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The authors employ a value chain analysis approach to examine the forces shaping the industry structure, entry and inter-firm governance modes. Forty largest global and regional companies in the ethanol manufacturing stage have been classified according to their pre-entry industry of origin. Firms with pre-entry history in feedstock supply have shown higher resilient to market shock especially compared to de novo firms. In addition, they observe a trend of dual-directional vertical integration. Firms backward integrate to secure feedstock supply; firms forward integrate to gain access to the retail market.
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