Vertical integration, disintegration and ability to export垂直整合，分化和出口能力.pptVIP

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Vertical integration, disintegration and ability to export垂直整合，分化和出口能力.ppt

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Vertical integration, disintegration and ability to export垂直整合，分化和出口能力

Gianpaolo Rossini University of Bologna Vertical integration, disintegration and ability to export Gianpaolo Rossini and Laura Vici Department of Economics, University of Bologna Introduction Firms heterogeneities: Least productive firms do not exit in an imperfectly competitive environment - make lower profits and confine to the domestic market. Where do differential performances come from? Technology and process innovating RD Market strategies and other forms of RD Internal (vertical) organization mode Focus of the paper Internal (vertical) organization of exporting firms. Related theoretical (Helpman, 2006) and applied (Rossini and Ricciardi, 2005) contributions. LITERATURE: More efficient firms - more vertically integrated on both a domestic and a cross-border basis (Antras and Helpman, 2004; Grossman and Helpman, 2002; Buehler and Schmutzler, 2003) Main question Is exporting activity going to affect the degree of vertical integration (VI)? Or, are more vertically integrated firms exporting more than vertically disintegrated enterprises? Main results We provide a link between literature stating that only more productive firms export and literature stating that more productive firms are more vertically integrated. FINDING: the more firms export the more VI they are. Why? A matter of size, since larger firms are more VI. Theoretical set up Comparison between VI and VD crossborder Cournot duopolies, with differentiation. VD linear pricing: most common practice among input producers. 2-3 stages: VI –VD, Ex - no ex, vertical interaction between U and D NOVELTY Payoffs: profits per unit of capital invested. Shareholders aim at the maximum profit per unit of capital. Scenario 1 Small firm versus large firm, home bias VD subgame: (vertical restraint as in Rossini, 2007). The small firm never exports, neither in the game equilibrium nor in subgame: VI firms (and also VD) may export only if they are large Scenario 2 Small firm versus large firm