[pt] A integração vertical, tradicionalmente, sempre foi a estratégia mais adotada pelas maiores empresas da indústria de petróleo, visando capturar lucros extraordinários ao longo da cadeia petrolífera. Várias seriam as razões para a integração vertical, entre elas estariam, a redução dos custos de transação, a discriminação de preços, aumentar o poder de mercado e a criação de barreira à entrada a novos concorrentes. No entanto, duas grandes petrolíferas norteamericanas decidiram pela desintegração de suas atividades, Marathon em 2010 e Conoco em 2011, criando, cada uma, duas empresas independentes, uma de upstream e outra de downstream. Isso veio a por em dúvida se a integração vertical ainda seria a alternativa mais eficiente para essa indústria. Diversos analistas passaram a explicar quais seriam os motivos e vantagens a favor da desintegração, e como se comportariam outras empresas importantes no negócio de petróleo. Assim, esse trabalho objetiva analisar os principais motivos que levam empresas a se integrarem, bem como a utilização de um modelo com dados de 339 empresas de 48 países para checar se a integração ainda seria a melhor opção para empresas da indústria de petróleo. Esse trabalho tem como inspiração o estudo de Barrera-Rey (1995), com algumas alterações. Embora não apresentem a robustez estatística desejada, os resultados apontariam que a integração não mais seria a melhor das opções, embora essa decisão tenha um caráter mais individual para cada empresa do que uma solução para a indústria como um todo. / [en] Vertical integration has traditionally always been the most adopted strategy for the biggest companies in the oil industry, aiming to capture extraordinary profits along the oil supply chain. Several are the reasons for vertical integration, such as the reduction of transaction costs, price discrimination, increased marketpower and creation of barriers to entry of new competitors. However, two major american oil companies decided for the disintegration of their activities, Marathonin 2010 and Conoco in 2011, creating, each, two independent companies, one for the upstream business and another for the downstream business. This brings into question whether vertical integration is still the most efficient strategy for thisindustry. Several analysts began to explain which would be the reasons and advantages in favor of disintegration, and how other leading oil companies wouldbehave in the future. Thus, this paper aims to analyze the main reasons that lead companies to integrate, using a model with data from 339 companies in 48 countries to check if the integration would still be the best option for companies in the oil industry. This work is inspired by the study of Barrera-Rey (1995) with some modifications. While not having the desired statistical robustness, the results indicate that integration is no longer the best option, although that decision would have a more individual character to each company than a solution to the industry as a whole.

Esse trabalho se propôs a conhecer as justificativas para utilização da integração vertical no setor agroindustrial diante da presença de movimentos recentes e contrários de desverticalização a essa estratégia. A principal motivação do estudo partiu da busca pela compreensão da relação entre a estratégia de integração vertical e o fenômeno denominado financeirização que tem exercido, entre outros fatores, influência em decisões relacionadas à imobilização de capital. O método selecionado para o trabalho foi o estudo de casos múltiplos, sendo que devido às dificuldades de acesso às empresas selecionadas optou-se por desenvolver apenas dois casos, mas que representam as maiores agroindústrias instaladas no Brasil. Os principais resultados foram agrupados em cinco partes: relacionados à discussão teórica, destacando-se a percepção de influência da financeirização em ambas as estratégias (integração vertical e desverticalização) existindo alguma incidência maior do fenômeno em mercados que se comportam de forma desverticalizada; relativos ao comportamento setorial, no qual foram constatados argumentos históricos e características específicas do setor agroindustrial que justificam a manutenção de negócios no segmento de fertilizantes como forma de otimizar as operações no segmento de grãos; descrição das razões para a estratégia segundo a perspectiva do ambiente de operações; justificativas para a verticalização segundo a perspectiva do ambiente de negócios; e uma síntese conclusiva. Percebeu-se no estudo, entre outras conclusões, que a estratégia, caso não esteja sujeita ao fenômeno da financeirização, pelo menos atende aos seus requisitos, sendo que a forma como ela ocorre e os resultados (financeiros e operacionais) decorrentes garantem os aspectos demandados pelo movimento Shareholder Value. Enfim, ao final do estudo são relatadas as principais limitações do trabalho, assim como algumas propostas de continuação do mesmo. / This work searched to know the justifications for use of the vertical integration in the agro-industrial sector in presence of recent and contrary movements of deverticalisation about this strategy. The main motivation of the study was the search for the understanding of the relationship between the vertical integration strategy and the called phenomenon financialization that has exerted, among others factors, influence in decisions related to the capital immobilization. The method selected for the work was the