Increased global integration of firm, production, and financial networks has the potential to benefit growth but also amplify the transmission of crises. We test whether higher global connectedness is associated with robust (beneficial) or fragile (harmful) behavior using networks derived from firm equity returns across all industries (1991-2016). More globally connected firms are less likely to be in distress, with higher profit, revenue and equity price growth; however, they are more exposed to direct contagion from distressed neighboring firms. Our analysis reveals the centrality of finance, increased globalization, and greater potential for crises to spread globally when they do occur.

中文翻译：

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全球一体化的双刃剑：国际公司网络中的稳健性、脆弱性和传染性†

企业、生产和金融网络在全球范围内日益一体化，有可能有利于增长，但也会放大危机的传播。我们使用来自所有行业（1991-2016）的公司股权回报的网络来测试更高的全球连通性是否与稳健（有益）或脆弱（有害）行为相关。全球联系越多的公司越不容易陷入困境，利润、收入和股价增长都更高；然而，它们更容易受到陷入困境的邻近公司的直接传染。我们的分析揭示了金融的核心地位、全球化的加剧以及危机发生时更大的全球蔓延潜力。