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Mergers and Labor Market Outcomes in the US Airline Industry
Pub Date : 2020-11-03 DOI: 10.2139/ssrn.3615410
Myongjin Kim, Q. Ge, Donggeun Kim
This paper examines US airline mergers between 1993 and 2018 and studies their impact on the labor market. Our difference-in-differences estimates indicate a significant reduction in the merging airlines' long-term wage and fringe benefits following the mergers. The effect is particularly salient among large-scale mergers involving major airlines and low cost carriers. The results also suggest a negative short-term employment impact of mergers that varies by occupation types. Our findings are consistent with the impact of merger-induced monopsony power discussed in recent literature and offer important policy implications regarding how to account for employer monopsony power during mergers and acquisitions.
本文考察了1993年至2018年间美国航空公司的合并,并研究了它们对劳动力市场的影响。我们的差异估计表明,合并后的航空公司的长期工资和附加福利显著减少。这种影响在大型航空公司和低成本航空公司的大规模合并中尤为突出。研究结果还表明,并购对短期就业的负面影响因职业类型而异。我们的研究结果与最近文献中讨论的合并引发的垄断权力的影响是一致的,并为如何解释并购过程中的雇主垄断权力提供了重要的政策启示。
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引用次数: 0
Design Rules, Volume 2: Chapter 10—Variations on the Theme of Mass Production 《设计规则》第2卷:第10章——关于大规模生产主题的变化
Pub Date : 2020-10-08 DOI: 10.2139/ssrn.3717875
Carliss Y. Baldwin
The purpose of this chapter is to explore variation among organizations employing mass production technology. To allow for an apples-to-apples comparison, I examine organizations using essentially the same technologies, making similar products, and competing in the same markets. Specifically, I look at the organizational differences among the largest automakers in the U.S. and Japan.

I focus first on Ford from 1910 to 1930, then General Motors from the 1920s through the 1960s, then Toyota (and other Japanese automakers) from the 1960s through 2000. The differences between these organizations indicate that, while technology shapes organizations within broad limits, it does not determine an organization’s complete design or its long-term competitive success or failure.
本章的目的是探讨采用大规模生产技术的组织之间的差异。为了进行同类比较,我考察了使用基本相同技术、生产类似产品并在相同市场竞争的组织。具体来说,我研究了美国和日本最大的汽车制造商之间的组织差异。我首先关注1910年到1930年的福特,然后是20世纪20年代到60年代的通用汽车,然后是60年代到2000年的丰田(和其他日本汽车制造商)。这些组织之间的差异表明,虽然技术在广泛的范围内塑造了组织,但它并不能决定组织的完整设计或其长期竞争的成功或失败。
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引用次数: 0
Regulatory Risk, Vertical Integration, and Upstream Investment 监管风险、垂直整合与上游投资
Pub Date : 2020-01-01 DOI: 10.2139/ssrn.3513753
Raffaele Fiocco, Dongyu Guo
We investigate the impact of regulatory risk on vertical integration and upstream investment by a regulated firm that provides an essential input to downstream competitors. Regulatory risk reflects uncertainty about the regulator's commitment to a regulatory policy that promotes the regulated firm's unobservable investment effort. We show that, when the regulator sets the regulatory policy after the vertical industry structure has been established, some degree of regulatory risk is ex ante socially beneficial. Regulatory risk makes vertical integration profitable and stimulates upstream investment at a lower social cost. This occurs for moderate costs of investment effort and firm small risk aversion. Our analysis sheds new light on some relevant empirical patterns in vertically related markets.
