In this paper, I study how two types of corruption – public procurement or grand corruption and petty corruption – affect the new product innovation in manufacturing firms. Using the firm level data from the Enterprise Survey implemented by the World Bank and partners in 2019, the study implemented a two-stage instrumental approach for both types of corruption. The results confirm the complex effects of corruption on innovation: while grand corruption tends to harm innovation, petty corruption is found to have positive effects. From the limitations of this study, I also propose some directions for further research to understand the transnational feature of corruption.
{"title":"Corruption and Innovation in Manufacturing Firms: A Cross-country Analysis","authors":"Trung Nguyen","doi":"10.2139/ssrn.3851478","DOIUrl":"https://doi.org/10.2139/ssrn.3851478","url":null,"abstract":"In this paper, I study how two types of corruption – public procurement or grand corruption and petty corruption – affect the new product innovation in manufacturing firms. Using the firm level data from the Enterprise Survey implemented by the World Bank and partners in 2019, the study implemented a two-stage instrumental approach for both types of corruption. The results confirm the complex effects of corruption on innovation: while grand corruption tends to harm innovation, petty corruption is found to have positive effects. From the limitations of this study, I also propose some directions for further research to understand the transnational feature of corruption.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123726312","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The subject of this article is to analyse the financial structure of companies belonging to the second and third sector. The issue of sources of funding is one of the fundamental decisions of financial managers and has been a much-debated topic in the last century. A number of studies have been written throughout this period, but there is still no consensus, and there is still a need to expand this area with new knowledge for other countries and sectors. The analysis covers medium and large companies engaged in automotive industry and is located in eleven selected countries including the Visegrád Group, Austria, Bulgaria, Romania, Slovenia, Germany, Italy and France. The period under review is between 2010 and 2018. The input data come from the Orbis and World Bank database. The research deals with the impact of profitability, liquidity, asset structure, non-debt tax shield, GDP, inflation and basic interest rate on the total, long-term and short-term debt of companies. Panel regression using the GMM method is used to determine the impact of individual factors on debt levels. The main conclusion of the research is that companies in both sectors are mainly affected by the determinants of the external environment, most of all by changes in interest rates. This research builds on existing knowledge and seeks to disseminate it by focusing on specific sectors. From a practical point of view, the results of the research could help companies from the researched sector to optimize their sources of financing with regard to the influence of external determinants, which proved to be more significant.
{"title":"What Determines Leverage in Selected Countries of Central and Eastern Europe in the Automotive Industry","authors":"Petra Růčkova, Nicole Škuláňová","doi":"10.20474/jabs-6.5.5","DOIUrl":"https://doi.org/10.20474/jabs-6.5.5","url":null,"abstract":"The subject of this article is to analyse the financial structure of companies belonging to the second and third sector. The issue of sources of funding is one of the fundamental decisions of financial managers and has been a much-debated topic in the last century. A number of studies have been written throughout this period, but there is still no consensus, and there is still a need to expand this area with new knowledge for other countries and sectors. The analysis covers medium and large companies engaged in automotive industry and is located in eleven selected countries including the Visegrád Group, Austria, Bulgaria, Romania, Slovenia, Germany, Italy and France. The period under review is between 2010 and 2018. The input data come from the Orbis and World Bank database. The research deals with the impact of profitability, liquidity, asset structure, non-debt tax shield, GDP, inflation and basic interest rate on the total, long-term and short-term debt of companies. Panel regression using the GMM method is used to determine the impact of individual factors on debt levels. The main conclusion of the research is that companies in both sectors are mainly affected by the determinants of the external environment, most of all by changes in interest rates. This research builds on existing knowledge and seeks to disseminate it by focusing on specific sectors. From a practical point of view, the results of the research could help companies from the researched sector to optimize their sources of financing with regard to the influence of external determinants, which proved to be more significant.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"93 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130451704","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-11-01DOI: 10.7551/mitpress/11402.003.0014
Fabrice Defever, C. Fischer, Jens Suedekum
In this paper, we consider a dynamic search-and-matching problem of a firm with its intermediate input supplier. In our model, a headquarter currently matched with a supplier, has an interest to find and collaborate with a more efficient partner. However, supplier switching through search and re-matching is costly. Given this trade-off between the fixed costs and the expected gains from continued search, the process will stop whenever the headquarter has found a sufficiently efficient supplier. Using firm-product-level data of fresh Chinese exporters to the United States, we obtain empirical evidence in line with the predictions of our theory. In particular, we find that the share of short-term collaborations is higher in industries with more supplier-cost dispersion, an indication of higher expected search opportunities.
