Value chains: problems of formation and governance

Abstract

The article describes value chains as a modern form of economic interaction taking intermediate position between the firm and the market. The authors carry out classification of value chains by different criteria; describe features of various types. The study allows the authors to conclude that the formation of specific capital is the basis for the sustainability of network structures, which yields returns in network relationship and has no value for relations with other counterparties. The paper proposes the author’s classification of specific capital types. Special emphasis is placed on the problem of value added distribution between integrators and other participants of value chains. The paper proposes a methodology for analyzing the distribution of value added between network participants, based on a comparison of relative values between each other — return on assets (the ratio of operating profit to average annual value of total assets) and average wages of participating companies. The objects of the research are global value chains created in aircraft and automobile industries. The analysis of real data disproves the widespread point of view that integrators have an advantage in distribution of value added. The distribution of value added between the participants of network relations may be based on a reciprocal exchange of power for economic benefits: integrators pay for the regulatory power with a smaller share in collective efficiency — the redistribution of economic rent within the network can occur not only in favor of the central companies, but also in favor of their partners.