Contracting Institutions and Firm Integration Around the World

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Show simple item record Eppinger, Peter Kukharskyy, Bohdan 2021-06-16T07:48:33Z 2021-06-16T07:48:33Z 2021-06-15
dc.identifier.other 1760559768 de_DE
dc.identifier.uri de_DE
dc.description.abstract Firm integration is fundamentally shaped by contractual frictions. But do better contracting institutions, reducing these frictions, induce firms to be more or less deeply integrated? To address this question, this paper exploits unique micro data on ownership shares across more than 200,000 firm pairs worldwide, including domestic and cross-border ownership links. We uncover a new stylized fact: Firms choose higher ownership shares in subsidiaries located in countries with better contracting institutions. We develop a Property-Rights Theory of the multinational firm featuring partial ownership that rationalizes this pattern and guides our econometric analysis. The estimations demonstrate that better contracting institutions favor deeper integration, in particular in relationship-specific industries. en
dc.language.iso en de_DE
dc.publisher Universität Tübingen de_DE
dc.rights ubt-podno de_DE
dc.rights.uri de_DE
dc.rights.uri en
dc.subject.classification Economics de_DE
dc.subject.ddc 330 de_DE
dc.subject.other firm integration en
dc.subject.other contracting institutions en
dc.subject.other multinational firms en
dc.subject.other Property-Rights Theory en
dc.subject.other ownership shares en
dc.title Contracting Institutions and Firm Integration Around the World en
dc.type Aufsatz de_DE
utue.publikation.fachbereich Wirtschaftswissenschaften de_DE
utue.publikation.fakultaet 6 Wirtschafts- und Sozialwissenschaftliche Fakultät de_DE
utue.opus.portal utwpbusinesseco de_DE
utue.publikation.source University of Tübingen Working Papers in Business and Economics ; No. 148 de_DE
utue.publikation.reihenname University of Tübingen Working Papers in Business and Economics de_DE


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