我们研究了监管风险对垂直整合和上游投资的影响,被监管的公司为下游竞争对手提供了必要的投入。监管风险反映了监管机构对监管政策承诺的不确定性,该政策促进了被监管公司不可观察的投资努力。研究表明,当监管者在垂直行业结构建立后制定监管政策时,一定程度的监管风险事前具有社会效益。监管风险使垂直整合有利可图,并以较低的社会成本刺激上游投资。这种情况发生在投资努力的适度成本和坚定的小风险厌恶。我们的分析揭示了垂直相关市场的一些相关经验模式。
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引用次数: 3
Vertical Integration under an Optimal Tax Policy: A Consumer Surplus Detrimental Result 最优税收政策下的垂直整合:消费者剩余的不利结果
Pub Date : 2019-08-28 DOI: 10.2139/ssrn.3475378
Michele G. Giuranno, Marcella Scrimitore, G. Stamatopoulos
It is widely believed that vertical integration in an environment without foreclosure, or more generally without any mechanism that restricts competition among firms, raises the welfare of consumers. In this paper we show that this can be overturned in a standard setting. We consider a vertical structure where each downstream firm purchases an input from its exclusive upstream supplier in the presence of a welfare maximizing government which taxes/subsidizes the product of the downstream market. We show that a single or multiple vertical integrations alter the optimal governmental policy in a way that hurts consumers: integration induces the government to reduce the optimal subsidy and, as a result, industry output and consumer welfare.
人们普遍认为,在没有丧失抵押品赎回权的环境中,或者更普遍地说,在没有任何限制公司之间竞争的机制的环境中,垂直一体化提高了消费者的福利。在本文中,我们证明这可以在标准设置中被推翻。我们考虑一个垂直结构,在这个结构中,每个下游企业都从其唯一的上游供应商那里购买一种投入,并且存在一个福利最大化的政府,该政府对下游市场的产品征税/补贴。我们表明,单一或多个垂直整合会以损害消费者的方式改变最优政府政策:整合促使政府减少最优补贴,从而减少行业产出和消费者福利。
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引用次数: 5
Firm Organization in the Digital Age: IT Use and Vertical Transactions in U.S. Manufacturing 数字时代的企业组织:美国制造业的IT使用和垂直交易
Pub Date : 2019-05-28 DOI: 10.2139/ssrn.3396116
Kristina McElheran, Chris M. Forman
We investigate whether the organizational design of manufacturing production is sensitive to important advances in information technology (IT) – and under what conditions. Using U.S. Census Bureau data for over 5,600 plants from 1992 to 2002, we observe both specific uses of IT and whether plants outsource downstream value-chain activities or keep them within the firm. Taking advantage of the sudden introduction of the commercial internet in the mid-1990s and within-plant changes over this period, we find that externally-focused coordination over the internet was associated with a significant net shift towards market-based exchange. The magnitude of the response depends, however, on the pre-existing organization of internal production processes – which varies widely not only across, but also within firms. Moreover, the effects vary by the particular application(s) of general-purpose internet technology. By studying vertical integration at the level of transaction flows and considering important features of how production is organized inside firms, we surface new facets of the relationship between IT and firm organization in an increasingly digital age.
我们研究制造业生产的组织设计是否对信息技术(IT)的重要进步敏感,以及在什么条件下敏感。利用美国人口普查局1992年至2002年间5600多家工厂的数据,我们观察了IT的具体使用情况,以及工厂是将下游价值链活动外包还是将其保留在公司内部。利用20世纪90年代中期突然引入的商业互联网和这一时期工厂内部的变化,我们发现,互联网上的外部协调与向市场交换的重大净转变有关。然而,这种反应的程度取决于内部生产过程的预先存在的组织,这种组织不仅在公司之间,而且在公司内部也有很大差异。此外,其效果因通用互联网技术的特定应用而异。通过研究交易流层面的垂直整合,并考虑企业内部如何组织生产的重要特征,我们揭示了在日益数字化的时代,信息技术与企业组织之间关系的新方面。
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引用次数: 14
Hospital-Physician Integration and Hospital Ownership 医院-医生整合和医院所有权
Pub Date : 2019-04-09 DOI: 10.2139/ssrn.3401559
R. Hansen, A. K. Sundaram
Employment of physicians by hospitals – typically referred to as vertical integration – has increased significantly. Received theories fail to explain a key fact: The extent of vertical integration in not-for-profit (NFP) hospitals is substantially higher than in for-profit (FP) hospitals. We develop a model in which vertical externalities in the joint provision of complementary health care services by independent hospitals and physicians cause total prices and cost to be higher, and quantity, quality and profits to be lower, relative to a vertically integrated organization. This establishes an incentive for hospitals to integrate. We show that these externalities impact NFP hospitals more than they do FPs, so that NFPs have stronger incentives to integrate. Using data on US hospitals from 2000-2015 and with controls for other covariates including state-level “corporate-practice-of-medicine” regulations, we find support for our predictions. Our model not only explains patterns of vertical integration observed in the US hospital industry, but also has surprising implications for the effects of such integration on hospital and physician prices, and hence, for antitrust policy and empirical studies of pricing.
