ACEMOGLU, DARON; JOHNSON, SIMON; MITTON, TODD - In: Journal of Finance 64 (2009) 3, pp. 1251-1290
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 financial development, contracting costs, and the extent of vertical integration. Consistent with these...