Shopping for Information? Diversification and the Network of Industries

• 成果类型: Article
• 署名作者: Anjos, Fernando; Fracassi, Cesare
• 署名单位: University of Texas System; University of Texas Austin
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2014.2060
• 发表日期: 2015
• 页码: 161-183
• 关键词: corporate diversification; networks; INNOVATION; Input-output tables

摘要

We propose and test a view of corporate diversification as a strategy that exploits internal information markets, by bringing together information that is scattered across the economy. First, we construct an interindustry network using input-output data, to proxy for the economy's information structure. Second, we introduce a new measure of conglomerate informational advantage, named excess centrality, which captures how much more central conglomerates are relative to specialized firms operating in the same industries. We find that high-excess-centrality conglomerates have greater value, and produce more and better patents. Consistent with the internal-information-markets view, we also show that excess centrality has a greater effect in industries covered by fewer analysts and in industries where soft information is important.