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Dynamics of Evolution in the Global Fuel-Ethanol Industry / Jin Hooi Chan &#38; David Reiner. Cambridge : Electricity Policy Research Group, 2011, 21 p.  (EPRG working paper ; 1111)http://www.eprg.group.cam.ac.uk/wp-content/uploads/2011/03/Dynamics-of-evolution-in-the-global-fuel-ethanol-industry_CWPE.pdf We  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, we 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. Security of feedstock has  been identified as a critical success factor of the manufacturer in  this resource intensive industry. Another critical success factor is  gaining control over the end user market via forward integration. We  propose that critical success factor is the important determinants of  inter-firm governance mode. (© EPRG) 