{"title":"Supplier Search and Rematching in Global Sourcing - Theory and Evidence from China","authors":"Fabrice Defever, C. Fischer, Jens Suedekum","doi":"10.7551/mitpress/11402.003.0014","DOIUrl":"https://doi.org/10.7551/mitpress/11402.003.0014","url":null,"abstract":"In this paper, we consider a dynamic search-and-matching problem of a firm with its intermediate input supplier. In our model, a headquarter currently matched with a supplier, has an interest to find and collaborate with a more efficient partner. However, supplier switching through search and re-matching is costly. Given this trade-off between the fixed costs and the expected gains from continued search, the process will stop whenever the headquarter has found a sufficiently efficient supplier. Using firm-product-level data of fresh Chinese exporters to the United States, we obtain empirical evidence in line with the predictions of our theory. In particular, we find that the share of short-term collaborations is higher in industries with more supplier-cost dispersion, an indication of higher expected search opportunities.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116983146","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Resource Dependency Theory (RDT) and Global Value Chain (GVC) analysis have been deployed in the strategic and international management literatures to address questions of power in dyadic relationships and global production networks, respectively. This paper integrates the two theoretical approaches in order to expand RDT, using insights from Hirschman's exit/voice model to show the options available to some firms but not others. Using the relationship between buyers and contract manufacturers from GVC analysis, we find a correlation between firm size and choice of strategic action in response to contract manufacturers' dependence on buyers. Large firms follow an acquiescence strategy while small manufacturers follow an avoidance strategy, able to use both exit and voice strategies. Enabled by scale or control over information, both of these approaches successfully reduce uncertainty and provide a source of sustained competitive advantage. Using a study of the production chain in consumer plastics manufacturing in China, we show how dependent firms respond to GVC induced pressure. We find that based on the size of the contract manufacturer, the range of strategic responses to power is constrained by the nature of the dependency in global value chains. This opens important insights into the role that structural characteristics of organizations (like size) play in determining strategic freedom.
{"title":"Countering Overseas Power in Global Value Chains: Information Asymmetries and Subcontracting in the Plastics Industry","authors":"Michael Murphree, John Anderson","doi":"10.2139/ssrn.3239483","DOIUrl":"https://doi.org/10.2139/ssrn.3239483","url":null,"abstract":"Abstract Resource Dependency Theory (RDT) and Global Value Chain (GVC) analysis have been deployed in the strategic and international management literatures to address questions of power in dyadic relationships and global production networks, respectively. This paper integrates the two theoretical approaches in order to expand RDT, using insights from Hirschman's exit/voice model to show the options available to some firms but not others. Using the relationship between buyers and contract manufacturers from GVC analysis, we find a correlation between firm size and choice of strategic action in response to contract manufacturers' dependence on buyers. Large firms follow an acquiescence strategy while small manufacturers follow an avoidance strategy, able to use both exit and voice strategies. Enabled by scale or control over information, both of these approaches successfully reduce uncertainty and provide a source of sustained competitive advantage. Using a study of the production chain in consumer plastics manufacturing in China, we show how dependent firms respond to GVC induced pressure. We find that based on the size of the contract manufacturer, the range of strategic responses to power is constrained by the nature of the dependency in global value chains. This opens important insights into the role that structural characteristics of organizations (like size) play in determining strategic freedom.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125872405","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
P. Pavlínek, Ricardo Aláez-Aller, Carlos Gil-Canaleta, Miren Ullibarri‐Arce
This working paper provides an overview of foreign direct investment (FDI) in the automotive industry in Eastern Europe and Spain since the 1990s. The authors examine the main trends and patterns of FDI in Czechia, Poland, Hungary, Slovakia, Slovenia, Romania, Hungary, Serbia and Spain as well as the impact of the 2008 economic crisis on further developments of their automotive sector. The study underlines the long-term structural costs of external ownership and control of economic activities for peripheral regions in the form of 'truncated development'.