医院雇用的医生——通常被称为纵向整合——已显著增加。现有的理论未能解释一个关键事实:非营利性医院(NFP)的垂直整合程度大大高于营利性医院(FP)。我们开发了一个模型,在该模型中,相对于垂直整合的组织,独立医院和医生联合提供补充性医疗保健服务的垂直外部性导致总价格和成本更高,数量、质量和利润更低。这就建立了医院整合的激励机制。我们表明,这些外部性对非fp医院的影响大于对fp的影响,因此非fp有更强的整合动机。使用2000-2015年美国医院的数据,并控制其他协变量,包括州一级的“企业医疗实践”法规,我们发现支持我们的预测。我们的模型不仅解释了在美国医院行业观察到的垂直整合模式,而且还对这种整合对医院和医生价格的影响产生了令人惊讶的影响,因此,对于反垄断政策和定价的实证研究也是如此。
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引用次数: 1
Social Progress and Corporate Culture 社会进步与企业文化
Pub Date : 2019-01-01 DOI: 10.2139/ssrn.3316345
Gary B. Gorton, Alexander Zentefis
Social progress through improved treatment of minority groups (e.g., forbidding racial or sexual harassment) may or may not spread to corporate cultures through competition. We provide a theory of corporate culture, and we show that emergent, progressive corporate cultures can displace existing, regressive ones only when the prevailing wage gap is large between majority and minority groups. Wider cultural differences between groups make progress less likely. The model provides testable predictions on racial and gender wage gaps across firms.
通过改善对少数群体的待遇(例如,禁止种族或性骚扰)取得的社会进步可能会也可能不会通过竞争传播到企业文化中。我们提供了一个企业文化理论,我们表明,新兴的、进步的企业文化只有在多数群体和少数群体之间普遍存在的工资差距很大的情况下才能取代现有的、倒退的企业文化。不同群体之间的文化差异越大,取得进展的可能性就越小。该模型对不同公司的种族和性别工资差距提供了可检验的预测。
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引用次数: 11
Outsourcing Vertical Integration: Distributed Ledgers and the V-Form Organisation 外包垂直整合:分布式账本和v型组织
Pub Date : 2018-11-11 DOI: 10.2139/ssrn.3300506
C. Berg, S. Davidson, J. Potts
This paper introduces the V-form organisation, a new form of firm organisation where vertical integration is outsourced to a decentralized distributed ledger (a blockchain). V-form organisations rely on the coordination of a (trusted) third party. It looks specifically at two instances of V-form organisation being established on the IBM-Linux Foundation Hyperledger permissioned blockchain. The paper concludes with four recommendations for strategic management about how to adjust to a V-form world, and four recommendations for policymakers.
