G2TT
来源类型FEEM working papers "Note di lavoro" series
规范类型论文
Business Groups as Hierarchies of Firms: Determinants of Vertical Integration and Performance
Carlo Altomonte; Armando Rungi
发表日期2013
出处Economy and Society
出版年2013
语种英语
摘要We explore the nature of Business Groups, that is network-like forms of hierarchical organization between legally autonomous firms spanning both within and across national borders. Exploiting a unique dataset of 270,474 headquarters controlling more than 1,500,000 (domestic and foreign) affiliates in all countries worldwide, we find that business groups account for a significant part of value-added generation in both developed and developing countries, with a prevalence in the latter. In order to characterize their boundaries, we distinguish between an affiliate vs. a group-level index of vertical integration, as well as an entropy-like metric able to summarize the hierarchical complexity of a group and its trade-off between exploitation of knowledge as an input across the hierarchy and the associated communication costs. We relate these metrics to host country institutional characteristics, as well as to the performance of affiliates across business groups. Conditional on institutional quality, a negative correlation exists between vertical integration and organizational complexity in defining the boundaries of business groups. We also find a robust (albeit non-linear) positive relationship between a group's organizational complexity and productivity which dominates the already known correlation between vertical integration and productivity. Results are in line with the theoretical framework of knowledge-based hierarchies developed by the literature, in which intangible assets are a complementary input in the production processes.
特色分类F23;L22;L23;L25;D24;G34
关键词Production Chains Hierarchies Business Groups Financial Development Property Rights Vertical Integration Corporate Ownership Organization of Production Productivity
URLhttps://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/business-groups-as-hierarchies-of-firms-determinants-of-vertical-integration-and-performance/
来源智库Fondazione Eni Enrico Mattei (Italy)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/118161
推荐引用方式
GB/T 7714
Carlo Altomonte,Armando Rungi. Business Groups as Hierarchies of Firms: Determinants of Vertical Integration and Performance. 2013.
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