study of multiple cases and because great difficulty to access the selected companies it was opted to developing only two cases, but that they represent the greaters agro-industries installed in Brazil. The main results had been grouped in five parts: related to the theoretical quarrel, being distinguished it perception of influence of the financialization in both the strategies (vertical integration and de-verticalisation) existing some bigger incidence of the phenomenon in markets with de-verticalisation form; relative to the sectorial behavior, which historical arguments and of business-oriented the agro-industrial sector had been evidenced specific characteristic that justify the maintenance in the fertilizer segment as form to optimize the operations in the segment of grains; description of the reasons for the according to perspective from strategy in the operations environment; justifications for the according to perspective from verticalisation in the business-oriented environment; and a conclusive synthesis. One perceived in the study, among others conclusions, is that the strategy, in case that it is not subjects to the phenomenon of the financialization, at least takes care of to its requirements, being that the form as it occurs and the results (financial and operational) decurrent guarantee the aspects demanded for the Shareholder Value movement. At last, to the end of the study the main limitations of the work are told, as well as some proposals of its continuation.

O Brasil é país com a maior produção anual de cana-de-açúcar e processou aproximadamente 570 milhões de toneladas na safra 2011/2012. As unidades de processamento utilizam uma variedade de estratégias para a obtenção de seu insumo principal e isto tem sido tema de políticas públicas desde as primeiras décadas do século XX. Na década de 1990, o governo federal cancelou o sistema de cotas que era usado para regular um nível mínimo obrigatório de obtenção de cana-de-açúcar por meio de estratégias verticalmente não integradas. Desde então, os agricultores e as unidades de processamento negociam o preço da cana-deaçúcar em contratos privados e freqüentemente se utiliza o contrato-padrão denominado Consecana. Utilizando dados de estatísticas cadastrais de associações regionais de fornecedores e da parcela do insumo adquirida de fornecedores por uma amostra de usinas e destilarias, esta dissertação procura fornecer um panorama atual do perfil da produção e da desigualdade entre os fornecedores de cana-de-açúcar, atualizar estatísticas históricas e apresentar dados regionais sobre a integração vertical na obtenção de cana-de-açúcar pela indústria processadora. Os resultados amparam as estimativas citadas na literatura de que aproximadamente 65% da cana-de-açúcar atualmente processada no Brasil têm origem em estruturas de governança verticalmente integradas. Houve aumento da participação dos fornecedores no total de cana-de-açúcar processada nas regiões tradicionais, associado ao aumento da desigualdade na última década, com a produção tendo se concentrado nos fornecedores que possuem maior área plantada. Os índices de integração vertical são mais elevados nos estados da região Centro-oeste e em Minas Gerais, onde a cultura da cana-de-açúcar mais se expandiu nos últimos anos. Nos estados da região Nordeste, os índices de integração vertical também são elevados e se verificou estabilidade deste indicador nas últimas safras. A introdução recente do Sistema Consecana na determinação do preço da cana-de-açúcar introduziu garantias contratuais para que os fornecedores de cana-de-açúcar se mantivessem em atividade nas regiões tradicionais. No entanto, a integração vertical para a obtenção de insumos segue como estratégia preferencial nas unidades de processamento mais novas, principalmente em função da incerteza quanto à existência de uma rede de fornecedores. Quanto ao incentivo para a integração vertical gerado pelos diferenciais entre os custos de produção e o preço pago pela cana-de-açúcar, se verificou que nas regiões mais tradicionais do centro-sul o preço deste insumo se encontra abaixo do custo de produção agrícola total (incluindo a remuneração do fator terra e a depreciação dos equipamentos), o que tem reforçado a demanda pela produção dos fornecedores. Nas regiões de expansão no centrosul, o preço da cana-de-açúcar encontra-se acima dos custos de produção, o que ajuda a explicar os níveis mais elevados de integração vertical observados nas usinas e destilarias desta região. / Brazil is the world\'s largest sugarcane grower and crushed 570 million tonnes in the 2011/12 crop. Processing units use a variety of strategies for obtaining sugarcane and this has been matter of public policy since the first decades of the last century. In the 1990\'s, the federal government canceled the quotas system that used to regulate a minimum mandatory level of external supply of sugarcane. Since then, farmers and processing units have been trading on private contracts and sugarcane price is often defined by the Consecana industry agreement, which takes into consideration the sugar and ethanol prices and the sucrose content on the delivered sugarcane. Using statistics of members of sugarcane suppliers regional associations and the percentage of the input purchased from suppliers on a sample of processing units, this dissertation seeks to present the current profile of the production and inequality among the Brazilian independent sugarcane