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Vertical Integration and Investor Protection in Developing Countries AgEcon
Macchiavello, Rocco.
The industrial organization of developing countries is characterized by the pervasive use of subcontracting arrangements among small, financially constrained firms. This paper asks whether vertical integration relaxes those financial constraints. It shows that vertical integration trades off the benefits of joint liability against the costs of rendering the supply chain more opaque to external investors. In contrast to the commonly held view that pervasive input and capital market imperfections are conducive to vertical integration, the model predicts that the motives for vertical integration are not necessarily higher in developing countries. In particular, vertical integration is more likely to arise at intermediate levels of investor protection and...
Tipo: Working or Discussion Paper Palavras-chave: Vertical Integration; Industrial Development; Financial Constraints; Joint Liability; Trade Credit; Community-based Industries; Financial Economics; O12; O16; D23; G30; L22.
Ano: 2009 URL: http://purl.umn.edu/55285
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