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Título: | The strategic impact of resource flexibility in business groups |
Autor: | Cestone, Giacinta; Fumagalli, C. | Fecha de publicación: | 2005 | Editor: | Rand Corporation | Citación: | RAND Journal of Economics 36(1): 193-214 (2005) | Resumen: | We show that in business groups with efficient internal capital markets, resources may be channelled to either more- or less-profitable units. Depending on the amount of internal resources, a group may exit a market in response to increased competition, or channel funds to the subsidiary operating in that market. This has important implications for the strategic impact of group membership. Affiliation to a monopolistic subsidiary can make a cash-rich (poor) firm more (less) vulnerable to entry deterrence. Also, resource flexibility within a group makes subsidiaries' reaction functions flatter, thus discouraging rivals' strategic commitments when entry is accommodated. Copyright © 2005, RAND. | URI: | http://hdl.handle.net/10261/58485 | Identificadores: | issn: 0741-6261 e-issn: 1756-2171 |
Aparece en las colecciones: | (IAE) Artículos |
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The strategic impact.pdf | 709,87 kB | Adobe PDF | Visualizar/Abrir |
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