VERTICAL STRATEGIES AND MARKET-STRUCTURE - A SYSTEMATIC-RISK ANALYSIS

• 成果类型: Article
• 署名作者: CHATTERJEE, S; LUBATKIN, M; SCHOENECKER, T
• 署名单位: University of Connecticut; Purdue University System; Purdue University
• 刊物名称: ORGANIZATION SCIENCE
• ISSN/ISSBN: 1047-7039
• DOI: 10.1287/orsc.3.1.138
• 发表日期: 1992
• 页码: 138-156
• 关键词: integration; VERTICAL MERGERS; systematic risk

摘要

This study examines the implications of vertical mergers on the risk characteristic of the merging firms. Specifically, the study focuses on three structural characteristics of the acquiring and acquired firm's market to explain the change in the systematic or environmental risk of the acquiring firm. These structural factors are the level of competition in the acquiring firm's industry, the level of competition in the acquired firm's industry, and the growth rate of the acquiring firm's industry. The findings suggest that vertical mergers are effective at reducing systematic risk particularly when the acquiring firm competes in a concentrated market. Further, this result appears to be stable across life cycle stages.