Organizational form and business strategy in the US petroleum industry:
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | Undetermined |
| Published: |
Lanham u.a.
Univ. Press of America
1993
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | 154 S. graph. Darst. |
| ISBN: | 0819189901 |
Staff View
MARC
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| 100 | 1 | |a Ollinger, Michael |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Organizational form and business strategy in the US petroleum industry |c Michael Ollinger |
| 264 | 1 | |a Lanham u.a. |b Univ. Press of America |c 1993 | |
| 300 | |a 154 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 338 | |b nc |2 rdacarrier | ||
| 648 | 7 | |a Geschichte 1950-1990 |2 gnd |9 rswk-swf | |
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| 689 | 0 | 2 | |a Geschichte 1950-1990 |A z |
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Record in the Search Index
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|---|---|
| adam_text | Contents
List of Tables
List of Figures
Chapter 1. Introduction 1
Chapter 2. Alternative Organizational Arrangements 5
2.1 Overview 5
2.2 Functional Form 5
2.3 Holding Company 6
2.4 Multidivisional Form 6
2.5 Hybrid Organizational Forms 7
Chapter 3. Theory of Alternative Organizational Arrangements 9
3.1 Overview 9
3.2 Functional Organizational Structure 11
3.3 Functional with Subsidiaries Organizational Structure 12
3.4 Multidivisional Organizational Structure 12
Chapter 4. Firm Strategies and Histories to 1973 15
4.1 Overview 15
4.2 Centralized Firms 16
4.2.1 Ashland Oil 16
4.2.2 ARCO 16
4.2.3 CONOCO 17
4.2.4 Getty Petroleum 18
4.2.5 Gulf Oil 18
4.2.6 Kerr McGee 19
4.2.7 Marathon 19
4.2.8 Occidental 20
4.2.9 Sun Oil Company 21
4.2.10 Tenneco 21
4.2.11 Texaco 22
4.2.12 UNOCAL 22
4.3 Decentralized Firms 23
4.3.1 Amoco 23
4.3.2 Chevron 23
4.3.3 Cities Service 24
4.3.4 Exxon 24
4.3.5 Mobil Corporation 25
4.3.6 Phillips Petroleum 25
4.3.7 Shell Oil 26
4.3.8 Standard of Ohio 27
4.4 Discussion and Conclusion 27
Chapters. Empirical Models 31
5.1 Overview 31
5.2 Wealth Effects 31
5.2.1 Event Studies 32
5.2.2 Event Date Selection 32
5.2.3 Monthly and Daily Tests 33
5.2.4 Cumulative Average Residual 33
5.3 Models of Operating Performance 34
5.3.1 Cross Sectional Test of Long Run Profitability 34
5.3.2 Long Run Profitability Test in Time Series
for Individual Firms 37
5.3.3 t Tests of Changes in Long Run Profitability for
Alternative Portfolios 38
5.3.4 Means Test of Long Run Profitability 39
5.3.5 Portfolio Comparison of Average Long Run Profitability 39
5.3.6 Operating Profits 40
5.3.7 Managerial Efficiency 41
5.3.8 Sales Changes in Diversified Markets 42
Chapter 6. Data 49
Chapter 7. Results 55
Chapter 8. Firm Strategies and Histories 1973 90 87
8.1 Company Histories 88
8.1.1 AMOCO 88
8.1.2 ARCO 88
8.1.3 Ashland Oil 89
8.1.4 Chevron 94
8.1.5 Cities Service 94
8.1.6 CONOCO 95
8.1.7 Exxon 96
8.1.8 Getty Oil 93
8.1.9 Gulf 93
8.1.10 Kerr McGee 94
8.1.11 Marathon Oil 94
8.1.12 Mobil Corporation 95
8.1.13 Occidental 96
8.1.14 Phillips Petroleum 97
8.1.15 Shell 97
8.1.16 Standard Oil of Ohio 98
8.1.17 Sun Oil Company 99
8.1.18 Tenneco 99
8.1.19 Texaco 100
8.1.20 UNOCAL 101
8.2 Discussion and Conclusion 102
Chapter 9. Discussion and Conclusion 109
9.1 Discussion 109
9.1.1 Profitability 109
9.1.2 Other Issues Ill
9.2 Conclusion 112
Appendix. The Oil Industry from 1950 to 1990 115
A.I Overview 115
A.1.2 Domestic Oil Industry 116
A. 1.3 Vertical Integration 117
A. 1.4 Regulatory and Tax Environment 120
A.1.4.1 Prorationing Laws 120
A.l.4.2 Oil Import Controls 122
A.1.4.3 Federal Crude Sharing and Price Control Regulations ... 123
A.1.4.4 Anti Trust Policy 124
A. 1.4.5 Federal Tax Laws 124
A.1.4.6 State Tax Laws 125
A. 1.5 International Oil 125
A. 1.6 Petrochemicals 126
A.1.7 Coal 127
A.1.8 Uranium 128
A. 1.9 Summary and Discussion 128
References 139
Other Readings 147
Index 151
List of Tables
Table 4.1 New Business Activities Undertaken by Companies at the Time of
Transition 29
Table 5.1 Empirical Predictions for Competing Hypotheses 44
Table 5.2 Summary of Sign Predictions for Each Empirical Test 45
Table 5.3 Summary of Firms and Their Organizational Forms 46
Table 5.4 Event Date Announcements 47
Table 6.1 Distribution ofTobin sQ for Alternative Portfolios 52
