Determinants of firm boundaries: empirical analysis of the Japanese auto industry from 1984 to 2002
We have assessed the determinants of the choice of integration, relational contracting (keiretsu sourcing) and market sourcing by seven Japanese automobile manufacturers (OEMs) with respect to 54 components in light of contract economics. Our major findings are the following. First, the specificity...
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| Format: | Buch |
| Sprache: | English |
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Cambridge, Mass.
National Bureau of Economic Research
2007
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| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13063 |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | We have assessed the determinants of the choice of integration, relational contracting (keiretsu sourcing) and market sourcing by seven Japanese automobile manufacturers (OEMs) with respect to 54 components in light of contract economics. Our major findings are the following. First, the specificity and interdependency of a component significantly promotes vertical integration over keiretsu and keiretsu over market, consistent with transaction cost economics. Second, interdependency is a more important consideration for the former choice than for the latter choice, and the reverse is the case for specificity. This suggests that the hold-up risk due to specific investment can be often effectively controlled by a relational contracting based on keiretsu sourcing, while accommodating non-contractible design changes may often require vertical integration. Third, while higher testability of a component makes the effects of specificity significantly smaller, it also promotes the choice of keiretsu sourcing over market sourcing. One interpretation of this last result is that while higher testability improves the contractibility of the component with high specificity, it simultaneously enhances the advantage of keiretsu sourcing since it provides more opportunities for the supplier to explore new information for a collaborative exploitation with an OEM. |
| Beschreibung: | 33 S. graph. Darst. 22 cm |
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| 245 | 1 | 0 | |a Determinants of firm boundaries |b empirical analysis of the Japanese auto industry from 1984 to 2002 |c Sadao Nagaoka ; Akira Takeishi ; Yoshihisa Noro |
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 13063 | |
| 520 | 8 | |a We have assessed the determinants of the choice of integration, relational contracting (keiretsu sourcing) and market sourcing by seven Japanese automobile manufacturers (OEMs) with respect to 54 components in light of contract economics. Our major findings are the following. First, the specificity and interdependency of a component significantly promotes vertical integration over keiretsu and keiretsu over market, consistent with transaction cost economics. Second, interdependency is a more important consideration for the former choice than for the latter choice, and the reverse is the case for specificity. This suggests that the hold-up risk due to specific investment can be often effectively controlled by a relational contracting based on keiretsu sourcing, while accommodating non-contractible design changes may often require vertical integration. Third, while higher testability of a component makes the effects of specificity significantly smaller, it also promotes the choice of keiretsu sourcing over market sourcing. One interpretation of this last result is that while higher testability improves the contractibility of the component with high specificity, it simultaneously enhances the advantage of keiretsu sourcing since it provides more opportunities for the supplier to explore new information for a collaborative exploitation with an OEM. | |
| 700 | 1 | |a Takeishi, Akira |d 1958- |e Verfasser |0 (DE-588)133350053 |4 aut | |
| 700 | 1 | |a Noro, Yoshihisa |e Verfasser |0 (DE-588)133350061 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
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| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
| institution | BVB |
| language | English |
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| spelling | Nagaoka, Sadao 1952- Verfasser (DE-588)133349861 aut Determinants of firm boundaries empirical analysis of the Japanese auto industry from 1984 to 2002 Sadao Nagaoka ; Akira Takeishi ; Yoshihisa Noro Cambridge, Mass. National Bureau of Economic Research 2007 33 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13063 We have assessed the determinants of the choice of integration, relational contracting (keiretsu sourcing) and market sourcing by seven Japanese automobile manufacturers (OEMs) with respect to 54 components in light of contract economics. Our major findings are the following. First, the specificity and interdependency of a component significantly promotes vertical integration over keiretsu and keiretsu over market, consistent with transaction cost economics. Second, interdependency is a more important consideration for the former choice than for the latter choice, and the reverse is the case for specificity. This suggests that the hold-up risk due to specific investment can be often effectively controlled by a relational contracting based on keiretsu sourcing, while accommodating non-contractible design changes may often require vertical integration. Third, while higher testability of a component makes the effects of specificity significantly smaller, it also promotes the choice of keiretsu sourcing over market sourcing. One interpretation of this last result is that while higher testability improves the contractibility of the component with high specificity, it simultaneously enhances the advantage of keiretsu sourcing since it provides more opportunities for the supplier to explore new information for a collaborative exploitation with an OEM. Takeishi, Akira 1958- Verfasser (DE-588)133350053 aut Noro, Yoshihisa Verfasser (DE-588)133350061 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13063 (DE-604)BV002801238 13063 http://papers.nber.org/papers/w13063.pdf kostenfrei Volltext |
| spellingShingle | Nagaoka, Sadao 1952- Takeishi, Akira 1958- Noro, Yoshihisa Determinants of firm boundaries empirical analysis of the Japanese auto industry from 1984 to 2002 |
| title | Determinants of firm boundaries empirical analysis of the Japanese auto industry from 1984 to 2002 |
| title_auth | Determinants of firm boundaries empirical analysis of the Japanese auto industry from 1984 to 2002 |
| title_exact_search | Determinants of firm boundaries empirical analysis of the Japanese auto industry from 1984 to 2002 |
| title_exact_search_txtP | Determinants of firm boundaries empirical analysis of the Japanese auto industry from 1984 to 2002 |
| title_full | Determinants of firm boundaries empirical analysis of the Japanese auto industry from 1984 to 2002 Sadao Nagaoka ; Akira Takeishi ; Yoshihisa Noro |
| title_fullStr | Determinants of firm boundaries empirical analysis of the Japanese auto industry from 1984 to 2002 Sadao Nagaoka ; Akira Takeishi ; Yoshihisa Noro |
| title_full_unstemmed | Determinants of firm boundaries empirical analysis of the Japanese auto industry from 1984 to 2002 Sadao Nagaoka ; Akira Takeishi ; Yoshihisa Noro |
| title_short | Determinants of firm boundaries |
| title_sort | determinants of firm boundaries empirical analysis of the japanese auto industry from 1984 to 2002 |
| title_sub | empirical analysis of the Japanese auto industry from 1984 to 2002 |
| url | http://papers.nber.org/papers/w13063.pdf |
| volume_link | (DE-604)BV002801238 |
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