Berkovitch, Elazar; Israel, Ronen; Tolkowsky, Efrat - In: Journal of Economics & Management Strategy 15 (2006) 4, pp. 821-851
"This study presents a theory of corporate structure selection. It outlines when economic units should be structured as stand-alone firms versus an integrated firm (conglomerate). The theory suggests that an integrated firm better controls agency problems through yardstick competition between...