. Competition from venture capitalists increases corporate venturing activity, the salaries of potential entrepreneurs, and total …

This paper analyses the impact of competition among downstream firms on an upstream firm's payoff and on its incentive … to vertically integrate when firms on both segments negotiate optimal contracts. We argue that tougher competition … firm is better off encouraging competition when the downstream firms have high bargaining power. We derive implications on …

transfer, and their implications for investment, innovation, and product market competition. The model also sheds light on the …