GLOBALIZATION AND MULTIPRODUCT FIRMS

• 成果类型: Article
• 署名作者: Nocke, Volker; Yeaple, Stephen
• 署名单位: University of Mannheim; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12080
• 发表日期: 2014
• 页码: 993-1018
• 关键词: corporate diversification; PRODUCTIVITY; discount

摘要

We present an international trade model with multiproduct firms. Firms are heterogeneously endowed with two types of capabilities that jointly determine the trade-off within firms between managing a large portfolio of products and producing at low marginal cost. The model can explain many of the documented cross-sectional correlations in firm performance measures, including why larger firms are more productive and more diversified, and yet more diversified firms trade at a discount. Globalization is shown to induce heterogeneous responses across firms in terms of scope and productivity, some of which are consistent with existing empirical work, whereas others are potentially testable.