文章基本信息

标题：Come together: firm boundaries and delegation
本地全文：下载
作者：Laura Alfaro ; Nicholas Bloom ; Paola Conconi 等
期刊名称：CEP Discussion Paper
出版年度：2018
卷号：2018
语种：English
出版社：Centre for Economic Performance
摘要：We jointly study firm boundaries and the allocation of decision rights within them by confronting an incomplete-contracts model with data on vertical integration and delegation for thousands of firms around the world. Integration has an option value: it confers authority to delegate or centralize decision rights, depending on who can best solve problems that arise in the course of an uncertain production process. The model can explain why more vertically integrated firms tend to delegate more, as observed in our data. In line with the model's predictions, we find that firms are more likely to integrate suppliers that produce more valuable inputs and operate in industries with more dispersed productivity, and that firms delegate more decisions to integrated suppliers that produce more valuable inputs and operate in more productive industries.
关键词：integration;delegation;uncertainty;real options;supply assurance