Financial Frictions, Internal Capital Markets, and the Organization of Production

Pavel Ševčík

No 530, 2009 Meeting Papers from Society for Economic Dynamics

Abstract: Diversified business groups and conglomerate firms account for a large fraction of corporate assets and business activity in many emerging and developed countries. This paper examines whether a model in which business groups partially substitute for imperfect credit market is able to quantitatively explain key stylized facts on the way production is organized, on cross-firm productivity differences, and on cross-country differences in the degree of conglomeration.

Date: 2009
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Journal Article: Financial Frictions, Internal Capital Markets, and the Organization of Production (2015)
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