{"title":"合同执行效率与企业纵向专业化:来自中国 \"不诚实者公告 \"准自然实验的证据","authors":"","doi":"10.1016/j.chieco.2024.102241","DOIUrl":null,"url":null,"abstract":"<div><p>The role of contracting institutions, particularly the contract enforcement efficiency in shaping corporate vertical boundaries, has been largely overlooked. Using a quasi-natural experiment of the policy of “Announcement of Dishonest Persons” in China, we find that improved contract enforcement efficiency significantly promotes corporate vertical specialization, reflected in the improvement of corporate vertical specialization after the policy implementation. Reduction of transaction costs is the plausible mechanism. Moreover, the above impact is more pronounced when the exposure of firms to <em>Laolai</em> partners (i.e., the policy target), is higher. Finally, we find that efficient contract enforcement promotes total factor productivity through facilitating vertical specialization. This study identifies the causality between contracting institutions and corporate vertical specialization and extends research on consequences of the policy of “Announcement of Dishonest Persons”.</p></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":null,"pages":null},"PeriodicalIF":5.2000,"publicationDate":"2024-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Contract enforcement efficiency and corporate vertical specialization: Evidence from a quasi-natural experiment of “announcement of dishonest persons” in China\",\"authors\":\"\",\"doi\":\"10.1016/j.chieco.2024.102241\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>The role of contracting institutions, particularly the contract enforcement efficiency in shaping corporate vertical boundaries, has been largely overlooked. Using a quasi-natural experiment of the policy of “Announcement of Dishonest Persons” in China, we find that improved contract enforcement efficiency significantly promotes corporate vertical specialization, reflected in the improvement of corporate vertical specialization after the policy implementation. Reduction of transaction costs is the plausible mechanism. Moreover, the above impact is more pronounced when the exposure of firms to <em>Laolai</em> partners (i.e., the policy target), is higher. Finally, we find that efficient contract enforcement promotes total factor productivity through facilitating vertical specialization. This study identifies the causality between contracting institutions and corporate vertical specialization and extends research on consequences of the policy of “Announcement of Dishonest Persons”.</p></div>\",\"PeriodicalId\":48285,\"journal\":{\"name\":\"中国经济评论\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":5.2000,\"publicationDate\":\"2024-07-14\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"中国经济评论\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1043951X24001305\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"中国经济评论","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1043951X24001305","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
Contract enforcement efficiency and corporate vertical specialization: Evidence from a quasi-natural experiment of “announcement of dishonest persons” in China
The role of contracting institutions, particularly the contract enforcement efficiency in shaping corporate vertical boundaries, has been largely overlooked. Using a quasi-natural experiment of the policy of “Announcement of Dishonest Persons” in China, we find that improved contract enforcement efficiency significantly promotes corporate vertical specialization, reflected in the improvement of corporate vertical specialization after the policy implementation. Reduction of transaction costs is the plausible mechanism. Moreover, the above impact is more pronounced when the exposure of firms to Laolai partners (i.e., the policy target), is higher. Finally, we find that efficient contract enforcement promotes total factor productivity through facilitating vertical specialization. This study identifies the causality between contracting institutions and corporate vertical specialization and extends research on consequences of the policy of “Announcement of Dishonest Persons”.
期刊介绍:
The China Economic Review publishes original works of scholarship which add to the knowledge of the economy of China and to economies as a discipline. We seek, in particular, papers dealing with policy, performance and institutional change. Empirical papers normally use a formal model, a data set, and standard statistical techniques. Submissions are subjected to double-blind peer review.