producers (suppliers) in the context of the Brazilian sugar and ethanol industry, to update data series on their share over the total sugarcane output and to present regional statistics on the presence of backward vertical integration by the processing industry. The results support the estimates cited on the literature that approximately 65% of sugarcane output in Brazil currently is originated in vertically integrated governance structures. The increasing involvement of suppliers in the total sugarcane processed in traditional growing regions is also noted, in a process associated with the increase in inequality in the last decade, as production became more concentrated on suppliers that have larger acreage. The regional indexes also point that the vertical integration is higher in the Center-west region and in the state of Minas Gerais, where the cultivation of sugarcane expanded quickly in recent years. In the states of the Northeast region, vertical integration is also high and this has been stable over the last seasons. The recent introduction of the Sistema Consecana in determining the price of sugarcane enforced contractual guarantees so that suppliers could remain in this activity, indicating a preference for vertical integration to obtain inputs in the newest processing units, a strategy adopted mainly due to the uncertainty regarding the existence of a network of suppliers. With regard to the behavior of vertical integration indexes relative to production costs and the price paid for sugarcane in each region, it was found that in the traditional center-south region the price of this input stands below the cost of total agricultural production (including the land rents and the depreciation of equipment), which has strengthened the demand for the production from independent suppliers. In the expansion regions in the center-south production, the market price of sugarcane has been higher than the cost of production, which helps to explain the higher levels of vertical integration observed in this region mills and distilleries.

A indústria de biodiesel atingiu importante desenvolvimento no Brasil a partir de 2005, através da implementação do Programa Nacional de Produção e Uso de Biodiesel - PNPB. As propostas do programa incluem o estímulo ao uso de oleaginosas a partir da agricultura familiar e a negociação do biodiesel por leilões. As matérias-primas mais participativas na indústria de biodiesel no Brasil são a soja (80-85%) e o sebo bovino (9-15%). Ao demonstrar as características do sebo, a pesquisa evidencia problemas na coordenação entre frigoríficos/graxarias e usinas de biodiesel, indicando um mercado de sebo pouco organizado. Assim, o objetivo desta dissertação é verificar se a integração vertical é o regime de governança mais apropriado para a indústria. Ao mesmo tempo, a pesquisa observa as variáveis que poderiam implicar maior eficiência à cadeia do biodiesel e procura responder a cinco hipóteses relacionadas com a questão da pesquisa, através de um estudo multi-caso com oito usinas de biodiesel no Brasil que utilizam sebo bovino para a produção de biodiesel. A revisão teórica utilizou a Economia Custos de Transação e a Teoria dos Custos de Mensuração, e através da percepção dos produtores de biodiesel entrevistados, concluiu-se que a integração vertical pode ser considerada a estrutura de governança mais apropriada para a produção de biodiesel a partir de sebo bovino. Foram encontrados indícios de que o sebo é um ativo específico, com atributos de difícil mensuração, o que atesta tanto a necessidade de criação de normas técnicas como também a extensão do selo social para o sebo bovino para melhorar a coordenação entre os agentes das transações através de políticas públicas, o que poderia estimular a diversidade de matérias-primas para biodiesel. / The biodiesel industry has achieved significant development in Brazil since 2005, through the implementation of the National Program for Biodiesel Production and Use - PNPB. The proposed program includes the encouragement of oilseeds use from family farming and biodiesel trade through auctions. The most important raw materials for biodiesel production in Brazil are soybeans (80-85%) and beef tallow (9-15%). Describing tallow characteristics, the research evinces coordinating problems between slaughterhouses/rendering plants and biodiesel plants, indicating a poorly organized tallow market. The objective of this dissertation is to analyze if vertical integration is the most appropriate governance structure for the industry. At the same time, the research looks for variables that could lead to higher efficiency in the biodiesel chain and answer five hypotheses related to the research question, through a multi-case study with eight biodiesel plants in Brazil that use beef tallow to produce biodiesel. The theoretical review used Transaction Cost Economics and the Measurement Costs Theory, and through the opinion of the interviewed biodiesel producers, it is concluded that vertical integration can be considered the most appropriate governance structure for biodiesel production from beef tallow. There were found evidences that tallow is a specific asset, whose attributes are difficult to measure, in which requires technical standards as well as the extension of the Social Label Program for beef tallow to improve coordination between transactions agents through public policies, which could stimulate raw materials diversity for biodiesel.

