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"VERTICAL INTEGRATION"
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The dynamics of local learning in global value chains : experiences from East Asia
\"This book investigates the process and mechanism of the capability development of East Asian local manufacturers, which has underpinned their phenomenal rise in the worlds competitive landscape of industrial production during the last few decades\"--Provided by publisher.
Book
Firm-specific political risk: a systematic investigation of its antecedents and implications for vertical integration and diversification strategies
PurposeUncertainties caused by political risks can drastically affect global supply chains. However, the supply chain management literature has thus far developed rather limited knowledge on firms' perception of and reactions to increased political risks. This study has two main purposes: to explore the relationship between extant risk exposure and perceived firm-specific political risk and to understand the impact of firm-specific political risk on firms' vertical integration and diversification strategies.Design/methodology/approachThe authors developed a unique dataset for testing our hypotheses. Specifically, the authors sampled manufacturers (SIC20-39) listed in the United States from 2002 to 2019. The authors collected financial and diversification data from Compustat, vertical integration data from the Frésard-Hoberg-Phillips Vertical Relatedness Data Library and political risk data from the Economic Policy Uncertainty database. This data collection process yielded 1,287 firms (8,329 observations) with available data for analysis.FindingsA two-way fixed-effect regression analysis of panel data revealed that firms tend to be more sensitive to political risk when faced with income stream uncertainty or strategic risk. By contrast, exposure to stock returns uncertainty does not significantly influence firms' sensitivity toward political risk. Moreover, firm-specific political risk is positively associated with vertical integration and product diversification. However, firm-specific political risk does not result in higher levels of geographical diversification.Originality/valueThis study joins the literature that systematically explores the antecedents and implications of firm-specific political risk, thus broadening the scope of supply chain risk management.
Journal Article
TRADE COSTS AND MODES OF RESHORING
We propose a theoretical framework to empirically investigate the relationship between international trade costs and reshoring entry mode. In our model, there are two types of reshoring strategy: domestic backward vertical integration (DBVI) or domestic outsourcing (DO). The relative prevalence of DO depends negatively on international trade costs. Using firm level panel data of Korea, we find supportive evidence of reshoring patterns. In the manufacturing sectors, the number of domestic affiliates increased as the FDI-trend declined. During the same period, we confirm a negative relationship between DO and the distance to the host country of FDI in those sectors.
Journal Article
The HORSE Project: The Application of Business Process Management for Flexibility in Smart Manufacturing
Several high-tech manufacturing technologies are emerging to meet the demand for mass customized products. These technologies include configurable robots, augmented reality and the Internet-of-Things. Manufacturing enterprises can leverage these new technologies to pursue increased flexibility, i.e., the ability to perform a larger variety of activities within a shorter time. However, the flexibility offered by these new technologies is not fully exploited, because current operations management techniques are not dynamic enough to support high variability and frequent change. The HORSE Project investigated several of the new technologies to find novel ways to improve flexibility, as part of the Horizon 2020 research and innovation program. The purpose of the project was to develop a system, integrating these new technologies, to support efficient and flexible manufacturing. This article presents the core result of the project: a reference architecture for a manufacturing operations management system. It is based on the application and extension of business process management (BPM) to manage dynamic manufacturing processes. It is argued that BPM can complement current operations management techniques by acting as an orchestrator in manufacturing processes augmented by smart technologies. Building on well-known information systems’ architecting frameworks, design science research is performed to determine how BPM can be applied and adapted in smart manufacturing operations. The resulting reference architecture is realized in a concrete HORSE system and deployed and evaluated in ten practical cases, of which one is discussed in detail. It is shown that the developed system can flexibly orchestrate the manufacturing process through vertical control of all agents, and dynamic allocation of agents in the manufacturing process. Based on that, we conclude that BPM can be applied to overcome some of the obstacles toward increased flexibility and smart manufacturing.
Journal Article
Backward Partial Vertical Integration Through Private Placement
We analyze the market impact of a partial vertical integration whereby a subset of retail firms acquire, through a private placement operation, a non-controlling stake in the capital of an upstream firm, which supplies an essential input. In addition, we assume that this upstream firm can price discriminate between the retail firms which (now) own a stake in its capital and all of their retail rivals. We find that price discrimination is optimal and, compared to a vertical separation scenario, there is input foreclosure, a higher retail price, and lower social welfare, which suggests that, from a competition policy viewpoint, such partial vertical integrations should be analyzed with particular concern. On the other hand, incentives are such that conducting a private placement operation of the upstream firm’s capital yields gains from trade, and we are able to identify the optimal characteristics of such an operation.
Journal Article
Vertical Integration Strategies and Environmental Uncertainty: China’s Film Industry
This study analyses the effectiveness of vertical integration for motion pictures’ box office revenues and the moderating effects of environmental uncertainty on China’s film industry, where a market economy was introduced in 2002. We analyzed a sample of 1,824 films released between 2005 and 2016 using a PROCESS model. We found strong evidence that vertical integration positively influenced box office revenues, which were higher under greater environmental uncertainty post reforms than under relative stability. We also found films that (1) had major producers or distributors, (2) were based on intellectual property, (3) belonged to the action or fantasy genre, or (4) featured superstars performed better. This study demonstrates the current operating level of the market economy in China’s film industry and offers a unique, fresh dataset comprising almost all films released in Mainland China and produced by enterprises in Greater China.
