We offer a preliminary examination of whether national and organizational level contexts amplify or reduce the effects of de-globalization on the performance of MNCs. Theoretically, we borrow ideas from both event system theory and institutional fit to propose a model explicating key dimensions of the relationship between de-globalization, national and organizational context, and MNC performance. We then test our ideas using data assembled from 283 MNCs in 20 countries. We find that while de-globalization has a negative effect on MNC performance, national and organizational level contextual endowments do moderate this relationship. We discuss some implications of our findings and highlight attendant limitations.