This article studies whether foreign subsidiaries (FSs) are able to cooperate for innovation with local partners during good and harsh economic times. It also enquires as to whether these companies and different types of domestic firms displayed similar cooperative behaviour during 2004–16. The period is divided into three sub-periods (boom, downturn, and recovery), and three logit models with panel data of a representative sample of Spanish firms are proposed. The ability of FSs to cooperate for innovation is maintained throughout the business cycle. These firms are better at cooperating than are unaffiliated firms but not significantly better than domestic business groups. State-owned enterprises strongly outperform both FSs and domestic private firms during the boom, the downturn, and the recovery. Unaffiliated domestic firms manage to cooperate during the boom and the recovery but not during the downturn. Predictors of cooperative innovation vary throughout the business cycle. The results contain policy implications.

中文翻译：

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合作创新与危机：国外子公司、国有企业、国内民营企业

本文研究外国子公司 (FS) 是否能够在经济形势好坏时与当地合作伙伴合作进行创新。它还询问这些公司和不同类型的国内公司在 2004-16 年间是否表现出类似的合作行为。该时期分为三个子时期（繁荣期、低迷期和复苏期），并提出了三个具有西班牙企业代表性样本面板数据的 logit 模型。金融服务机构合作创新的能力在整个商业周期中得以保持。这些公司比非附属公司更擅长合作，但并不明显优于国内商业集团。在繁荣、低迷和复苏期间，国有企业的表现明显优于金融业和国内私营企业。独立的国内公司在繁荣和复苏期间设法合作，但在衰退期间却不行。合作创新的预测因素在整个商业周期中各不相同。结果包含政策含义。