Description for Figure 6
Special purpose entities

Consider Company A located in country A that owns 100% of the voting shares of Company B located in  country B. Company B owns 100% of the voting shares of Company C located in Canada and has an industrial classification as a holding company (NAICS 55). Company C owns 100% of the voting shares of Company D also located in Canada, but has an industrial classification as wholesale trade (NAICS 41). In this example Company C is a majority-owned domestic affiliate with immediate investing country B and ultimate investing country A. Company D is a wholly-owned Canadian subsidiary of Company C and therefore both Company C and Company D are included in the Inward FAS frame of study. Industrial breakdown of MODA variables allocate data based upon NAICS coding. In the case where companies C and D are consolidated and reported for by Company C (as is a common occurrence), all data would therefore be allocated to NAICS code 55 and the industry truly impacted  by foreign control (NAICS 41) would remain hidden.