本文介绍了v型组织,这是一种新的企业组织形式,其中垂直整合外包给分散的分布式账本(区块链)。v型组织依赖于(可信的)第三方的协调。它特别关注在IBM-Linux基金会超级账本许可区块链上建立的两个v型组织实例。最后,本文对如何适应v型世界的战略管理提出了四条建议,并对政策制定者提出了四条建议。
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引用次数: 7
남북한 경제통합 분석모형 구축과 성장효과 분석(Developing Analysis Model and Analizing Growth Effect of South and North Korea Economic Integration) (Developing Analysis Model and Analizing Growth Effect of South and North Korea Economic Integration)
Pub Date : 2017-12-27 DOI: 10.2139/SSRN.3160435
Jangho Choi, Bumhwan Kim
Korean Abstract: 본 연구는 남북한 경제통합이 남북 양 경제에 미치는 파급효과를 규명하기 위해 모형을 구축하고 성장효과를 분석하고자 하였다. 먼저 제1장에서는 본 연구의 배경과 목적, 기존 연구와의 방법론적 차별점을 제시하였다. 남북경제협력사업은 역대 정부마다 새로운 경제성장의 기회로 여겨왔으나 중요성에 반해 경제적 파급효과를 추정한 연구가 거의 없었다. 본 연구는 남북통일과 더불어 남북경협이 남북한 양측에 미치는 경제성장효과를 추정하고 남북 양 경제의 이익을 극대화하는 남북 경협 형태를 규명하여 시사점을 도출하는 것을 목적으로 한다. 방법론적으로는 솔로우 성장모형을 사용한 점, 다양한 경협사업 및 정책변수를 고려하여 경제성장효과를 추정한 점, 동태 분석을 하여 기간별 성장효과를 확인한 점 등이 기존 선행연구와의 차별점으로 평가된다. English Abstract: The purpose of this study is to construct a model that can analyze growth effects to explain the impact that economic integration between North and South Korea will have on both economies. The main results of this study are as follows: first, by constructing the analysis model for economic integration on North and South Korea, the effects of economic integration on North and South Korea were estimated simultaneously, and economic cooperation and unification estimated with the same model; second, the effect of inter-Korean economic cooperation on North Korean productivity was internalized within the model; third, the main variables for evaluation of the North Korean economy were provided; and fourth, through these analyses we propose the economic cooperation projects most likely to maximize the economic growth of the two Koreas.
Korean Abstract:本研究为查明南北韩经济统合对南北两大经济产生的波及效果,构建模型,分析增长效果。首先,第一章提出了本研究的背景和目的,以及与现有研究的方法论上的区别。历届政府都将南北经济合作事业视为新的经济增长机会,但与其重要性相反,几乎没有研究推测经济波及效果。本研究的目的是,在南北统一的同时,推测南北经济合作对南北韩双方产生的经济增长效果,查明使南北两国经济利益最大化的南北经济合作形态,得出启示点。在方法论上,使用solo增长模型、考虑多种经济合作事业及政策变数推定经济增长效果、进行动态分析,确认各期间的增长效果等被评价为与现有先行研究的不同点。english abstract:The purpose of this study is to construct a model that can analyze growth effects to explain The impact that economic integration between North and South Korea will have on both economies。study are as followsfirst, by constructing the analysis model for economic integration on North and South Korea, the effects of economic integration on North and South Korea were estimated simultaneously,经济合作与统一estimated with the same model;effect of inter-Korean economic cooperation on North Korean productivity was internalized within the model;third, the main variables for evaluation of the North Korean economy were provided;and fourth, through these analyses我们propose the economic cooperation projects most likely to maximize the economic growth of the two korea。
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引用次数: 3
Corporate Takeovers and Labor Restructuring 企业收购和劳动力重组
Pub Date : 2017-06-30 DOI: 10.2139/ssrn.3222950
S. Lagaras
I examine the impact of M&As on employment dynamics and the composition of human capital in target firms. Using detailed employer-employee administrative data linked with hand-collected information on M&A activity in Brazil, I find that M&As are associated with a significant decline in employment, primarily through an increase in involuntary separations and a decline in hirings. This employment decline reflects efficiency-seeking restructuring. Target firms increase the share of high-skill and non-routine employees, while reducing costs through efficient consolidation and elimination of occupational overlap. The primary mechanism that explains these shifts is the adoption of innovation-intensive practices and investment in IT, particularly by acquirers that have the knowledge and ability to do so. Finally, post-merger compositional changes lead to an increase in wages and within-firm wage inequality.
我研究了并购对目标公司的就业动态和人力资本构成的影响。通过使用详细的雇主-雇员管理数据以及手工收集的巴西并购活动信息,我发现并购与就业率的显著下降有关,主要是通过非自愿离职的增加和招聘人数的下降。就业下降反映了追求效率的结构调整。目标公司增加了高技能和非常规员工的份额,同时通过有效的整合和消除职业重叠来降低成本。解释这些转变的主要机制是采用创新密集型的实践和对IT的投资,特别是那些有知识和能力这样做的收购方。最后,合并后的构成变化导致工资增加和企业内部工资不平等。
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引用次数: 20
期刊
ERN: Integration (Topic)
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