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The impact of vertical integration on the efficiency of companies in the emerging capital markets

Author

Listed:
  • Cherkasova, Viktoria

    () (National Research University Higher School of Economics)

  • Molchanov, Dmitriy

    () (OOO "Gasoil")

  • Cherkasova, Elizaveta

    () (National Research University Higher School of Economics)

Abstract

The article reveals the influence of factors on the efficiency of vertical integration of companies in the emerging markets, is calculated as the Lerner index. The model, which allows to evaluate the effectiveness of a vertically integrated company, and in the case of disintegration. Studied empirical relationship profitability BRICS on the factors that determine it in the case of vertical integration, which has been tested on data for the years 2004-2012. Identify key significant factors across sectors and countries of BRICS. Conducting research will help understand whether there is a trend developing capital markets to reduce dependence on the effectiveness of the company a high degree of vertical integration.

Suggested Citation

  • Cherkasova, Viktoria & Molchanov, Dmitriy & Cherkasova, Elizaveta, 2014. "The impact of vertical integration on the efficiency of companies in the emerging capital markets," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, pages 60-78.
  • Handle: RePEc:rnp:ecopol:ep1444
    as

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    References listed on IDEAS

    as
    1. Fabio Pieri & Enrico Zaninotto, 2013. "Vertical integration and efficiency: an application to the Italian machine tool industry," Small Business Economics, Springer, vol. 40(2), pages 397-416, February.
    2. Fan, Joseph P H & Lang, Larry H P, 2000. "The Measurement of Relatedness: An Application to Corporate Diversification," The Journal of Business, University of Chicago Press, vol. 73(4), pages 629-660, October.
    3. Levin, Richard C., 1981. "Vertical integration and profitability in the oil industry," Journal of Economic Behavior & Organization, Elsevier, vol. 2(3), pages 215-235, September.
    4. Garcia, Serge & Moreaux, Michel & Reynaud, Arnaud, 2007. "Measuring economies of vertical integration in network industries: An application to the water sector," International Journal of Industrial Organization, Elsevier, vol. 25(4), pages 791-820, August.
    5. Danese, Pamela, 2013. "Supplier integration and company performance: A configurational view," Omega, Elsevier, vol. 41(6), pages 1029-1041.
    6. Du, Julan & Lu, Yi & Tao, Zhigang, 2012. "Contracting institutions and vertical integration: Evidence from China’s manufacturing firms," Journal of Comparative Economics, Elsevier, vol. 40(1), pages 89-107.
    7. Fan, Joseph P. H., 2000. "Price uncertainty and vertical integration: an examination of petrochemical firms," Journal of Corporate Finance, Elsevier, vol. 6(4), pages 345-376, December.
    8. Григорьева Светлана Алекандровна & Троицкий Павел Владимирович, 2012. "Влияние Слияний И Поглощений На Операционную Эффективность Компаний На Развивающихся Рынках Капитала," Journal of Corporate Finance Research Корпоративные финансы, CyberLeninka;Федеральное государственное автономное образовательное учреждение высшего образования «Национальный исследовательский университет «Высшая школа экономики», issue 3 (23), pages 31-43.
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