<p>This paper examines how a firm’s foreign liability composition affects crisis resilience and identifies the key factors shaping this composition. Using comprehensive firm-level data, we demonstrate that firms with a higher share of foreign equity in their total foreign liabilities were less affected by the Global Financial Crisis and experienced a faster recovery afterwards. The evidence suggests that intra-group financing is the primary mechanism—firms with higher foreign equity shares were able to draw more heavily on loans from their foreign parents when external capital markets were distressed and domestic credit was constrained. Additionally, these firms were also less likely to default during the crisis, highlighting the stabilising role of foreign equity and internal capital markets within multinational firms. Finally, we document that larger, more open, and more productive firms tend to exhibit higher foreign equity shares.</p>