Substantial efforts have contributed to overcome the scarcity of research on hidden
champions. Nevertheless, literature has yet missed to compile a comprehensive review …

Two central insights from the Schumpeterian approach to innovation and growth are that the
pace of innovation is endogenously determined by the expectation of future profits and that …

Abstract Since Ronald H. Coase's (1937) seminal paper, a rich set of theories has been
developed that deal with firm boundaries in vertical or input–output structures. In the last …

What is the average number of production stages for the US? Is production more vertically
fragmented now than decades ago? Do upstream or downstream stages contribute to a …

This article surveys recent empirical evidence on efficiencies and competitive harm that are
associated with vertical mergers. It discusses both ex post or retrospective empirical studies …

We examine how uncertainty affects firms' internationalization choices. We begin by
unveiling a new empirical regularity: using a unique dataset that allows us to study the …

This article provides direct empirical evidence on the relationship between technology and
firms' global sourcing strategies. Using new data on US firms' decisions to contract for …

Abstract Sanford Grossman and Oliver Hart used the theory of incomplete contracts to
develop answers to the question “What is a firm, and what determines its boundaries?” in …

We study the determinants of vertical integration in a new data set of over 750,000 firms from
93 countries. We present a number of theoretical predictions on the interactions between …

We use data on publicly traded UK firms to investigate whether financing choices differ
systematically with R&D intensity. As well as looking at a balance sheet measure of the …