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Determinants of vertical integration : finance, contracts, and regulation

Author: Daron Acemoglu; Simon Johnson; Todd Mitton; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2005.
Series: Working paper series (National Bureau of Economic Research), no. 11424.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"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,  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Daron Acemoglu; Simon Johnson; Todd Mitton; National Bureau of Economic Research.
OCLC Number: 60670856
Notes: June 2005.
Title from first page of PDF document.
Description: 1 online resource (27, [16] pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 11424.
Responsibility: Daron Acemoglu, Simon Johnson, Todd Mitton.

Abstract:

"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"--National Bureau of Economic Research web site.

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