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Conference Paper: Does Common Institutional Ownership Mitigate Hold-up Problems Along The Supply Chain?
Title | Does Common Institutional Ownership Mitigate Hold-up Problems Along The Supply Chain? |
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Authors | |
Keywords | Common Ownership Incomplete Contracts Supply Chain Ownership |
Issue Date | 2022 |
Publisher | Peking University China Center for Economic Research. |
Citation | 第六届CCER夏季研讨会 (Hybrid), 北京, 中国, July 2-4, 2022 How to Cite? Sixth CCER Summer Institute (Hybrid), Beijing, China, July 2-4, 2022 How to Cite? |
Abstract | We show that common institutional ownership (CIO) along the supply chain mitigates hold-up problems faced by supplier-customer relationships resulting from incomplete contracts. Suppliers make more relationship-specific investments towards their customers that share common institutional investors. Such effect is stronger as the CIO network between a supplier and customer pair becomes wider and deeper. We establish causality by exploiting exogenous shocks to CIO using a broad sample of mergers between financial institutions and further find the CIO effects on suppliers’ investment specificity are stronger for those who ex-ante face severer hold-up concerns. Our work sheds light on the hold-up concerns mitigation effect of CIO on firms’ decision to make relationship-specific investments along the supply chain. |
Description | 主办单位:北京大学国家发展研究院 微观与产业组织分会场 |
Persistent Identifier | http://hdl.handle.net/10722/317123 |
SSRN |
DC Field | Value | Language |
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dc.contributor.author | Deng, Y | - |
dc.contributor.author | LI, J | - |
dc.date.accessioned | 2022-09-30T02:55:03Z | - |
dc.date.available | 2022-09-30T02:55:03Z | - |
dc.date.issued | 2022 | - |
dc.identifier.citation | 第六届CCER夏季研讨会 (Hybrid), 北京, 中国, July 2-4, 2022 | - |
dc.identifier.citation | Sixth CCER Summer Institute (Hybrid), Beijing, China, July 2-4, 2022 | - |
dc.identifier.uri | http://hdl.handle.net/10722/317123 | - |
dc.description | 主办单位:北京大学国家发展研究院 | - |
dc.description | 微观与产业组织分会场 | - |
dc.description.abstract | We show that common institutional ownership (CIO) along the supply chain mitigates hold-up problems faced by supplier-customer relationships resulting from incomplete contracts. Suppliers make more relationship-specific investments towards their customers that share common institutional investors. Such effect is stronger as the CIO network between a supplier and customer pair becomes wider and deeper. We establish causality by exploiting exogenous shocks to CIO using a broad sample of mergers between financial institutions and further find the CIO effects on suppliers’ investment specificity are stronger for those who ex-ante face severer hold-up concerns. Our work sheds light on the hold-up concerns mitigation effect of CIO on firms’ decision to make relationship-specific investments along the supply chain. | - |
dc.language | eng | - |
dc.publisher | Peking University China Center for Economic Research. | - |
dc.subject | Common Ownership | - |
dc.subject | Incomplete Contracts | - |
dc.subject | Supply Chain | - |
dc.subject | Ownership | - |
dc.title | Does Common Institutional Ownership Mitigate Hold-up Problems Along The Supply Chain? | - |
dc.type | Conference_Paper | - |
dc.identifier.doi | 10.2139/ssrn.4063896 | - |
dc.identifier.hkuros | 337077 | - |
dc.publisher.place | Beijing, China | - |
dc.identifier.ssrn | 4063896 | - |