Most ? means like 60 % ?....! Please Quantify MOST?
How many are fully owned subsidiaries of a US company incorporated in Argentina, in your Opinion...????
Coca-Cola, McDonalds, Microsoft, Google, FedEx, UPS, Starwood Hotels, Avis, Budget, American Airlines, Delta Air Lines, United Airlines, Verizon, AT&T, Kelloggs, Procter & Gamble... there may be 1 or 2 more that I've missed.
Most of the fast food restaurants, maybe. I don't think Microsoft is operating franchise operations anywhere in the world. I know firsthand that Oracle isn't. I doubt General Motors is either.