{"title":"Foreign Direct Investment and the Development of the Automotive Industry in Eastern and Southern Europe","authors":"P. Pavlínek, Ricardo Aláez-Aller, Carlos Gil-Canaleta, Miren Ullibarri‐Arce","doi":"10.2139/ssrn.3015163","DOIUrl":"https://doi.org/10.2139/ssrn.3015163","url":null,"abstract":"This working paper provides an overview of foreign direct investment (FDI) in the automotive industry in Eastern Europe and Spain since the 1990s. The authors examine the main trends and patterns of FDI in Czechia, Poland, Hungary, Slovakia, Slovenia, Romania, Hungary, Serbia and Spain as well as the impact of the 2008 economic crisis on further developments of their automotive sector. The study underlines the long-term structural costs of external ownership and control of economic activities for peripheral regions in the form of 'truncated development'.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124939071","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The on-going ‘Make in India’ campaign aims at manufacturing revival. Its characteristics resemble East Asian industrial reform and growth policies based on the flying-geese model which highlights ‘step-by-step’ changes in a country’s specialisation pattern and global competitiveness accompanied by economic growth. Unlikely, ‘Make in India’ comprises heterogeneous measures ‘simultaneously’ supporting industries in different development stages from labour and capital-intensive to high-tech industries and modern services. Moreover issues like world-market uncertainty discouraging export activities; poverty-reduction-oriented labour-industry promotion vs overall productivity increase; and complementary role of IT services for industrial modernisation and growth, will shape the success of India’s diversified industrial policy.
{"title":"Modi's 'Make in India' Industrial Reform Policy and East Asian Flying-Geese Paradigm","authors":"C. Nam, Sumi Nam, P. Steinhoff","doi":"10.2139/ssrn.2965974","DOIUrl":"https://doi.org/10.2139/ssrn.2965974","url":null,"abstract":"The on-going ‘Make in India’ campaign aims at manufacturing revival. Its characteristics resemble East Asian industrial reform and growth policies based on the flying-geese model which highlights ‘step-by-step’ changes in a country’s specialisation pattern and global competitiveness accompanied by economic growth. Unlikely, ‘Make in India’ comprises heterogeneous measures ‘simultaneously’ supporting industries in different development stages from labour and capital-intensive to high-tech industries and modern services. Moreover issues like world-market uncertainty discouraging export activities; poverty-reduction-oriented labour-industry promotion vs overall productivity increase; and complementary role of IT services for industrial modernisation and growth, will shape the success of India’s diversified industrial policy.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133961692","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
No doubt, jewelry and gold take a special place on the world market. The members of ASEAN are starting to be seen as an important competitor on the field of the world market as most of the member countries are in the top 20 of jewelry exporters. This paper gives a brief outlook on the jewelry sector in Thailand by examining comparative advantage within its ASEAN community members Myanmar, Indonesia, Malaysia and Singapore for the past five years. In order to reach the goal of the research, revealed comparative advantage was implemented together with the effective rate of protection to see which country has an advantages toward the others and the reason why it is ranked on that place. As results have shown, Myanmar and Thailand are the only ones that have significant comparative advantage, however, Thailand does not have a very strong competitive advantage taking into consideration that the main component of jewelry-gold is not protected enough, thus, domestic market is weaker compare to the imports from other countries.
