Adapting to an Economic Crisis: The Market System vs Hierarchical Governance

IF 3.7 4区 管理学 Q2 BUSINESS Journal of Macromarketing Pub Date : 2024-03-01 DOI:10.1177/02761467241234250
Octavio J. Martinez
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Abstract

This research investigates how exchange governance and the local market system influence a firm's adaptability to an economic crisis. This paper unveils a nuanced performance disparity by leveraging a rich dataset of manufacturing firms in Spain. While vertically integrated firms exhibit superior performance during periods of stability, they confront more significant setbacks in the aftermath of economic crises. This study demonstrates that the extent of this performance divergence is contingent upon the thickness of the local market system, supporting the hypothesis that vertically integrated firms derive reduced adaptive benefits from agglomeration economies. These findings shed light on the dynamic interrelationship between a firm's vertical scope and geographical context. They underscore the significance of a holistic assessment when determining the optimal approach to exchange governance. This assessment must evaluate the advantages and drawbacks of autonomous versus coordinated adaptation across economic cycles and geographies.
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适应经济危机:市场体系与等级治理
本研究探讨了交易所治理和当地市场体系如何影响企业对经济危机的适应能力。本文利用西班牙制造业企业的丰富数据集,揭示了细微的绩效差异。纵向一体化企业在经济稳定时期表现出卓越的绩效,但在经济危机后却面临更严重的挫折。这项研究表明,这种绩效差异的程度取决于当地市场体系的厚度,从而支持了纵向一体化企业从集聚经济中获得的适应性收益减少的假设。这些发现揭示了企业纵向范围与地理环境之间的动态相互关系。它们强调了在确定交换治理的最佳方法时进行整体评估的重要性。这种评估必须对不同经济周期和地域的自主适应与协调适应的利弊进行评价。
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来源期刊
CiteScore
5.00
自引率
25.80%
发文量
46
期刊介绍: The Journal of Macromarketing is primarily a marketing journal (although it includes a wide range of social science disciplines) that focuses on important societal issues as they are affected by marketing and on how society affects the conduct of marketing. The journal covers macromarketing areas such as marketing and public policy, marketing and development, marketing and the quality of life, and the history of marketing.
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