Stefania Miricola | Searcharxiv

arXiv2026

One Call Away. Ownership Chains and Ease of Communication in Multinational Enterprises

This study examines how multinational enterprises structure ownership chains to coordinate subsidiaries across multiple national borders. Using a unique global dataset, we first document key stylized facts: 54% of subsidiaries are controlled through indirect ownership, and ownership chains can span up to seven countries. In particular, we find that subsidiaries further down the control hierarchy tend to be more geographically distant from the parent and operate in different time zones. This suggests that the ease of communication along ownership chains is a critical determinant of their structure. On the other hand, tax optimization strategies are not correlated with locations along ownership chains. Motivated by previous findings, we develop a location choice model in which parent firms compete for corporate control of final subsidiaries, but monitoring is costly, and they can delegate control to an intermediate affiliate in another jurisdiction. The model generates a two-stage empirical strategy: (i) a trilateral equation that determines the location of an intermediate affiliate conditional on the location of final subsidiaries; and (ii) a bilateral equation that predicts the location of final investment. Our empirical estimates confirm that the ease of communication at the country level has a significant influence on the location decisions of affiliates along ownership chains. Our findings underscore the importance of communication frictions in shaping global corporate structures, and provide new insights into the geography of multinational ownership networks.

econ.GN↗

arXiv2025

Quantifying walkable accessibility to urban services: An application to Florence, Italy

The concept of quality of life in urban settings is increasingly associated to the accessibility of amenities within a short walking distance for residents. However, this narrative still requires thorough empirical investigation to evaluate the practical implications, benefits, and challenges. In this work, we propose a novel methodology for evaluating urban accessibility to services, with an application to the city of Florence, Italy. Our approach involves identifying the accessibility of essential services from residential buildings within a 10-minute walking distance, employing a rigorous spatial analysis process and open-source geospatial data. As a second contribution, we extend the concept of 10-minute accessibility within a network theory framework and apply a clustering algorithm to identify urban communities based on shared access to essential services. Finally, we explore the dimension of functional redundancy. Our proposed metrics represent a step forward towards an accurate assessment of the adherence to the 10-minute city model and offer a valuable tool for place-based policies aimed at addressing spatial disparities in urban development.

econ.GN↗