O consumidor de alimentos vem apresentando mudanças que são frutos da globalização dos hábitos e padrões, como a preocupação com a qualidade, aspectos de saúde e a valorização do seu tempo. Contudo, ele passa também a exigir alimentos produzidos e processados de acordo com padrões morais e éticos. Um tipo particular de estrutura de governança que se propõe adequar-se, então, ao arranjo de produção das cadeias agroalimentares curtas e às ações de segmentação de mercado, maior diferenciação, especificação e inovação de produto, merece destaque no agronegócio. Trata-se da produção em etapas anteriores ou posteriores da cadeia produtiva, que recebe o nome de integração vertical. Este trabalho apresenta como objetivo: analisar como se organiza a dinâmica da produção verticalizada de laticínios de elevado valor agregado. Adotou-se como procedimento metodológico uma pesquisa exploratória de caráter qualitativo, através do método de estudos de casos múltiplos em uma pesquisa de observação participante. Foram estudados dois casos de produtores verticalizados de laticínios de elevado valor agregado, sendo um deles na França e outro no Brasil: Les Formes de Pierrette e Gran Sierra, respectivamente. Justifica-se a escolha da França, como análise paralela ao Brasil, devido ao mercado francês ser definido como referência mundial de excelência no âmbito de laticínios de elevado valor agregado. O presente estudo contribui ao mercado de produção de alimentos - tanto no que tange aos casos estudados, em particular, como também aos produtores, da pecuária leiteira ou de outros setores da agricultura, que ambicionem agregar valor a sua produção de alimentos mediante a integração vertical, no geral - devido ao fato de proporcionar interessantes posicionamentos perante: análise das motivações que levam um produtor a verticalizar sua produção; análise das vantagens e desvantagens provenientes deste tipo de organização da produção; quais características de diferenciação dos produtos são ofertadas; além de abordar desafios e projeções futuras do mercado de laticínios francês e brasileiro, segundo o posicionamento de produtores verticalizados. Como resultado, define-se que o produtor verticalizado de laticínios de elevado valor agregado apresenta como motivação à adoção da verticalização uma elevada especificidade de ativos e a busca por agregação de valor/maior margem de contribuição ao seu produto. Ele apresenta como as principais vantagens da produção verticalizada o controle de todos os aspectos da produção, garantindo um derivado lácteo de maior qualidade e segurança alimentar, um maior preço/rentabilidade no produto, como também conquista uma relação mais próxima com o seu consumidor. Já, como principal desvantagem, destaca-se a necessidade de tempo e trabalho para o controle de todas as etapas de produção. Em respeito às características dos seus produtos lácteos ofertados, relevância é destinada aos aspectos pertinentes ao processo produtivo, conveniência e quesitos relacionados à saúde, contudo o principal destaque ainda é a dimensão hedônica dos produtos, relacionada ao gosto e prazer no consumo. A adoção dos certificados de qualidade representa uma estratégia de diferenciação, ao sinalizar um nível de qualidade superior ao consumidor. E, por fim, é identificada uma disposição ao pagamento por parte dos seus consumidores, no que tange às características socioambientais do seu processo produtivo. De modo que, configura-se a produção verticalizada como um interessante meio de organização da produção que se propõe capaz de gerar laticínios de elevada diferenciação e valor agregado. / Food consumer has been presenting changes that are results from the globalization of habits and standards, such as concern about quality, health aspects and valorization of their time. However, he also requires food that is produced and processed according to his moral and ethical standards. A particular type of governance structure, that fits to adapt to production arrangement of short agro-food chains, as also to market segmentation actions, higher differentiation, specification and product innovation, deserves to be highlighted in agribusiness. It’s the production in previous or later stages of the production chain, known as vertical integration. The objective of this work is to analyze how is organized the dynamics of vertically integrated production of high value added dairies. A qualitative exploratory research was adopted as methodological procedure, using multiple case study method in a participant observation research. Two cases of vertically integrated high value added dairy producers were studied, one in France and the other in Brazil: Les Formes de Pierrette and Gran Sierra, respectively. The choice of France, as a parallel analysis