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来源类型Working Paper
规范类型报告
DOI10.3386/w11424
来源IDWorking Paper 11424
Determinants of Vertical Integration: Finance, Contracts, and Regulation
Daron Acemoglu; Simon Johnson; Todd Mitton
发表日期2005-06-20
出版年2005
语种英语
摘要We study the determinants of vertical integration in a new dataset of over 750,000 firms from 93 countries. Existing evidence suggests the presence of large cross-country differences in the organization of firms, which may be related to differences in financial development, contracting costs or regulation. We find cross-country correlations between vertical integration on the one hand and financial development, contracting costs, and entry barriers on the other that are consistent with these "priors". Nevertheless, we also show that these correlations are almost entirely driven by industrial composition; countries with more limited financial development, higher contracting costs or greater entry barriers are concentrated in industries with a high propensity for vertical integration. Once we control for differences in industrial composition, none of these factors are correlated with average vertical integration. However, we also find a relatively robust differential effect of financial development across industries; countries with less-developed financial markets are significantly more integrated in industries that are more human capital or technology intensive.
主题Financial Economics ; Corporate Finance ; Industrial Organization ; Firm Behavior
URLhttps://www.nber.org/papers/w11424
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/569067
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GB/T 7714
Daron Acemoglu,Simon Johnson,Todd Mitton. Determinants of Vertical Integration: Finance, Contracts, and Regulation. 2005.
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