Institutional determinants of vertical integration in China

doi:10.1016/j.jcorpfin.2014.05.013

CORC > 上海财经大学 > 上海财经大学

	Institutional determinants of vertical integration in China
	Fan, Joseph P. H.1,2; Huang, Jun 3; Morck, Randall 4; Yeung, Bernard 5
刊名	JOURNAL OF CORPORATE FINANCE
	2017-06
卷号	44 页码:524-539
关键词	Vertical integration Rent seeking Institutional development Government
ISSN号	0929-1199
DOI	10.1016/j.jcorpfin.2014.05.013
英文摘要	Where legal systems and market forces enforce contracts inadequately, vertical integration can circumvent these transaction difficulties. But, such environments often also feature highly interventionist government, and even corruption. Vertical integration might then enhance returns to political rent-seeking aimed at securing and extending market power. China offers a suitable background for empirical examination of these issues because her legal and market institutions are generally weak, but nonetheless exhibit substantial province-level variation. We report that Chinese firms in the 2000's are more vertically integrated than the U.S. firms in the 1990s. We find that vertical integration is more common where legal institutions are weaker and where regional governments are of lower quality or more interventionist. Further, firms led by insiders with political connection are more likely to be vertically integrated. Finally, vertical integration. among politically unconnected firms is associated with elevated per capita GDP level and growth, while vertical integration among politically connected firms is unrelated to local economy performance. (C) 2014 Elsevier B.V. All rights reserved.
WOS研究方向	Business & Economics
语种	英语
出版者	ELSEVIER SCIENCE BV
WOS记录号	WOS:000404697500029
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/969]
专题	上海财经大学
通讯作者	Huang, Jun
作者单位	1.Chinese Univ Hong Kong, CUHK Business Sch, Hong Kong, Hong Kong, Peoples R China; 2.Chinese Univ Hong Kong, Inst Econ & Finance, Hong Kong, Hong Kong, Peoples R China; 3.Shanghai Univ Finance & Econ, Inst Accounting & Finance, 777 Guoding Rd, Shanghai 200433, Peoples R China; 4.Univ Alberta, Natl Bur Econ Res, Edmonton, AB, Canada; 5.Natl Univ Singapore, Business Sch, Singapore, Singapore
推荐引用方式 GB/T 7714	Fan, Joseph P. H.,Huang, Jun,Morck, Randall,et al. Institutional determinants of vertical integration in China[J]. JOURNAL OF CORPORATE FINANCE,2017,44:524-539.
APA	Fan, Joseph P. H.,Huang, Jun,Morck, Randall,&Yeung, Bernard.(2017).Institutional determinants of vertical integration in China.JOURNAL OF CORPORATE FINANCE,44,524-539.
MLA	Fan, Joseph P. H.,et al."Institutional determinants of vertical integration in China".JOURNAL OF CORPORATE FINANCE 44(2017):524-539.