to Brazil, is explained since French market is defined as a world reference for excellence on the high added value dairy products area. The present study contributes to food production market - both for the cases studied, in particular, as well as for producers of dairy or other agriculture sectors which aim to add value to their food production through vertical integration process, overall - due to the fact of providing interesting positions in relation of: analysis of motivations that lead a producer to vertically integrate its production; Analysis of advantages and disadvantages of this type of production organization; Which characteristics of product differentiation are offered; In addition to addressing challenges and future projections of French and Brazilian dairy market, according to positioning of vertically integrated dairy producers. As results, vertically integrated producer of high value-added dairy products is motivated by the adoption of a high asset specificity and by the pursuit of higher value added/contribution margin to their product. He presents as main advantages of vertically integrated production the control of all production aspects, guaranteeing a higher quality dairy product and food safety, a higher price/profitability in the product, as well as reaching to the consumer and building a closer relationship. As the main disadvantage, it is necessary to emphasize the need of time and work to control all production stages. With respect to characteristics of its dairy products, focus on aspects related to production process, convenience and health related issues; however the main highlight is the hedonic dimension of its products, related to taste and pleasure during consumption. The adoption of quality certificates represents a differentiation strategy, by signaling a superior level of quality for the consumer. And, finally, a willingness to pay by consumers is identified as regarding to environmental and social characteristics of their dairy production process. Thus, vertically integrated production is configured as an interesting way of production organization that seems capable of producing dairies of high differentiation and added value.

This study examines the friendship patterns of students in a year 7 to 10 A.C.T. high school using Vertical Integration as a grouping policy. The origins of this study can be found in the school's policy developed in 1976 and favouring vertical integration on the basis of perceived social benefits. In the development of teaching strategies at Melba High, Vertical Integration has been used with all year groups in all subject areas. Over the last three years teachers have questioned the validity of this policy. This study arose out of the demand by staff for more detailed understanding of group formation processes generally and of the link between group formation and school grouping policies at Melba High in particular. The approach used to generate data was an action research design that could feed information to the school decision-making processes. The key findings of the study were that; (a) whatever form of Vertical Integration was used, students still worked in age and sex groups by choice. (b) students tended to form friendships on a subschool basis. Recommendations resulting from these findings have been implemented in the present planning of Melba High School. The format for Vertical Integration (the method of combining years 7,8,9 and 10 in classes) has been modified to combine adjacent year groups only. (viz. years 7 and 8 as one group and years 9 and 10 as another).

BenQ was founded in1984,the business income was NTD 300 million during the initial period of years and her core business was merely to produce computer components. Her sales income has achieved to NTD 174.7 billion till 2004 after merging her subsidiary companies. Over the past 20 years, the employees increased to more than 13,000 as a global enterprise distributing more than 30 countries. In addition, the sales income has increased 582 times than she was founded. Therefore, the way of BenQ success was a model for the enterprise growth. In order to research the model and the experiences that the enterprise grows, this research uses BenQ as case study thoroughly studies in her nearly more than 20 years growth processes and how she used each strategy activity to achieve the enterprise growth goal. According to BenQ¡¦s success of new business development, this research constructs set of universalized new business development model, the flow, the process, and product life cycle backward vertical integration model. It was discovered that the corporate venture capital played an important role and function to provide the enterprises growth strategy when enterprise is growing.

