Captive finance and firm's competitiveness
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- 作者：Andriy Bodnaruka ; 1 ; abodnaruk@uic.edu" class="auth_mail" title="E-mail the corresponding author ; William O'Brienb ; obrienw@uic.edu" class="auth_mail" title="E-mail the corresponding author ; Andrei Simonovc ; simonov@msu.edu" class="auth_mail" title="E-mail the corresponding author
- 关键词：Captive finance ; Competitiveness ; Organizational structure ; Shadow banking ; Conglomerates
- 刊名：Journal of Corporate Finance
- 出版年：2016
- 出版时间：April 2016
- 年：2016
- 卷：37
- 期：Complete
- 页码：210-228
- 全文大小：447 K
文摘
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Firms with captives have higher profitability, larger market share, lower volatility of sales, and maintain lower cash balances.
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Following the establishment of a captive, a firm's profitability and its industry market share gradually increase.
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Stock returns of companies with captive finance subsidiaries correlate more with finance industry returns.
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We estimate that captives generate about 17% of parents' net income.
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Significant part of profits of the largest US industrial corporations comes from what in essence are financial services.