Journal Article
Vertical Integration Decision Making in Information Technology Management
Vertical integration, also known as make-or-buy, defines whether activities are conducted by company or provided by external parties. There are different models to support decision making for vertical integration in the literature. However, they ignore the uncertainty aspect of vertical integration. As a strategic decision, vertical integration is multidimensional and less frequent. This study contributes a new data-driven model that includes all these characteristics of vertical integration decisions. In this study, a methodology is suggested that benefits from the models in the literature and assesses the results with data obtained from real IT cases. Different methodologies were followed to reach a model that accurately predicts make-or-buy decisions in IT projects at a retail company. Firstly, three different knowledge-based generic models derived from the literature were applied to predict decisions for twenty-one different make-or-buy cases in IT. The highest accuracy rate reached among these knowledge-based models was 76%. Secondly, the same cases were also analyzed with Naïve Bayes using factors originally introduced by these generic models. The Naïve Bayes algorithm can represent the uncertainty inherent in the decision model. The highest accuracy rate obtained was 67%. Thirdly, a new data-driven model based on Naïve Bayes using IT-related factors was proposed for the decision problem of vertical integration. The data-driven model correctly classified 86% of the decisions.
Journal Article
3D Neuromorphic Hardware with Single Thin‐Film Transistor Synapses Over Single Thin‐Body Transistor Neurons by Monolithic Vertical Integration
Neuromorphic hardware with a spiking neural network (SNN) can significantly enhance the energy efficiency for artificial intelligence (AI) functions owing to its event‐driven and spatiotemporally sparse operations. However, an artificial neuron and synapse based on complex complementary metal‐oxide‐semiconductor (CMOS) circuits limit the scalability and energy efficiency of neuromorphic hardware. In this work, a neuromorphic module is demonstrated composed of synapses over neurons realized by monolithic vertical integration. The synapse at top is a single thin‐film transistor (1TFT‐synapse) made of poly‐crystalline silicon film and the neuron at bottom is another single transistor (1T‐neuron) made of single‐crystalline silicon. Excimer laser annealing (ELA) is applied to activate dopants for the 1TFT‐synapse at the top and rapid thermal annealing (RTA) is applied to do so for the 1T‐neuron at the bottom. Internal electro‐thermal annealing (ETA) via the generation of Joule heat is also used to enhance the endurance of the 1TFT‐synapse without transferring heat to the 1T‐neuron at the bottom. As neuromorphic vision sensing, classification of American Sign Language (ASL) is conducted with the fabricated neuromorphic module. Its classification accuracy on ASL is ≈92.3% even after 204 800 update pulses.
Journal Article
Care transitions for frail, older people from acute hospital wards within an integrated healthcare system in England: a qualitative case study
Frail older people experience frequent care transitions and an integrated healthcare system could reduce barriers to transitions between different settings. The study aimed to investigate care transitions of frail older people from acute hospital wards to community healthcare or community hospital wards, within a system that had vertically integrated acute hospital and community healthcare services.
The research design was a multimethod, qualitative case study of one healthcare system in England; four acute hospital wards and two community hospital wards were studied in depth. The data were collected through: interviews with key staff (n = 17); focus groups (n = 9) with ward staff (n = 36); interviews with frail older people (n = 4). The data were analysed using the framework approach.
THREE THEMES ARE PRESENTED: Care transitions within a vertically integrated healthcare system, Interprofessional communication and relationships; Patient and family involvement in care transitions.
A vertically integrated healthcare system supported care transitions from acute hospital wards through removal of organisational boundaries. However, boundaries between staff in different settings remained a barrier to transitions, as did capacity issues in community healthcare and social care. Staff in acute and community settings need opportunities to gain better understanding of each other's roles and build relationships and trust.
Journal Article
Self-expansion or internalization as the two processes of vertical integration: What informs the decision?
In vertical integration literature, the two processes leading to vertical integration, namely, (1) self-expansion of the scope of activities based on internal capabilities and (2) internalization of activities with external capabilities have not been distinguished. However, using internal capabilities or incorporating external capabilities is an alternative decision for managers and distinguishing them is crucial in practice. The purpose of this study is to distinguish self-expansion separated from internalization and to explain systematically when they likely occur. This study develops a unique vertical integration model by integrating transaction cost economics and the capability approach. With the model, we systematically analyzed the occurrence of (1) self-expansion and (2) internalization. Results reveal that the firm prefers self-expansion to internalization if it is easy to build the capabilities internally or difficult to procure them from outside the firm and if the costs of acquiring a firm or business with the required capabilities or the governance costs of the activities with external capabilities are high and vice versa. Our model leads to more understanding of vertical integration.
Journal Article