have a consistently positive effect on productivity of … domestic firms while horizontal and forward linkages show no consistent effect. We also examine how the strength of spillovers …

transparency) is positively associated with firm-level operational efficiency and access to external financing. Several cross … better-developed capital markets that facilitate capital allocation and production efficiency. Additional analyses using the …