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Article

Влияние вертикальной интеграции на эффективность деятельности компаний на развивающихся рынках капитала

Экономическая политика. 2014. №  4. С. 60-79.
Черкасова В. А., Мочалов Д. С., Черкасова Е. С.

Abstract The paper reveals the influence of vertical integration on the performance of companies in emerging markets, calculated as Lerner index. The model was developed to estimate the impact of vertically integrated companies, as well as in case of disintegration. The empirical correlation of profitability of companies from BRIC and the factors defining it in case of vertical integration was investigated, which was tested on the data for 2004-2012. Key significant factors in a cut of branches and the countries from BRIC are defined. The study will help to understand whether there is a trend towards diminishing dependency of the efficiency of companies’ performance from the high rate of vertical integration in the emerging capital markets and whether the economy of developing countries is ready to create competitive market conditions with a lot of independent companies in the industries where currently prevails oligopoly. The results of this work will allow companies’ management choose the optimal way of development in the context of possible vertical integration or disintegration transactions in a particular industry. Current research was motivated by trend towards disintegration with the creation of several competitive niche companies instead of one large in developed capital markets. At the same time, the evidences of effectiveness of both independent companies and vertically integrated giants in the industry are stated. To find out which strategy is more effective, this paper analyzes the influence of the vertical integration degree on the efficiency of companies’ performance.