Capital Markets and Firm Organization: How Financial Development Shapes European Corporate Groups
研究了金融发展对欧洲企业集团形成的影响，发现金融欠发达国家的资本密集型行业中集团附属企业比例更高，尤其对年轻小企业和大型多元化集团附属企业更明显，表明内部资本市场在某些条件下可能比外部市场更有效。
We investigate the effect of financial development on the formation of European corporate groups. Because cross-country regressions are hard to interpret in a causal sense, we exploit exogenous industry measures to investigate a specific channel through which financial development may affect group affiliation: internal capital markets. Using a comprehensive firm-level data set on European corporate groups in 15 countries, we find that countries with less developed financial markets have a higher percentage of group affiliates in more capital-intensive industries. This relationship is more pronounced for young and small firms and for affiliates of large and diversified groups. Our findings are consistent with the view that internal capital markets may, under some conditions, be more efficient than prevailing external markets, and that this may drive group affiliation even in developed economies. This paper was accepted by Bruno Cassiman, business strategy.