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Vertical Integration in the U.S. Pulp and Paper Industry, 1900-1940

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  • Ohanian, Nancy Kane

Abstract

A transaction-cost model of vertical integration is tested, based on detailed descriptions of every pulp and paper mill operating in the United States between 1900 and 1940. This study contributes to the literature on integration through the use of a large, disaggregated database that allows identification of individual mills over time. Vertical integration of pulp and paper production is found to be positively associated with regional concentration, paper-mill capacity, and production of standardized grades of paper. Over time, new entrants behaved differently than established mills, because few mills switched between integration and specialization once established. Copyright 1994 by MIT Press.

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  • Ohanian, Nancy Kane, 1994. "Vertical Integration in the U.S. Pulp and Paper Industry, 1900-1940," The Review of Economics and Statistics, MIT Press, vol. 76(1), pages 202-207, February.
    • Handle: RePEc:tpr:restat:v:76:y:1994:i:1:p:202-07
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    Cited by:

    1. Niquidet, Kurt & O'Kelly, Glen, 2010. "Forest-mill integration: A transaction cost perspective," Forest Policy and Economics, Elsevier, vol. 12(3), pages 207-212, March.
    2. Daron Acemoglu & Philippe Aghion & Rachel Griffith & Fabrizio Zilibotti, 2010. "Vertical Integration and Technology: Theory and Evidence," Journal of the European Economic Association, MIT Press, vol. 8(5), pages 989-1033, September.
    3. Mei, Bin & Sun, Changyou, 2008. "Event analysis of the impact of mergers and acquisitions on the financial performance of the U.S. forest products industry," Forest Policy and Economics, Elsevier, vol. 10(5), pages 286-294, April.
    4. Felippe Cauê Serigati & Paulo Furquim De Azevedo, 2016. "How To Indirectly Measure Market Transaction Costs," Anais do XLII Encontro Nacional de Economia [Proceedings of the 42nd Brazilian Economics Meeting] 192, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    5. Luigi Pascali, 2009. "Contract Incompleteness, Globalization and Vertical Structure: an Empirical Analysis," Boston College Working Papers in Economics 727, Boston College Department of Economics.
    6. Davide Vannoni, 1999. "Empirical Studies of Vertical Integration: the Transaction Cost Orthodoxy," CERIS Working Paper 199903, CNR-IRCrES Research Institute on Sustainable Economic Growth - Torino (TO) ITALY - former Institute for Economic Research on Firms and Growth - Moncalieri (TO) ITALY.
    7. Ashish Arora & Farasat Bokhari, 1996. "Returns to Specialization, Transaction Costs, and the Dynamics of Industry Evolution," Industrial Organization 9606002, University Library of Munich, Germany, revised 07 Jul 1998.
    8. Hofmeister, Zlatina & der Helm, Ruben van, 2017. "Estimating non-financial assets by institutional sector for the euro area," Statistics Paper Series 23, European Central Bank.
    9. Fan, Joseph P.H. & Huang, Jun & Morck, Randall & Yeung, Bernard, 2017. "Institutional determinants of vertical integration in China," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 524-539.
    10. Joan R. Rosés, 2009. "Subcontracting and vertical integration in the Spanish cotton industry1," Economic History Review, Economic History Society, vol. 62(1), pages 45-72, February.
    11. Zlatina Balabanova & Maureen Ruben van der Helm, 2015. "Enhancing euro area capital stock estimates," IFC Working Papers 13, Bank for International Settlements.
    12. Zlatina Balabanova & Ruben van der Helm, 2015. "Enhancing euro area capital stock estimates," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Indicators to support monetary and financial stability analysis: data sources and statistical methodologies, volume 39, Bank for International Settlements.
    13. Fan, Joseph P. H., 2000. "Price uncertainty and vertical integration: an examination of petrochemical firms," Journal of Corporate Finance, Elsevier, vol. 6(4), pages 345-376, December.
    14. Li, Xiaolei & Buongiorno, Joseph & Ince, Peter J., 2004. "Effects of size and age on the survival and growth of pulp and paper mills," Journal of Forest Economics, Elsevier, vol. 10(1), pages 3-19, May.

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