The successful participation in globalization is a key factor for today's nations and modern corporations. Integrity and participation in the global economy and international division of labour is a competitive advantage. The value chain analysis examines the corporations in a much broader perspective than the traditional constitutional methods. Corporations embedded in the society and institutional environment show a very complex linkage with their supplier, third-parties. This method is capable of describing these linkages around the modern corporations. The study shows the institutional economic background of the value chain research method, then shows all key factors: rent, governance and upgrading in the value chain. Defining the competencies is the key to identify the activities that provide the greatest benefit for the organization. Governance types describe patterns that show how a corporation organizes its activity from the production phase of a product until it enters the market. The goal is to identify those activities within the value chain that have the highest added value. Upgrading within the value chain can vary from process innovation to the movement to a new value chain. Case studies show that the value chain is built up of many different factors, and this can even vary within industries. The institutional environment of the country of origin and the receiver country, the characteristics and dynamics of the market, and the capabilities of the suppliers all influence the outcome.