Recent debates suggest that the global economy may enter a deglobalization phase. The COVID-19 pandemic and the conflict in Ukraine are unprecedented global shocks that question the levels of global economic integration reached so far. This study investigates the investment decisions...

In this contribution, we investigate the role of ownership chains developed by multinational enterprises across different national borders. First, we document that parent companies control a majority (58%) of foreign subsidiaries through indirect control relationships involving at least two...