The article explores how foreign capital affects firms during financial crises. Firms that raised money from foreign markets did better during crises than those relying on local funding. Foreign equity-raising firms were less financially constrained, while foreign debt-raising firms faced more constraints. Firms with a mix of foreign equity and debt had better outcomes than those relying mainly on debt. During the Global Financial crisis, East Asian firms with international capital performed similarly to domestically funded firms. Large and efficient firms that tap international markets face fewer financial constraints during crises.