Gateway to Think Tanks
来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP10784 |
DP10784 Relational Contracts and Supplier Turnover in the Global Economy | |
Jens Südekum; Fabrice Defever; Christian Fischer | |
发表日期 | 2015-08-23 |
出版年 | 2015 |
语种 | 英语 |
摘要 | Headquarters and their specialized component suppliers have a vital interest in establishing long-term collaborations. When formal contracts are not enforceable, such efficiency-enhancing cooperations can be established via informal agreements, but relational contracts have been largely ignored in the literature on the international organization of value chains. In this paper, we develop a dynamic property rights model of global sourcing. A domestic headquarter collaborates with a foreign input supplier and makes two decisions in every period: i) whether to engage in a costly search for a better partner, and ii) whether to make a non-binding offer to overcome hold-up problems. Our key result is that the possibility to switch partners crucially affects the contractual nature of buyer-supplier relationships. In particular, some patient firms do not immediately establish a relational contract, but only when they decide to stop searching and thus launch a long-term collaboration with their supplier. From our model, we develop an instrumental variable estimation strategy that we apply using transaction-level data of fresh Chinese exporters to the US. We obtain empirical evidence in line with the theoretical prediction of a positive causal effect of match durations on relational contracting. |
主题 | International Trade and Regional Economics |
关键词 | China Firm organization Input sourcing Processing trade Relational contracts Supplier search |
URL | https://cepr.org/publications/dp10784 |
来源智库 | Centre for Economic Policy Research (United Kingdom) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539615 |
推荐引用方式 GB/T 7714 | Jens Südekum,Fabrice Defever,Christian Fischer. DP10784 Relational Contracts and Supplier Turnover in the Global Economy. 2015. |
条目包含的文件 | 条目无相关文件。 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。