CREATING VALUE IN THE OIL INDUSTRY
In contrast with current thinking that conglomerates are inefficient, this article begins by presenting arguments in favor of the size and structure of the large integrated oil companies, also known as "the supermajors." Among the advantages are tax efficiency, information flow, political and technological know-how, broad supplier and customer relationships, scale economies, cross-business economies of scope, brand power, and the ability to coordinate strategic initiatives across businesses. These advantages all translate into a lower cost of capital. 2004 Morgan Stanley.
Year of publication: |
2004
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Authors: | Antill, Nick ; Arnott, Robert |
Published in: |
Journal of Applied Corporate Finance. - Morgan Stanley, ISSN 1078-1196. - Vol. 16.2004, 1, p. 18-31
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Publisher: |
Morgan Stanley |
Saved in:
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