TAILIEUCHUNG - Industry Consolidation and Price-Cost Margins --Evidence from the Pulp and Paper Industry

Given the potential relative advantages of cleaner products and production technolo- gies, it seems natural that policy makers are primarily interested in such incentives that affect the firms’ choice among various types of environmental innovations. Furthermore, it appears particularly desirable from the perspective of environmental policy to identify incentives that can be influenced by policy measures, such as performance standards, flexible economic in- struments, public procurement, voluntary measures, technology support programs, and to iso- late motives that are mainly spurred by other determinants, such as consumer preferences and firm-specific factors. . | Industry Consolidation and Price-Cost Margins --Evidence from the Pulp and Paper Industry Haizheng Li Patrick McCarthy Aselia Urmanbetova November 2004 School of Economics Ivan Allen College Georgia Institute of Technology Atlanta Georgia School of Public Policy Ivan Allen College Georgia Institute of Technology Atlanta Georgia The corresponding author School of Economics Georgia Institute of Technology Atlanta GA 303320615 phone 404-894-3542 fax 404-894-1890 email . This research was sponsored by the Center for Paper Business and Industry Studies CPBIS one of twenty-two Industry Centers funded by the Sloan Foundation. All of the opinions expressed in this paper are attributable to the authors and are not those of CPBIS or the Sloan Foundation. We thank James McNutt Robert Guide Vivek Ghosal Jifeng Luo Lidia Marko Pallavi Damani Derek Kellenberg and Minjae Song for helpful information and comments. Industry Consolidation and Price-Cost Margins --Evidence from the Pulp and Paper Industry Abstract In recent years the . pulp and paper industry has experienced an increasing degree of consolidation through a series of mergers and acquisitions. Based upon a structureconduct-performance model and using panel data for the pulp paper and paperboard sectors from 1970 to 1997 this paper investigates the effect of industry structure on price-cost margins. Unlike previous studies which rely on an interpolated concentration measure calculated from output values this study uses a measure of concentration based upon annual productive capacity which significantly reduces measurement errors and endogeneity concerns. Results from the analysis indicate that one percent increase in market concentration increases price-cost margins by to percentage points. The effect however fluctuates with business cycle and displays a pro-cyclical pattern. Additional results indicate that import competition reduces operating profits of the domestic industry .

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