Partial ownership, control, and investment in vertical relationships

IF 1.2 4区 管理学 Q3 ECONOMICS
Nadav Levy
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Abstract

This paper examines whether partial ownership of a trading partner can alleviate hold-up problems and promote relationship-specific investments. Unlike a silent financial interest, which does not give the owner control over the partner and promotes both parties' investments, partial control over the partner could reduce the partner's investment and lead the owner to overinvest, thereby decreasing the joint surplus. The inability of the owner to restrain himself from abusing his control limits the effectiveness of partial ownership. An analysis of the control environment should be part of the empirical analysis of partial ownership and the assessment of its potential benefits by competition authorities.

Abstract Image

垂直关系中的部分所有权、控制权和投资
本文考察了贸易伙伴的部分所有权是否可以缓解拖延问题并促进特定关系的投资。与沉默的经济利益不同,所有者不能控制合伙人,从而促进双方的投资,而对合伙人的部分控制可能会减少合伙人的投资,导致所有者过度投资,从而减少共同盈余。所有者无法约束自己滥用控制权,限制了部分所有权的有效性。对控制环境的分析应成为竞争主管部门对部分所有权的实证分析和对其潜在利益的评估的一部分。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
3.20
自引率
5.30%
发文量
43
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