Internal capital markets: Benefits, costs, and organizational arrangements

• 成果类型: Article
• 署名作者: Liebeskind, JP
• 署名单位: University of Southern California
• 刊物名称: ORGANIZATION SCIENCE
• ISSN/ISSBN: 1047-7039
• DOI: 10.1287/orsc.11.1.58.12568
• 发表日期: 2000
• 页码: 58-76
• 关键词: Diversification; internal capital markets

摘要

Diversification not only internalizes transactions of goods and services, but it also internalizes transactions of capital. Hence, the value of diversification will depend, inter alia, on whether internal capital markets are relatively efficient or inefficient. This essay reviews and discusses the possible benefits and costs of internal capital markets by conducting a careful comparative institutional analysis. The essay concludes that internal capital markets can add value to Lines of business only under a limited number of circumstances. Some recent developments in the organization of internal capital markets in diversified firms can be understood as attempts to increase their efficiency.