{"title":"Comparative Advantage of Thailand's Jewelry Market to ASEAN Jewelry Sector","authors":"Evgeniya Podkuykina, Ando Randriamarohaja","doi":"10.2139/ssrn.2916133","DOIUrl":"https://doi.org/10.2139/ssrn.2916133","url":null,"abstract":"No doubt, jewelry and gold take a special place on the world market. The members of ASEAN are starting to be seen as an important competitor on the field of the world market as most of the member countries are in the top 20 of jewelry exporters. This paper gives a brief outlook on the jewelry sector in Thailand by examining comparative advantage within its ASEAN community members Myanmar, Indonesia, Malaysia and Singapore for the past five years. In order to reach the goal of the research, revealed comparative advantage was implemented together with the effective rate of protection to see which country has an advantages toward the others and the reason why it is ranked on that place. As results have shown, Myanmar and Thailand are the only ones that have significant comparative advantage, however, Thailand does not have a very strong competitive advantage taking into consideration that the main component of jewelry-gold is not protected enough, thus, domestic market is weaker compare to the imports from other countries.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123397244","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The increased expansion of economic activity beyond national borders leads to a shift of regulatory power. Public authorities concede power, explicitly or tacitly, to private bodies, whereas the multilayered ecology of global governance inevitably increases the role of transnational institutional structures. This article examines such developments in the area of professional services. It starts by analyzing the self-regulation phenomenon in professional services and points to examples where professional associations accentuate their unique nature to justify the importance of nonintervention in their internal affairs. Powerful professional associations have been thereby created, which, depending on the services subsector (e.g. legal, engineering or advertising services), are the final masters of access to and practice of a given profession. After a critical review of the most important professional associations at the global level, the article focuses on instances of private enforcement and goes on to examine the role of courts in reviewing such enforcement. In this regard, constitutionality of private enforcement is also examined. Finally, the article refers to the role of antitrust rules in harnessing distortive business practices that professional associations may adopt. The article focuses in particular on instances of private, decentralized enforcement. Whereas no truly transnational private regulation in professional services has yet emerged, it is submitted that the foundations for such a development are being built progressively as a result of borderless activities in this sector and a relatively deferential stance on the side of the State.
{"title":"The Future of Transnational Self-Regulation ― Enforcement and Compliance in Professional Services","authors":"Panos Delimatsis","doi":"10.2139/SSRN.2954143","DOIUrl":"https://doi.org/10.2139/SSRN.2954143","url":null,"abstract":"The increased expansion of economic activity beyond national borders leads to a shift of regulatory power. Public authorities concede power, explicitly or tacitly, to private bodies, whereas the multilayered ecology of global governance inevitably increases the role of transnational institutional structures. This article examines such developments in the area of professional services. It starts by analyzing the self-regulation phenomenon in professional services and points to examples where professional associations accentuate their unique nature to justify the importance of nonintervention in their internal affairs. Powerful professional associations have been thereby created, which, depending on the services subsector (e.g. legal, engineering or advertising services), are the final masters of access to and practice of a given profession. After a critical review of the most important professional associations at the global level, the article focuses on instances of private enforcement and goes on to examine the role of courts in reviewing such enforcement. In this regard, constitutionality of private enforcement is also examined. Finally, the article refers to the role of antitrust rules in harnessing distortive business practices that professional associations may adopt. The article focuses in particular on instances of private, decentralized enforcement. Whereas no truly transnational private regulation in professional services has yet emerged, it is submitted that the foundations for such a development are being built progressively as a result of borderless activities in this sector and a relatively deferential stance on the side of the State.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131109618","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Insolvency systems play a crucial role in protection of creditor rights, yet micro-level empirical evidence on the functioning of insolvency regimes worldwide is sparse. We investigate whether creditors’ recovery of outstanding claims, a measure of ex-post efficiency of an insolvency regime, depends on the characteristics of the trustee delegated the administration of the liquidation proceedings. To this end, we draw on a novel dataset of firm liquidations from Slovenia and exploit courts’ de facto random assignment of firm liquidation cases to licensed liquidation trustees. Using a wide range of specifications and controls, we find that a subset of trustee characteristics indeed matters for debt recovery. Thus, ex-post efficiency of an insolvency regime depends not only on its formal rules and procedures, but also on who implements them in practice.
