The Industry Life Cycle, Acquisitions and Investment: Does Firm Organization Matter?
The Industry Life Cycle, Acquisitions and Investment: Does Firm Organization Matter?
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DOI：
10.1111/j.1540-6261.2008.01328.x
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发表时间：
2008-04
期刊：
影响因子：
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通讯作者：
Vojislav Maksimovic;G. Phillips
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文献类型：
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作者：
Vojislav Maksimovic;G. Phillips
我们研究了产业生命周期阶段对控制组织形式内生性的企业集团和单一部门企业的产业内收购和资本支出的影响。我们发现，收购的差异比资本支出的差异更大，这在不同的组织类型中是相似的。特别是，在增长型行业中，综合性细分市场的增长中有36%来自收购，而单一细分市场的公司只有9%。在增长型行业，对于联合企业来说，财务依赖于收购和开设工厂的影响有所减轻。联合企业收购的工厂提高了生产率。结果表明，组织形式的比较优势在不同的行业条件下是不同的。一个重要的研究机构认为，工业经历了生命周期的各个阶段，这些阶段的特点是投资和重组活动的显著差异（Gort和Klepper（1982），Jovanovic（1982），Klepper和Grady（1990），Klepper（1996））。证据表明，一个产业中企业数量的变化发生在产业生命周期的过渡时期，即生产者的竞争优势发生变化的时期。然而，它是不知道是否以及如何企业组织与企业绩效的行业，经历了外部长期条件的变化。在本文中，我们研究是否在行业条件的长期变化影响投资的单一行业的公司和部门的企业集团（多部门）公司不同。我们控制了组织形式的内生性和财务依赖性。我们专注于两个因素，文献确定为多部门公司在某些竞争环境中的优势：（一）进入内部资本市场，（二）重组的能力，马克西莫维奇是与马里兰州大学和菲利普斯是与马里兰州大学和国家经济研究局。这项研究得到了美国国家科学基金会资助0218045。我们要感谢Mike Lemmon，Harold Mulherin，Sheri Tice，Bernie Yeung，裁判，经济研究中心的工作人员，以及美国金融协会会议，杜克大学企业融资会议，南加州大学金融经济学和会计会议，2005年金融前沿会议，乔治华盛顿，香港科技大学，明尼苏达州，纽约大学，牛津大学，匹兹堡大学，赖斯，田中学校，得克萨斯州，UBC，加州大学洛杉矶分校和沃顿商学院。本文中的研究是在作者是美国人口普查局经济研究中心的特殊宣誓身份研究人员时进行的。所表达的研究结果和结论是作者的，不一定反映人口普查局的观点。这篇论文已经过筛选，以确保不泄露机密数据。
We examine the effect of industry life-cycle stages on within-industry acquisitions and capital expenditures by conglomerates and single-segment firms controlling for endogeneity of organizational form. We find greater differences in acquisitions than in capital expenditures, which are similar across organizational types. In particular, 36% of the growth recorded by conglomerate segments in growth industries comes from acquisitions, versus 9% for single-segment firms. In growth industries, the effect of financial dependence on acquisitions and plant openings is mitigated for conglomerate firms. Plants acquired by conglomerate firms increase in productivity. The results suggest that organizational forms’ comparative advantages differ across industry conditions. AN INFLUENTIAL BODY OF RESEARCH ARGUES that industries go through life-cycle stages and that these stages are characterized by marked differences in investment and restructuring activity (Gort and Klepper (1982), Jovanovic (1982), Klepper and Grady (1990), Klepper (1996)). The evidence suggests that changes in the number of firms in an industry occur at times of transition in an industry’s life cycle, that is, when the producers’ competitive advantages are changing. However, it is not known whether and how firm organization is associated with firm performance for industries that experience changes in exogenous long-run conditions. In this paper we examine whether long-term changes in industry conditions affect investment by single-industry firms and divisions of conglomerate (multisegment) firms differently. We control for the endogeneity of organizational form and financial dependence. We focus on two factors that the literature identifies as giving multidivision firms an advantage in some competitive environments: (i) access to internal capital markets, and (ii) the ability to restructure, ∗Maksimovic is with University of Maryland and Phillips is with University of Maryland and NBER. This research was supported by National Science Foundation grant 0218045. We would like to thank Mike Lemmon, Harold Mulherin, Sheri Tice, Bernie Yeung, the referee, Center for Economic Studies staff, and seminar participants at the American Finance Association meetings, Duke-UNC corporate finance conference, Financial Economics and Accounting conference at USC, 2005 Frontiers in Finance Conference, George Washington, HKUST, Minnesota, NYU, Oxford, Pittsburgh, Rice, Tanaka School, Texas, UBC, UCLA, and Wharton. The research in this paper was conducted while the authors were Special Sworn Status researchers of the U.S. Census Bureau at the Center for Economic Studies. Research results and conclusions expressed are those of the authors and do not necessarily reflect the views of the Census Bureau. This paper has been screened to ensure that no confidential data are revealed.