The Impact of Competition on “Make-or-Buy” Decisions: Evidence from the Spanish Local TV Industry
利用西班牙地方电视行业1995-2002年的数据，研究发现竞争加剧（通过降低进入壁垒和增加竞争对手数量）会减少企业纵向整合，为管理者理解市场结构如何影响外包决策提供了实证依据。
This paper empirically investigates whether changes in product market competition affect firm boundaries. Exploiting regulation-induced shocks to entry barriers and differences in regulation enforcement across cities to obtain exogenous variation in competition, we establish a negative causal effect of competition (through reduced entry barriers and a larger number of rival firms) on vertical integration in the setting of the Spanish local television industry between 1995 and 2002. Data and the online appendix are available at https://doi.org/10.1287/mnsc.2016.2633 . This paper was accepted by Bruno Cassiman, business strategy.