Does the asset-light business model create value? A panel data stochastic frontier approach for the global semiconductor industry

Guangshun Qiao ()
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Guangshun Qiao: School of Finance and Trade, Wenzhou Business College, Wenzhou, 325035, China

Economics Bulletin, 2021, vol. 41, issue 3, 1125-1138

Abstract: This paper applies a panel data stochastic frontier approach to investigate the impacts of different business models in operating efficiencies in the global semiconductor industry. The efficiency scores are linked with the financial ratios and specified by cumulative probit distribution function, cumulative logit distribution function, and the Gumbel function respectively after disentangling the heterogeneity by the within transformation. The estimates by the nonlinear least squares technique indicate that the asset-light fabless companies have relatively higher efficiency scores among the different operating models in the global semiconductor industry.

Keywords: asset-light business model; vertical specialization; semiconductor industry; stochastic frontier analysis; operating efficiency (search for similar items in EconPapers)
JEL-codes: D2 L6 (search for similar items in EconPapers)
Date: 2021-07-18
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