This paper explores the differential effects of an environmental jolt on nascent firms. Unlike much of the previous literature, the analysis simultaneously examines: (1) organizational form - independent versus subsidiary (2) the organizational context of the exogenous event, (3) the effects of resources and their influence on the liability of newness/adolescence, and (4) the subsequent timing of the environmental jolt relative to firm age. Our findings support recent calls for the examination of organizational forms as a fruitful avenue for research in the population ecology literature. In addition, our work suggests that further integration of levels of analysis and theoretical perspectives centered on both populations and organizations may be necessary to explain organization survival and mortality.