{"title":"Debt Recovery in Firm Liquidations: Do Liquidation Trustees Matter?","authors":"Jaka Cepec, Peter Grajzl, K. Zajc","doi":"10.2139/ssrn.2812691","DOIUrl":"https://doi.org/10.2139/ssrn.2812691","url":null,"abstract":"Insolvency systems play a crucial role in protection of creditor rights, yet micro-level empirical evidence on the functioning of insolvency regimes worldwide is sparse. We investigate whether creditors’ recovery of outstanding claims, a measure of ex-post efficiency of an insolvency regime, depends on the characteristics of the trustee delegated the administration of the liquidation proceedings. To this end, we draw on a novel dataset of firm liquidations from Slovenia and exploit courts’ de facto random assignment of firm liquidation cases to licensed liquidation trustees. Using a wide range of specifications and controls, we find that a subset of trustee characteristics indeed matters for debt recovery. Thus, ex-post efficiency of an insolvency regime depends not only on its formal rules and procedures, but also on who implements them in practice.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125725786","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Yu-ting Luo, Xiu-hui Zeng, T. Lin, Ru-shan Yeh, Shuming Liang
Chinese Abstract: 本研究探討公司的資本結構與其上游公司特性的關係，以臺灣上市製造業公司為研究樣本，研究期間為2009年至2010年。實證結果發現，上游廠商的研發費用越多以及給員工的薪酬越多，代表專屬投資程度越大，公司負債水準就越低；上游廠商集中度越高，公司就必須提高負債比率以增加議價能力。因此，資本結構不只取決於公司本身特性、與同業競爭狀況，甚至和上游廠商的特性有關係。 English Abstract: This paper investigates the interactions between the characteristics of suppliers and firms’ capital structure. Using Taiwanese industrial firms as a sample, we provide evidence that there is negative relationship between firms’ debt ratio and the relation-specific investment of their suppliers. We also find that the debt ratio increases with the concentration of the supplier industry. These findings suggest that capital structure depends not only on the characteristics of the firm itself, but on the characteristics of its stakeholders like suppliers.
Chinese Abstract: 本研究探讨公司的资本结构与其上游公司特性的关系，以台湾上市制造业公司为研究样本，研究期间为2009年至2010年。实证结果发现，上游厂商的研发费用越多以及给员工的薪酬越多，代表专属投资程度越大，公司负债水准就越低；上游厂商集中度越高，公司就必须提高负债比率以增加议价能力。因此，资本结构不只取决于公司本身特性、与同业竞争状况，甚至和上游厂商的特性有关系。 English Abstract: This paper investigates the interactions between the characteristics of suppliers and firms’ capital structure. Using Taiwanese industrial firms as a sample, we provide evidence that there is negative relationship between firms’ debt ratio and the relation-specific investment of their suppliers. We also find that the debt ratio increases with the concentration of the supplier industry. These findings suggest that capital structure depends not only on the characteristics of the firm itself, but on the characteristics of its stakeholders like suppliers.
{"title":"公司資本結構與其上游廠商特性之關係 (Capital Structure and the Characteristics of Suppliers)","authors":"Yu-ting Luo, Xiu-hui Zeng, T. Lin, Ru-shan Yeh, Shuming Liang","doi":"10.2139/ssrn.2815785","DOIUrl":"https://doi.org/10.2139/ssrn.2815785","url":null,"abstract":"<b>Chinese Abstract: </b>本研究探討公司的資本結構與其上游公司特性的關係，以臺灣上市製造業公司為研究樣本，研究期間為2009年至2010年。實證結果發現，上游廠商的研發費用越多以及給員工的薪酬越多，代表專屬投資程度越大，公司負債水準就越低；上游廠商集中度越高，公司就必須提高負債比率以增加議價能力。因此，資本結構不只取決於公司本身特性、與同業競爭狀況，甚至和上游廠商的特性有關係。 <b>English Abstract: </b>This paper investigates the interactions between the characteristics of suppliers and firms’ capital structure. Using Taiwanese industrial firms as a sample, we provide evidence that there is negative relationship between firms’ debt ratio and the relation-specific investment of their suppliers. We also find that the debt ratio increases with the concentration of the supplier industry. These findings suggest that capital structure depends not only on the characteristics of the firm itself, but on the characteristics of its stakeholders like suppliers.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134006304","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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