Industry change through vertical disintegration: How and why markets emerged in mortgage banking

• 成果类型: Review
• 署名作者: Jacobides, MG
• 署名单位: University of London; London Business School
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• 发表日期: 2005
• 页码: 465-498
• 关键词: INSTITUTIONAL STRUCTURE; Transaction cost; COORDINATION; integration; adaptation; governance; strategy; FIRMS; field; determinants

摘要

This paper provides an inductive theoretical framework that explains how and why vertical disintegration happens, showing that transaction costs are an incidental feature of industry evolution. I find that gains from intrafirm specialization set off a process of intraorganizational partitioning, which simplifies coordination along parts of the value chain. Likewise, latent gains from trade foster interfirm cospecialization, which leads to information standardization. Given standardized information and simplified coordination, new intermediate markets emerge, breaking up the value chain, allowing new types of vertically specialized firms to participate in an industry, and changing the industry's competitive landscape.