In recent years the three Prairie Pools have actively expanded their primary operations to include a number of investments both within and outside of the agricultural sector. The Pools' investment strategies are economically interesting because they are being pursued within the context of a co-operative organizational structure which requires that the users of the cooperative business also own, control, and benefit from its operations. This thesis examines the possible economic incentives agricultural co-operatives may have to invest in vertically integrated and diversified activities using the case of the Western Canadian co-operative elevator companies as an example. The analysis undertaken in this thesis is structured in two ways. First, the economic literature regarding co-operative formation and conventional firm expansion is surveyed. This analysis suggests that an important difference between vertically integrated investments and diversified investments is that they are motivated by the realization of distincly different sets of economic benefits for the co-operative firm and its members. It is argued that co-operative vertical integration can convey benefits to members indirectly through the market, in the form of increased producer margins and improved market access. However, these benefits may not impact the "bottom line" of the co-operative firm. Diversification can, on the other hand, provide a co-operative with direct monetary benefits in the form of improved financial performance and increased profits, which can translate into increased patronage refunds available to members. The second component of this analysis involves the development of a simulation model to examine the implications of an additional hypothesis proposed to explain co-operative expansion. The proposed hypothesis is based on the notion that perhaps the indirect market benefits from cooperation and co-operative expansion are being undervalued. This undervaluation can result in a preoccupation with the monetary benefits from co-operative business, and may therefore cause a bias towards diversified investments. The model developed in this thesis illustrates that, although such a bias may improve a co-operative's rate of return, it may also result in significant opportunity costs for agricultural producers due to a decrease in a co-operative's pro-competitive effect on primary markets.

The EU has been promoting unbundling of the transmission grid from other stages of the electricity supply chain with the aim of fostering competition in the upstream stage of electricity generation. At presence, ownership unbundling is the predominant form of unbundling in Europe. However, the benefits of increased competition from ownership unbundling of the transmission grid may come at the cost of lost vertical synergies between the formerly integrated stages of electricity supply. The policy debate generally neglects such potential costs of unbundling, yet concentrates on its benefits. Therefore European crosscountry evidence may shed some light on this issue. This study helps fill this void by empirically estimating the magnitude of economies of vertical integration (EVI) between electricity generation and transmission based on a quadratic cost function. For this purpose we employ novel firm-level panel data of major European electricity utilities. Our results confirm the presence of substantial EVI, which put the policy measure of transmission ownership unbundling into question. (authors' abstract) / Series: Working Papers / Research Institute for Regulatory Economics

The South African pharmaceutical market is seen as part of the so called "pharmerging" markets, together with countries like India, China and Brazil. These "pharmerging" markets are the fastest growing markets within the global pharmaceutical industry. The distribution of chronic medicine in South Africa is a growing market, as the disease burden in South Africa continues to escalate, with the incidence of chronic conditions growing at a rapid rate. The study will focus on one of South Africa’s pioneer courier medication service providers, with more than twenty years’ experience in the healthcare industry. The company will be referred to as Pharmacy X. The mission of Pharmacy X is to provide the right chronic medication, to the right patient, at the right place, at the right time. It is imperative to ensure that a patient receives his/her chronic medication on the scheduled date of delivery to ensure compliance and customer satisfaction. To achieve a competitive advantage, companies increasingly depend on their supply chain partners to minimize cost and improve business processes. The core value chain activity of outbound logistics has been outsourced by Pharmacy X to several courier companies. This study will aim to understand the importance of the outbound logistics function within the value chain of the company and the costs involved with the outsourcing of the function. The primary objective of this study was to determine the feasibility of an in-house courier operation in the Bloemfontein area versus the current outsourced courier model. In order to achieve the primary objective of the study, several secondary objectives were set and reached throughout the four chapters of this study. The study applied cost benefit analysis techniques to determine the feasibility of the Bloemfontein courier investment project. All the cost benefit analysis techniques concluded that the Bloemfontein courier investment will be a financial viable operation. The Bloemfontein courier investment will increase shareholder value over the period of the project compared to the current outsourced model. The contribution of this case study to determine the feasibility of a courier operation investment can be of value to Pharmacy X. The current projected total courier cost of Pharmacy X for the 2013 financial year amounts to more than a third of the total operational cost. The findings within the case study can lead to a greater national roll out of courier operations in order to reduce costs and increase profit margins for Pharmacy X. / MBA, North-West University, Potchefstroom Campus, 2014