Table 6.2 Distribution ofTobin sQ 53
Table 6.3 Distribution of Sales and Barrels of Refined Oil For
Individual Firms 54
Table 7.1 Summary of Empirical Findings 60
Table 7.2 Monthly and Daily Residuals for Centralized Firms 61
Table 7.3 Monthly and Daily Residuals for Decentralized Firms 61
Table 7.4 Diversified Sales as a Percent of Total Sales 62
Table 7.5 Long Run Profitability as a Function of Organizational Form in
Cross Section, with Outlier Correction 64
Table 7.6 Long Run Profitability as a Function of Organizational Form in
Cross Section without Outlier Correction 66
Table 7.7 Long Run Profitability as a Function of Organizational Form in
Cross Section, with Outlier Removal 68
Table 7.8 Product Line and Production Characteristics Comparison
of Alternative Organizational Groupings 70
Table 7.9 Long Run Profitability as a Function of Average Long Run
Profitability of Control Firms and Organizational Form 72
Table 7.10 Change in Relative Tobin s Q over Time for Alternative Portfolios . 74
Table 7.11 Means Comparison of Alternative Portfolios 76
Table 7.12 Average Tobin s Q of a Portfolio of Multidivisional Firms as a
Function of Average Tobin s Q of Portfolios of Other Firms 77
Table 7.13 Change in Earnings as a Function of Changes in Sales, Prices,
and Organizational Form 78
Table 7.14 Change in General and Administrative Expenses as a Function of
the Changes in Refined Barrels of Oil and Organizational Form 80
Table 7.15 Change in Diversified Sales as a Function of Its Lagged Change
and Organizational Form Functional Firms and Decentralized Firms with
Less than 10 Percent in Sales 82
Table 8.1 Acquisitions by Major Oil Companies, 1970 90 105
Table 8.2 Product Lines of Oil Firms in Time Series, 1950 90 106
Table 8.3 Stock Value Enhancements by Major Oil Companies Between 1970
and 1990 107
Table A. 1.1 U.S. Production, Consumption, andlmports of Liquid Petroleum
1945 68 131
Table A. 1.2 Domestic and Worldwide Crude Oil Self Sufficiency Ratios,
1972 and 1974 132
Table A. 1.3 Vertical Integration of Selected Refining Companies 133
Table A. 1.4 Annual Average of Monthly Market Demand Factors
for Texas and Louisiana, 1950 73 134
Table A.1.5 Crude Oil Production by Country, 1950 68 135
Table A. 1.6 Postwar Consumption Growth in Major Oil Consuming
Countries, 1950 70 136
Table A. 1.7 Composition of Key Oil Consortiums of the Middle East 137
Table A.I.8 Extent of Industry Diversification 138
List of Figures
Figure 2.1 Alternative Form Schema 5
Figure 7.1 CAR for Functional Firms 84
Figure 7.2 CAR for Decentralized Firms 85
|
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| isbn | 0819189901 |
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| spelling | Ollinger, Michael Verfasser aut Organizational form and business strategy in the US petroleum industry Michael Ollinger Lanham u.a. Univ. Press of America 1993 154 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Geschichte 1950-1990 gnd rswk-swf Erdölindustrie (DE-588)4015186-4 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Erdölindustrie (DE-588)4015186-4 s Geschichte 1950-1990 z DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005416885&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Ollinger, Michael Organizational form and business strategy in the US petroleum industry Erdölindustrie (DE-588)4015186-4 gnd |
| subject_GND | (DE-588)4015186-4 (DE-588)4078704-7 |
| title | Organizational form and business strategy in the US petroleum industry |
| title_auth | Organizational form and business strategy in the US petroleum industry |
| title_exact_search | Organizational form and business strategy in the US petroleum industry |
| title_full | Organizational form and business strategy in the US petroleum industry Michael Ollinger |
| title_fullStr | Organizational form and business strategy in the US petroleum industry Michael Ollinger |
| title_full_unstemmed | Organizational form and business strategy in the US petroleum industry Michael Ollinger |
| title_short | Organizational form and business strategy in the US petroleum industry |
| title_sort | organizational form and business strategy in the us petroleum industry |
| topic | Erdölindustrie (DE-588)4015186-4 gnd |
| topic_facet | Erdölindustrie USA |
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