POWER PLAYS - REGULATION, DIVERSIFICATION, AND BACKWARD INTEGRATION IN THE ELECTRIC UTILITY INDUSTRY

• 成果类型: Article
• 署名作者: RUSSO, MV
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.4250130103
• 发表日期: 1992
• 页码: 13-27
• 关键词: TRANSACTION-COST ECONOMICS; government regulation; PUBLIC UTILITIES; diversification; STRATEGIC MANAGEMENT

摘要

This paper explores how regulatory oversight influences strategic management. Predictions of the extent to which a firm diversifies and integrates upstream based on transaction-cost economics are developed and then tested among 49 American electric utilities from 1974 through 1986, a period that witnessed increasingly hostile regulatory relations. The results confirm the influence of regulation on both diversification and backward integration, supporting the transaction-cost view of these phenomena. The implications of these findings for the study of interorganizational relations, the concept of implicit contracting as a governance mechanism, and the pursuit of longitudinal theory-building are discussed.