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| Author: | Hermans, J. (et al.) |
| Title: | Vertical integration as a remedy for imbalances in the "Porterian" value system. The Dutch financial securities industry at the beginning of the 20th century |
| Journal: | Scandinavian Journal of Management
2004 : DEC, VOL. 20:4, p. 357-374 |
| Index terms: | securities value theory vertical integration Netherlands |
| Language: | eng |
| Abstract: | The way of accounting for vertical integration, of this article is based on the "Porterian" value system and the focus is on the relation between the creation and appropriation of value. The essence of a value system is that at each stage in the system value is created and added to the value created at previous stages. It is proposed that companies which are unable to appropriate the value they create at the stage they currently inhabit, would find it advantageous to integrate vertically towards stages offering a more attractive relation between value appropriation and value creation. |
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